India Elevators Market to Reach USD1838.90 Million until FY2027
Increasing urbanization, growing demand for high rise buildings, development in the transportation and infrastructure sector and augmented government support to drive India Elevators market through FY2027.
According to TechSci Research report, “India Elevators Market By Type of Carriage (Passenger, Freight and Others), By Type of Machinery (Traction and Hydraulic), By Type of Elevator Door (Automatic and Manual), By Weight (Up to 350 kg, Up to 550 kg, Up to 750kg, Up to 1150 kg, More than 1150 kg), By End User (Residential, Commercial, Industrial, Government Institution), By Region, Competition, Forecast & Opportunities, FY2027F”, India Elevators market was valued at USD1351.53 million in FY2021 and is projected to grow at a CAGR of 5.22% during the forecast period, which can be majorly attributed to the development in the transportation and infrastructure sector. The growth of the Elevators market can be attributed to the growing number of high-speed metro projects. Moreover, strategic focus of government in reviving the construction sector with projects such as Smart Cities Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) is further bolstering the growth of the India Elevators market.
In terms of Type of Carriage, the India Elevators market is categorized into Passenger, Freight and Others. Among these, the Passenger category accounted for highest market share in the India Elevators Market in FY2021 and it is anticipated to remain as the dominating category throughout the forecast period as well. The growth of the category is majorly attributed to the fact that these elevators are specifically designed for passenger carrier and have additional facilities including loudspeakers to play music or announcements, audio or visual advertising, or television displays.
Browse over 67 market data Figures spread through 158 Pages and an in-depth TOC on “India Elevators Market”
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Based on the Type of Machinery the market can be segmented into Traction and Hydraulic. The market is dominated by the Traction sector and is expected to continue to do so in the forecast period as well, owing to the energy efficiency and comparatively faster speed of these elevator types over hydraulic types.
Based on Type of Elevator Door the market can be split into Automatic and Manual. The Automatic sub segment is the dominating and is expected to lead the market in future as well due to their tough construction, longer functional life, regular performance corrosion resistance and suitability for installation in indoor and outdoor, offices, buildings, stores, and exhibition halls.
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, More than 1150 kg. The Up to 750 segment is the fastest growing and is expected to drive the market because they are highly preferred in residential and commercial sectors.
Based on End User the market can be apportioned into Residential, Commercial, Industrial and the Residential segment is expected to lead the market due to increasing construction of high-rise residential buildings
Based on Region the South region is the dominating region and is expected to remain dominant in the forecast period too, owing to the increasing investment in the construction sector and rising urbanization and infrastructure development. Also, 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, thereby indirectly contributing to the increased demand for elevators.
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 are some of the leading players operating in India Elevators market. The companies operating in the market are using organic strategies such as product launches and inorganic strategies such as mergers and collaborations to boost their share.
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“India Elevators market is anticipated to grow at a steady pace during the forecast period. However, the market witnessed a downfall in FY2021 due to the COVID-19 pandemic. However, the increasing government support, along with the growing construction sector, urbanization, increasing construction activities of high-rise residential buildings, and new commercial centers are anticipated to propel the demand for elevators across the country over the next five years.” 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 and Others), By Type of Machinery (Traction and Hydraulic), By Type of Elevator Door (Automatic and Manual), By Weight (Up to 350 kg, Up to 550 kg, Up to 750kg, Up to 1150 kg, More than 1150 kg), By End User (Residential, Commercial, Industrial, Government Institution), By Region, Competition, Forecast & Opportunities, FY2027F” 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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