Report Overview

India Elevator Market – Industry Trends & Forecast Report 2026

According to BlueWeave Consulting, the India elevator market was worth USD 269.9 million in 2020 and is expected to reach USD 330.7 million by 2026, progressing at a CAGR of 3.71% during the forecast period (2021-2026). The industry's major growth drivers are increasing urbanization, rising demand for high-rise buildings, and government initiatives such as 100 Smart Cities and AMRUT (Atal Mission for Rejuvenation and Urban Transformation) cities. During the forecast period, the government's emphasis on modernizing airports and railway stations is also expected to drive the elevators market in the country.

                                         Source: BlueWeave Consulting

India Elevator Overview:

An elevator is a type of lift designed for carrying both freight and people in multi-level buildings. It is a platform, either open or enclosed, used for lifting people or freight to upper floors within a building. A lot of modern elevators use electric motors to operate with the help of multiple cables and a counterweight. Elevators have played a major role in defining the modern layout of many cities around the globe as well as in India as it covers several hundred feet of distance in a span of few seconds to minutes. Nowadays, elevators form a standard part of any tall commercial, residential building, and industrial sector.

India Elevator Forecast and Trend

Growth Drivers 

Rapid Urbanization in the Current Scenario

Urbanization is one of the major factors boosting the growth of elevators in the Indian market. Also, the Indian government's emphasis on the real estate sector is a major contributor to urbanization, which in turn is boosting business growth. For instance, the introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA), coupled with the growing number of high-rise residential and commercial buildings across the country is encouraging the need for elevators.

Furthermore, the government’s initiatives to provide a better lifestyle to the people are also responsible for favoring the market growth. For instance, the launch of Smart Cities Mission and Pradhan Mantri Awas Yojana (Urban) for providing affordable housing within the metro cities are anticipated to aid growth in the Indian elevators and escalators market during the forecast period.

Opportunity

Implementation of Safety Standards

Elevator designers are interested in resolving elevator accidents and injuries in order to ensure that safety procedures are followed during elevator construction. This may explain why new technologies, such as the Internet of Things (IoT), are increasingly being used in elevator manufacturing. For example, Mitsubishi Electric Corporation launched the M's BRIDGE global remote-maintenance service in September 2019 via an IoT network for continuous control, inspection, and data analysis of elevators. The main features comprise faster and more convenient elevator repairs based on remote failure detection and analysis coupled with remote inspection data for efficient, high-quality maintenance. Such initiatives are likely to offer business growth opportunities for the Indian elevator market shortly.

Another example is that of Schindler elevators, which are designed to work in harmony with the architecture and software framework of buildings. The products offered by this company comprises Schindler 2400, Schindler 2500, Schindler 2600, Schindler 3100, Schindler 3300, Schindler 5500, and Schindler 7000. Other companies in the race are Elite Elevators, Amplo Elevators, and others.

Restraints

Adverse Health Effects of Synthetic Elevators and Related Regulations

The overall cost of lifts varies as per their capacity and sophistication. On average, the price of a manual lift starts from Rs 4 lakhs, whereas the cost of an automatic elevator ranges from Rs 8 lakhs to Rs 25 lakhs. Furthermore, these elevators necessitate regular maintenance, which, if neglected, can lead to unforeseeable accidents. According to media reports, the estimated number of fatalities from elevator accidents in 2019 was 28.

This creates the need for lift maintenance, which can vary from Rs 25,000 and more, depending upon the type, use, and brand. Thus, the cost tagged with the purchase, installation, and maintenance are responsible for slowing down the demand for elevators in India during the next decade.

Impact of COVID-19 in the industry

The COVID-19 pandemic has wreaked havoc on nearly every market, including the construction industry, thereby, stifling the demand for elevators. The construction enterprises as well as the workers are susceptible to the dramatic fall in economic activities resulting from the pandemic. Furthermore, increased health risks associated with COVID-19 have aggravated decent job shortages in this sector. However, because of its ability to create jobs, the construction sector has a lot of potentials to help the economy recover. This, in turn, supports the transformation of the sector towards sustainability and digitalization. Furthermore, the government, employers’ and workers’ organizations, along with other sectoral stakeholders are positively responding to the COVID-19 pandemic with a variety of measures aimed at assisting the construction industry.

Additionally, the nationwide lockdown imposed by the government to tackle the pandemic deteriorated the supply chain of raw materials. Furthermore, inadequate transportation, combined with a labor shortage, was a major factor that hindered elevator manufacturing, thereby delaying the order and installment of the elevators, besides hindering the market growth.

India Elevator Market: By Type

Based on the type of elevator, the India elevators market is divided into hydraulic and pneumatic, machine room traction (MR Traction), machine room-less traction (MRL Traction), and others. The machine room traction (MR Traction) segment accounted for the largest market share of 46.70% in 2020, around 38,264 elevators were sold; it is expected to register a CAGR of 1.99% during the forecast period. This growth can be attributed to increased industrialization, increasing metro projects, a growing number of corporate officers, housing buildings, and others. The speed of the geared MR traction elevators can go up to 500 ft. /min. They have an average initial cost of investment, maintenance cost, and average energy consumption which drives the market growth of MR traction segment type.

                                    Source: BlueWeave Consulting

Competitive landscape

Key Players for the Elevator Market are Fujitec Co. Ltd, Kone Corporation, Mitsubishi Electric Corporation, OTIS Elevator, Schindler, Toshiba, Hyundai CO. Ltd, Thyssenkrupp, Otis Elevator, Express Lifts LTD, and other prominent players. The India elevator market's high growth potential has drawn a slew of new entrants, creating a lucrative opportunity. New entrants have resulted in healthier rivalry among long-standing market players. In the present scenario, the growing construction sector in India is one of the key factors driving the growth of the market players.

Recent Developments

• In August 2020, Mitsubishi Electric unveiled the MELFA ASSISTA series of collaborative robots in India. MELFA ASSISTA can collaborate with human beings while providing greater protection, such as collision detection. It complies strictly with the international safety and robotic standards ISO 10218-1 and ISO/TS15066. After a strong global launch, the collaborative robots are poised to represent the Indian market and lead the way in manufacturing. Mitsubishi Electric Factory Automation & Industrial Division, based in Pune, is looking forward to providing its customers with increased efficiency, faster automation, reliability, and safety.

• In July 2019, Schindler India launched a new brand campaign “We Elevate”. Schindler India, the first multinational corporation to have an elevator and escalator manufacturing plant in India, as well as a corporate R&D center and Schindler University at its Chakan facility in Pune, has established a new vision that the company aspires to achieve after 20 years of providing top-of-the-line Urban Mobility solutions.

Scope of the Report

By Type

• Hydraulic & Pneumatic

• Machine Room Traction (MR Traction)

• Machine Room-less Traction (MRL Traction)

• Others

By End-Use

• Residential

• Commercial

• Industrial