INDUSTRY OUTLOOK

Industry Growth & Size

• India’s elevator and escalator industry is among the fastest-growing globally, driven by rapid urbanization, infrastructure development, and vertical construction trends.
• India is the second-largest elevator market globally (after China) in terms of new installations.
• Estimated new elevator installations: ~70,000–75,000 units annually.
• Market size projected to cross ₹22,000 crore by 2027, growing at a CAGR of ~8–10%

Key Growth Drivers

• Urbanization & High-Rise Construction: Increasing demand for high-rise buildings in metros and Tier 2/3 cities is a major driver.
• Affordable Housing & Government Programs: Initiatives like PMAY, Smart Cities Mission, and metro rail expansions drive bulk installations.
• Commercial Real Estate Recovery: Malls, office parks, IT campuses, airports, and hospitals are boosting demand post-COVID.
• Modernization of Existing Equipment: A large installed base of aging elevators in older buildings is fueling retrofitting and modernization demand.

Technology & Innovation Trends

• Smart Elevators: IoT, AI-enabled remote diagnostics, and destination control systems are becoming standard.
• Touchless/Contactless Controls: Post-pandemic emphasis on hygiene has accelerated this shift.
• Energy Efficiency: Regenerative drives, gearless traction, and green certification demand is increasing.

Future Outlook

Strong long-term growth supported by rising urban density, government infrastructure investment, and technological evolution.

Players offering end-to-end solutions—new installations, modernization, and digital maintenance—will gain competitive edge.

Smart elevators and escalators with predictive maintenance and energy-saving features are becoming key differentiators.

In summary, India’s elevator and escalator industry is in a robust growth phase with rising demand for vertical mobility solutions across sectors.

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