Elevator And Escalator Market size in India to grow by USD 784.24 Million from 2022 to 2027; Growing number of high

News provided by

02 Jun, 2023, 00:15 ET

Share this article

NEW YORK, June 2, 2023 /PRNewswire/ -- The elevator and escalator market size in India is forecast to increase by USD 784.24 million from 2022 to 2027, at a CAGR of 8.9%, according to the recent market study by Technavio. The growth of the market will be driven by the growing number of high-speed metro projects, rising disposable income and economic growth, and growing number of office spaces and commercial establishments.

Technavio categorizes the global elevator and escalator market in India as a part of the global industrial machinery market. The report extensively covers market segmentation by product (elevator and escalator) and end-user (residential and non-residential).

Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download Sample Report

Technavio has extensively analyzed 15 major vendors, including Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators India Ltd., City lift India Ltd., Easa Elevators Pvt. Ltd., ESCON Elevators Pvt. Ltd., Express Lifts Ltd., Fujitec Co. Ltd., Grj Elevator Pvt. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., Kinetic Hyundai Elevator and Movement Technologies Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., RP Bidyut Elevator, Schindler Holding Ltd., SEPL India Ltd., thyssenkrupp AG, Toshiba Corp., and TRIO Elevators Co. India Pvt. Ltd.

Key Benefits for Industry Players & Stakeholders –

Expand operations in the future - To get requisite details, ask for a custom report.

Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

Get a holistic overview of the endoscopic closure devices market by industry experts to evaluate and develop growth strategies. Download Sample

The market is segmented by Product (Elevator and Escalator) and End-user (Residential and Non-residential)

Segmentation by Product

During the forecast period, the elevator segment will contribute significantly to market growth. In the past, commercial buildings in India would install a typical set of elevators. However, a number of vendors, including Schindler Holding Ltd., thyssenkrupp AG (thyssenkrupp), and KONE have showcased a detailed technical advancement. Schindler has started to offer cutting-edge elevator designs that are not only more affordable but also more energy-efficient.The amount of vertical housing has increased in India as a result of the country's expanding population. In many Indian cities, population densities are rising as a result of rapid urbanization, which also contributed to this development. These skyscrapers need elevators to allow occupants to travel between floors. It is challenging for people to use stairs to travel between floors in structures with four or more stories. The movement of people and goods is made easier in these structures by the use of elevators. During the anticipated period, these factors will hasten market expansion.

Segmentation by End-user

The end-user segment will be dominated by the residential sector. The need for elevators and escalators in the residential sector will be directly impacted by factors like the nation's aging population and its growth. The need for and use of elevators in the residential sector has also grown as a result of the shift from small, one-story houses to multi-story high-rise structures. The demand for elevators and escalators in the residential segment of the elevator and escalator market in India is anticipated to be driven by such construction activities during the forecast period.

To get detailed insights about inclusions and exclusions, buy the report

What are the key data covered in this Elevator And Escalator Market Report In India?

Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform

Related Reports:

The global smart elevator market size is estimated to increase by USD 6,395.94 million between 2022 and 2027 accelerating at a CAGR of 8.97%. Factors such as the growing number of construction activities, growing investment in smart cities, and focus on reducing the impact of energy costs on business are driving the market. Additionally, current trends such as cloud predictive maintenance, intuitive elevator technologies, use of regenerative drives are propelling the market growth. This report extensively covers market segmentation by Service (modernization, new deployment, and maintenance), Application (commercial, residential, and industrial), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

The elevator and escalator market share is expected to increase to 275.28 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.37%. Elevator maintenance using the IoT platform is one of the key elevator and escalator market trends that is expected to impact the industry positively in the forecast period. This elevator and escalator market research report extensively covers elevator and escalator market segmentation by product (elevators and escalators) and geography (APAC, Europe, Middle East and Africa, North America, and South America).

The Russian elevator and escalator market is projected to grow by USD 969.52 million with a CAGR of 6.58%, during the forecast period 2021 to 2026. Increasing demand for smart elevators is the key driver affecting the elevator and escalator market growth in Russia. This Russian elevator and escalator market research report extensively covers the Russian elevator and escalator Market segmentations by product (elevator and escalator) and end-user (residential and non-residential).

Elevator And Escalator Market Scope In India

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.9%

Market growth 2023-2027

USD 784.24 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.46

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators India Ltd., City lift India Ltd., Easa Elevators Pvt. Ltd., ESCON Elevators Pvt. Ltd., Express Lifts Ltd., Fujitec Co. Ltd., Grj Elevator Pvt. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., Kinetic Hyundai Elevator and Movement Technologies Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., RP Bidyut Elevator, Schindler Holding Ltd., SEPL India Ltd., thyssenkrupp AG, Toshiba Corp., and TRIO Elevators Co. India Pvt. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by End-user

8 Customer Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio