India Elevators and Escalators Market is expected to grow at a CAGR of 5.79% through 2029
India
Elevators and Escalators Market is expected to grow owing to advanced features
like destination control systems, predictive maintenance, and IoT (Internet of
Things) connectivity throughout the forecast period.
According
to TechSci Research report, “India
Elevators and Escalators Market –
By Region, Competition, Forecast and Opportunities, 2019-2029F”, the India
Elevators and Escalators Market is expected to register robust
growth during the forecast period. The
Indian government has implemented stricter regulations and safety standards
concerning elevators and escalators. These regulations emphasize the importance
of safety features, accessibility for differently-abled individuals, and
regular maintenance. Compliance with these standards has become a driving force
for the installation and modernization of these systems.
The
increasing demand for smart and energy-efficient elevator and escalator systems
presents a substantial opportunity. Smart technologies, such as IoT
integration, destination control, and predictive maintenance, are in demand.
Manufacturers can develop and market solutions that reduce energy consumption,
enhance user experience, and contribute to sustainability. This includes
regenerative drives, LED lighting, and eco-friendly materials.
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Based
on service, the
Modernization and Maintenance & Repair segment is expected to dominate the
market during the forecast period. Evolving safety and accessibility
regulations have pushed building owners and property developers to invest in
modernization to meet compliance requirements. Many older buildings and structures in India have outdated elevator and escalator systems that do not comply with modern safety and accessibility standards. The need to retrofit these systems to ensure compliance and enhance performance has driven the modernization segment. Building owners and facility managers are investing in upgrades to prolong the lifespan of their equipment. The adoption of smart technologies and energy-efficient components has become a significant driver in modernization efforts. Elevator and escalator manufacturers are offering advanced control systems, LED lighting, regenerative drives, and cloud-based monitoring for retrofit projects. These technologies contribute to enhanced efficiency and user experience. Routine maintenance is essential to prevent breakdowns and ensure the smooth functioning of elevator and escalator systems. This includes inspections, lubrication, cleaning, and the replacement of worn components. Building owners and facility managers prioritize preventive maintenance to extend the lifespan of their equipment. The government's stringent
safety standards and the emphasis on making buildings accessible to all have
created a sense of urgency for retrofits. In addition to safety and performance
improvements, the aesthetic appeal of elevator and escalator systems plays a
crucial role in modernization. Building owners are choosing modernization
options that match the overall interior and architectural design of their
properties. This has led to the introduction of customized and visually
appealing modernization solutions. In addition to routine maintenance, the
segment also includes emergency repair services. Elevator and escalator
breakdowns can cause inconvenience and safety hazards, necessitating swift
repairs. Building owners and managers rely on service providers to address
these issues promptly. Building owners and facility managers often establish
long-term partnerships with maintenance and repair providers. Customer loyalty
is a vital factor in this segment, with reliable and responsive service
providers enjoying repeat business and referrals. The maintenance and repair
segment is characterized by its consistent demand, driven by safety
regulations, the diverse installed base, and the need for reliable service
providers. As technology advances, service providers will increasingly
incorporate predictive maintenance and IoT solutions to enhance their offerings,
providing customers with more efficient and cost-effective solutions. This
segment will remain a critical component of the Indian Elevators and Escalators
market for years to come.
Key
market players in the India Elevators and Escalators Market are:
- 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.
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“The
India Elevators and Escalators Market in South India is poised to be the
dominant region in the industry. South India is witnessing substantial
urbanization, with a growing population moving to cities in search of better
employment and lifestyle. This demographic shift has resulted in the
construction of high-rise residential complexes and commercial buildings,
thereby increasing the demand for vertical transportation systems.” said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“India
Elevators and Escalators Market Segmented By Type (Elevator, Escalator and
Moving Walkways), By Elevator Door Type (Automatic and Manual), By Elevator
Technology (Traction, Machine Room-Less Traction and Hydraulic), By Service
(Modernization and Maintenance & Repair, New Installation), By End User
(Residential, Commercial, Infrastructural, Institutional, and Others), By
Region, and By Competition, 2019-2029F,” has evaluated the future growth
potential of India Elevators and Escalators 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 and Escalators Market.
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