India Elevator Market by Type (Passenger Elevator, and Others), by Technology (Traction and Hydraulic), by Services (New Installation, and others), by Capacity (Less than 1500 KG, and others), by Speed (Less than 1 M/S, and others), by Deck Type (Single Deck and, Double Deck), by Designation Control (Smart, and Conventional), by Door Type (Automatic, and Manual), and by End-User (Residential, Commercial, and Industrial) – Global Opportunity Analysis and Industry Forecast, 2025–2030
Industry: Construction & Manufacturing | Publish Date: 04-Jul-2025 | No of Pages: 184 | No. of Tables: 210 | No. of Figures: 113 | Format: PDF | Report Code : CM1652
India Elevator Market Overview
India Elevator Market size was valued at USD 2.95 billion in 2024 and is predicted to reach USD 4.84 billion by 2030, registering a CAGR of 7.8% from 2025 to 2030.
The factors such as the rising urbanization, and government initiatives drives the market growth. However, the regulatory challenges, marked by intricate guidelines and stringent compliance standards pose significant challenges to India elevator market expansion. On the contrary, integration of smart technologies, such as IoT and AI, offers promising future opportunities to improve efficiency, safety, and user experience.
Moreover, the leading companies Kone Oyj, Otis Worldwide Corporation together with others maintain their market expansion through initiatives of business expansion, product launches, and partnership agreements. These initiatives are expected to offer innovation and sustainability in urban development. With AI and IoT integration, the elevator industry in India is rising by creating opportunities for enhanced service delivery and operational efficiency.
Increasing Urbanization Driving Growth in the Elevator Market In India
The rapid increase in urbanization in India significantly drives the growth of the elevator market, as it leads to the construction of high-rise buildings and commercial complexes, creating a necessity for elevators to ensure efficient vertical transportation. According to the recent report from the National Institute of Urban Affairs (NIUA), India's urbanization level was recorded at 34.5% in 2021, indicating the share of the population living in urban regions. This figure is anticipated to increase to 37.9% by 2031 and further rise to 39.6% by 2036. This ongoing shift towards urbanization accelerates the demand for elevators in both residential and commercial spaces, indicating a dynamic growth for the elevator market in India. As cities expand and evolve, the integration of efficient vertical transportation systems is crucial to accommodate growing populations and enhance the overall urban infrastructure.
Growth In Real Estate Development Fuels Elevator Demand
The rapid expansion of the real estate sector across the country drives the demand for elevators, as the surge in residential, commercial, and industrial projects in metropolitan areas necessitates efficient vertical transportation solutions. As more high-rise buildings and complexes are constructed, elevators become essential for accommodating the increasing population and enhancing accessibility within these structures. As per the latest report published by the Ministry of Commerce and Industry, the real estate sector in India is projected to grow to a market size of USD 1 trillion by 2030, a significant increase from USD 200 billion in 2021. Furthermore, it is anticipated to contribute 13% to the nation’s GDP by 2025. This growth reflects not only the rising number of high-rise buildings and commercial complexes but also the increasing urban population that necessitates effective solutions for mobility and accessibility. As urban centers evolve and expand, elevators remain critical to enhancing the functionality and convenience of these new developments, further driving the market's expansion.
Rising Government Initiatives in Infrastructure Drives the Elevator Market in India
The expansion in government initiatives aimed at promoting infrastructure development, smart cities, and affordable housing projects significantly enhance the demand for elevators in new constructions, as these policies facilitate the growth of modern residential and commercial buildings that require efficient vertical transportation solutions. As per the latest report published by the Ministry of Commerce and Industry, as of February 2024, the total allocated investments for the Smart City Mission amounted to approximately USD 86.43 billion. Out of this total, 7,742 projects valued at around USD 21.80 billion are tendered. This substantial investment highlights the government's commitment to advancing urban infrastructure, driving the elevator market forward. As these projects progress, the necessity for elevators continues to rise, reflecting the integral role they play in enhancing accessibility and mobility within newly developed urban spaces.
Rising Commodity Prices Hinders Market Expansion
The rising commodity prices pose a significant challenge for the elevator market in India. With costs surging between 5% and 25%, the overall affordability of elevator systems is adversely affected, especially in a price-sensitive market. Increased expenses for raw materials and components can discourage investment in new projects, potentially resulting in delayed completions. As a result, manufacturers and service providers face difficulties in maintaining competitive pricing and profit margins amidst these escalating cost pressures.
Smart Technology Integration Driving Growth and Innovation in the Elevator Market
The integration of smart technologies, such as IoT and AI, offers substantial future opportunities for the elevator market by enhancing efficiency, safety, and user experience. These innovations will facilitate the development of predictive maintenance systems, energy-efficient solutions, and seamless integration with building management systems, fundamentally transforming elevator operations and management.
For instance, in July 2024, Nibav Lifts, India’s leading home elevator brand, launched its advanced Nibav Series 4 home lifts in Mumbai, featuring AI-enabled technology and a luxurious design. These innovative lifts included LIDAR 2.0 for precise navigation and offered a spacious cabin, emphasizing both style and functionality. Overall, the adoption of these advanced technologies is set to drive significant growth in the elevator market, creating opportunities for enhanced service delivery and operational efficiency.
By Type, Passenger Elevator Holds the Dominant Share in India Elevator Market
Passenger elevator holds approximately 45% of India elevator industry. The passenger elevator represents a critical kind of vertical mobility solution designed to raise convenience, security, and the efficiency of transporting passengers across multiple floors in residential buildings, commercial entities, and the public sector. These elevators are equipped with advanced features that include energy-saving motors, control of ride motion, and added safety mechanisms so as to remain reliable and comfort-giving to users.
By Application, Industrial Segment Holds the Highest CAGR of 15%
The industrial elevator application segment in the market is experiencing significant growth due to the increasing need for efficient vertical transportation across various sectors. These elevators are designed to handle heavy loads and facilitate the seamless movement of materials, equipment, and goods across different levels. By improving operational efficiency and reducing manual labor, industrial elevators play a crucial role in supporting industries to meet high production demands and streamline workflows.
Competitive Landscape
The top key players operating in India elevator industry include Kone Oyj, Otis Worldwide Corporation, Mitsubishi Electric Corporation, TK Elevator (India) Private Limited, Schindler Group, Fujitec Co., Ltd., Hyundai Elevators, Cibes Lift India Private Limited, Johnson Lifts Private Limited, Epic Elevators Pvt. Ltd., Omega Elevators, Nibav Lifts Private Limited, Elite Elevators, Cooper Elevators India Pvt. Ltd., Hitachi Ltd., and others.
These companies are engaged in various business expansion, product launch and partnership across various regions to maintain their dominance in India elevator market.
|
Date |
Company |
Recent Developments |
|
August 2024 |
Otis Worldwide Corporation |
Otis India expanded its manufacturing facility in Bengaluru to increase production capacity. This move aims to meet the growing demand for elevators in India's urban infrastructure. |
|
July 2024 |
Otis Worldwide Corporation |
Otis India launched customizable modular elevator series designed to enhance vertical transportation in buildings. This innovative series allows for tailored configurations, simplifying installation and reducing downtime, making it suitable for both residential and commercial applications. |
|
June 2024 |
Kone Oyj |
Kone India inaugurated a new office in Kalyan, Maharashtra, to enhance customer service and meet the rising demand for elevators and escalators. This strategic expansion focuses on sales, installation, and maintenance, reinforcing its commitment to innovation and sustainability in urban development. |
|
May 2024 |
Mitsubishi Electric Corporation |
Mitsubishi Electric Building Solutions Corporation launched the NEXIEZ-Fit elevator, for low-rise residential buildings, to meet the rising housing demand in urban areas. This model enhances cost performance and construction efficiency while offering advanced safety features through its connection to the BRIDGE remote maintenance service. |
|
April 2024 |
Kone Oyj |
KONE India expanded its operations by opening a new office in Bengaluru. This move aims to enhance customer engagement and support the growing demand for its products and services in the region. |
|
February 2024 |
TK Elevator India Private Limited |
TK Elevators launched enta villa, a new home elevator concept designed for India's luxury residential market. This innovative product addresses the growing demand for high-end lifestyle solutions among the expanding middle class in India, particularly in multi-floor houses and villas. |
|
December 2023
|
Kone Oyj
|
Kone Elevator India inaugurated a new office in Telangana marking a significant milestone for the company. This new facility is part of Kone's strategic expansion plans and aims to enhance its service capabilities in the region. |
|
December 2023 |
Mitsubishi Electric Corporation |
Mitsubishi Electric launched its new manufacturing facility in Talegaon, Maharashtra, aimed at producing advanced factory automation systems. This expansion is significant as it aligns with the growing demand in various sectors, including the elevator market, where automation and energy-efficient solutions are increasingly essential for modern infrastructure development. |
|
November 2023 |
TK Elevator India Private Limited |
TK Elevators partnered with Infosys to modernize its digital landscape and enhancing operational efficiency. This collaboration streamlines TK Elevator's business applications and create a unified technology framework across its global operations. |
Source: Primary Research, Secondary Research, NMSC Analysis
India Elevator Market Key Segments
By Type
-
Passenger Elevator
-
Freight Elevator
-
Other Elevator
By Technology
-
Traction
-
Machine Room (MR) Traction
-
Machine Roomless (MRL) Traction
-
-
Hydraulic
By Service
-
New Installation
-
Maintenance
-
Modernization
By Capacity
-
Less than 1500 KG
-
1500 to 2500 KG
-
2501 to 4000 KG
-
More than 4000 KG
By Speed
-
Less than 1 M/S
-
Between 1 to 4 M/S
-
More than 5 M/S
By Deck Type
-
Single Deck
-
Double Deck
By Designation Control
-
Smart
-
Conventional
By Door Type
-
Automatic
-
Manual
By End-User
-
Residential
-
Low Rise: 10 floors
-
Mid Rise: 11-30 floors
-
High Rise: above 30 floors
-
Affordable Housing
-
Villa/home
-
-
Commercial
-
Airport
-
Hotel
-
Marine
-
Medical
-
Office
-
Leisure and Education
-
Retail
-
Public Transportation
-
-
Industrial
By State
-
Maharashtra
-
Delhi
-
Tamil Nadu
-
Gujarat
-
Andhra Pradesh
-
Karnataka
-
Kerela
-
Madhya Pradesh
-
Uttar Pradesh
-
West Bengal
-
Remaining States
India Elevator Market Key Players
-
Kone Oyj
-
Otis Worldwide Corporation
-
Mitsubishi Electric Corporation
-
TK Elevator (India) Private Limited
-
Schindler Group
-
Fujitec Co., Ltd.
-
Hyundai Elevators
-
Cibes Lift India Private Limited
-
Johnson Lifts Private Limited
-
Epic Elevators Pvt. Ltd.
-
Omega Elevators
-
Nibav Lifts Private Limited
-
Elite Elevators
-
Cooper Elevators India Pvt. Ltd.
-
Hitachi Ltd.
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2024 |
USD 2.95 Billion |
|
Revenue Forecast in 2030 |
USD 4.84 Billion |
|
Growth Rate |
CAGR of 7.8% from 2025 to 2030 |
|
Analysis Period |
2024–2030 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
15 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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