The India elevators market has experienced significant growth in recent years, driven by various factors including urbanization, infrastructure development, government initiatives, and population growth. According to the TechSci Research report titled “India Elevators Market – By Region, Competition Forecast and Opportunities, FY2028,” the market was valued at USD 1466 million in FY2022 and is predicted to grow at a compound annual growth rate (CAGR) of 5.82% through FY2028, reaching USD 2083 million by the end of the forecast period.
Factors Driving Growth
- Urbanization and Infrastructure Development: India is witnessing rapid urbanization, leading to the development of high-rise commercial and residential buildings. This trend is driving the demand for elevators across the country. Additionally, infrastructure development initiatives by the government, such as the ‘Housing for All’ and ‘Smart Cities’ programs, are further fueling the market growth.
- Government Initiatives: The Government of India has allocated significant funds to support infrastructure development projects. For example, in the Union Budget 2021, USD 1.89 billion was allocated to the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), which aims to improve urban infrastructure. These initiatives create favorable conditions for elevator market growth.
- Population Growth: India’s growing population is increasing the demand for residential buildings, especially in urban areas. This demographic trend necessitates continued investments in the residential building construction sector, driving the demand for elevators.
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Market Segmentation and Dynamics
The India elevators market is segmented based on various factors including type of carriage, type of machinery, type of elevator door, weight, end user, region, and company. Among these segments, traction elevators dominate the market with a market share of 94.67% in FY2022. Traction elevators are commonly used in commercial and residential buildings due to their efficiency and modern features. These elevators utilize flat steel belts, which are lightweight and function without the need for lubrication, contributing to their growing popularity.
Government Housing Schemes and Residential Sector Demand
The Government of India has launched several housing schemes such as the Pradhan Mantri Awas Yojana (PMAY) and state-specific housing schemes in states like Haryana, Kerala, and Delhi. These initiatives aim to provide affordable housing to the population, which in turn augments the demand for elevators in the residential sector. As more people move into newly constructed residential buildings, the need for elevators becomes essential, further driving market growth.
Regional Analysis: South India Dominance
South India emerges as the dominant region in the India Elevator Market, holding 32.95% of the market share in FY2022. The region’s dominance is attributed to the increased installations of elevators driven by rising industrial activities and infrastructure development projects. Factors such as the establishment of manufacturing and research centers by elevator companies, availability of low-cost labor, and the development of skyscraper projects contribute to the region’s growth in the elevator market.
Competitive Landscape and Future Outlook
The India elevators market is characterized by intense competition among key players operating in the industry. Companies are focusing on technological advancements, product innovations, and strategic collaborations to gain a competitive edge. Additionally, partnerships with real estate developers and government agencies play a crucial role in securing contracts for elevator installations in new projects.
Benefits of the Research Report
- Insightful Market Analysis: The research report provides comprehensive insights into the India elevators market, including growth drivers, market segmentation, and regional dynamics, enabling stakeholders to make informed business decisions.
- Strategic Planning: By understanding the competitive landscape and future outlook of the market, companies can devise effective strategies to capitalize on growth opportunities and expand their market presence.
- Market Entry and Expansion: For new entrants and existing players looking to expand their operations in the India elevators market, the research report serves as a valuable resource for identifying key market trends and positioning strategies.
- Investment Opportunities: Investors seeking opportunities in the Indian construction and infrastructure sectors can leverage the insights from the research report to assess the potential returns and risks associated with investing in the elevator market.
The India elevators market is poised for significant growth driven by urbanization, infrastructure development, government initiatives, and population growth. With a focus on technological advancements and strategic collaborations, companies can capitalize on the emerging opportunities in the market. The research report serves as a valuable tool for stakeholders to navigate the dynamic landscape of the India elevators market and achieve their business objectives.
Major market players operating in the India elevators market are:
- KONE Elevator India Private Limited
- Johnson Lifts India Private Limited
- Schindler India Pvt. Ltd.
- OTIS Elevator Company (India) Ltd.
- TK Elevator India Private Limited
- Mitsubishi Elevator India Pvt. Ltd.
- Fujitec India Pvt. Ltd.
- Escon Pvt Ltd.
- Hitachi Lift India Pvt. Ltd.
- Blue Star Elevator Pvt. Ltd.
- Express Lift Ltd.
- Omega Elevators
- Eros Elevators Pvt. Ltd.
- Orbis Elevators Co Ltd.
- Supreme Elevators & Company
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“South Region is estimated to be the largest region in the India Elevators Market with a share of 32.95% in FY2022 owing to the increasing investment in the construction sector and increasing urbanisation in the region. Moreover, rising urbanization and increasing infrastructure development are expected to drive the market in the region. South India has continued to maintain its momentum in real estate, strengthening and building itself as one of the most sought-after destinations in the country for homebuyers and NRIs. Additionally, cities like Bangalore, Chennai and Hyderabad are now part of the global real estate map.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Elevators Market By Type of Carriage (Passenger, Freight & Others), By Type of Machinery (Traction & Hydraulic), By Type of Elevator Door (Automatic & Manual), By Weight (Up to 350Kg, Up to 550Kg, Up to 750Kg, Up to 1150Kg & More than 1150Kg), By End User (Residential, Commercial, Industrial & Government Institution), By Value, By End User (Residential, Commercial, Industrial & Government Institution), By Region, Competition Forecast and Opportunities, FY2028”, has evaluated the future growth potential of India Elevators Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Elevators Market.
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