India Elevators Market stood at USD1351.53 million in FY2021 and is forecast to grow at a CAGR of 5.22% until FY2027, owing to the increasing urbanization, augmented government support, and entrance of foreign players in the market. Moreover, with the growing number of high-rise commercial and residential buildings across the country, the need for high-speed traction elevators is increasing tremendously, which in turn is pushing product demand over the coming years.
India Elevator market can be segmented based on the Type of Carriage, Type of Machinery, Type of Elevator Door, Weight, End User, Region and Company. Based on Type of Carriage, the market can be segmented into Passenger, Freight and Others. Passenger type of carriage is expected to lead the market as these types of lifts are specifically designed to give the passengers a sense of comfort and spaciousness and moreover are highly recommended when it comes to installation in residential and commercial areas.
Based on Type of Machinery, the market can be segmented into Traction and Hydraulic. The market is anticipated to be dominated by the traction sector in the study period owing to their high energy efficiency and faster speed in comparison to hydraulic type of machinery.
Based on Type of Elevator Door the market can be bifurcated into Automatic and Manual. The automatic segment dominates the market and will continue its dominance in the forecast period as well due to high durability and retentive functional life of elevators with automatic doors.
Based on Weight holding capacity, the market can be segmented into Up to 350 kg, Up to 550 kg, Up to 750 kg, Up to 1150 kg, and More than 1150 kg. Up to 550 segment is expected to lead the market in the forecast period because they are highly preferred in residential and commercial sectors and can carry a decent number of passengers, hence saving time.
Based on end user, the market can be apportioned into Residential, Commercial, Industrial and Government Institution. Residential segment is expected to dominate the market in the forecast period as more property owners have started to consider seriously the aesthetical value of their buildings’ elevators in order to ensure that they make the best first impression on visitors and clients.
Some of the players in the India elevators market include KONE Elevator India Private Limited, Johnson Lifts India Private Limited, Schindler India Pvt. Ltd., OTIS Elevator Company (India) Ltd., ThyssenKrupp Elevator (India) Pvt. Ltd., Mitsubishi Elevator India Pvt. Ltd., Fujitec India Pvt. Ltd., Escon Pvt Ltd., Hitachi Lift India Pvt. Ltd, Blue Star Elevator Pvt. Ltd. and others. The companies operating in the market are focusing on expansion and mergers & collaborations to increase their share in the market.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022E
Forecast Period: FY2023F-FY2027F
Objective of the Study:
- To analyze the historical growth in the market size of India Elevators Market from FY2017 to FY2021.
- To estimate and forecast the market size of the India Elevators Market from FY2022 to FY2027 and growth rate until FY2027.
- To classify and forecast India Elevators Market based on the Type of Carriage, Type of Machinery, Type of Elevator Door, Weight, End User, Region, Company.
- To identify the dominant region or segment in the India Elevators Market.
- To identify drivers and challenges for India Elevators Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India Elevators Market.
- To conduct import export analysis for India Elevators Market.
- To identify and analyze the profile of leading players operating in the India Elevators Market.
- To identify key sustainable strategies adopted by market players in the India Elevators Market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of elevator manufacturers across India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the country.
TechSci Research calculated the market size of India Elevators Market using a bottom up approach, where data for various applications across various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Elevators manufacturers and other stakeholders
- Elevators end user industries
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to elevators market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and end users. The study would also help them in identifying which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth of the market.
In this report, India Elevators Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- India Elevators Market, By Type of Carriage:
- India Elevators Market, By Type of Machinery:
- India Elevators Market, By Type of Elevators Door:
- India Elevators Market, By Weight:
o Up to 350 kg
o Up to 550 kg
o Up to 750 kg
o Up to 1150 kg
o More than 1150 kg
- India Elevators Market, End User:
o Government Institution
- India Elevators Market, By Region:
- India Elevators Market, By Cities:
o Navi Mumbai
o Other Cities
Company Profiles: Detailed analysis of the major companies present in India Elevators market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).