Urban sprawls necessitates construction of high-rise buildings
The Indian Elevator and Escalator Market is set to experience significant growth from its current valuation of US$3.54 billion in 2023 to reach US$7.20 billion by 2032, expanding at a Compound Annual Growth Rate (CAGR) of 8.20% in the intervening years bseindia .
Predominant factors such as rapid urbanization, infrastructural development, and increasing residential and commercial construction are instrumental in driving this market forward, says a report “India Elevator and Escalator Market Report Forecast by Product, Type, End-use, Region and Company Analysis 2024-2032”, by ResearchAndMarkets.com since 30 Oct 2024 nseindia .
The robust expansion within the Indian metropolises is a principal contributor to the growth of the elevator and escalator market, it noted. “Urban sprawl necessitates the construction of high-rise buildings and extensive commercial spaces where efficient and reliable vertical transportation solutions are paramount,” said the report sbi.com.in .
“This sector gains momentum through the support of government initiatives focusing on the development of smart urban landscapes which inherently augment the need for sophisticated urban mobility solutions conexpoconagg .”
Another significant driver identified in the market analysis is the rise in disposable income among Indian consumers. This increase in wealth spurs investment in upmarket residential and commercial real estate, which prompts developers to incorporate advanced vertical transit systems within their projects, thereby bolstering demand for elevators and escalators , it said.
Market data indicates that North India is experiencing a rapid uptick in demand for elevators and escalators. Key urban centers including Delhi, Gurgaon, and Noida, are witnessing a proliferation of vertical infrastructural development deutsche-boerse .
Both residential and commercial sectors are thriving, integrating state-of-the-art elevators and escalators to ensure ease of access, efficiency, and safety. The trend is expected to sustain, with the region’s rising disposable incomes and evolving standards for urban living, according to the report sgx.com .
The market forecast for India highlights the opportunities that this growth presents to key players in the industry such as KONE Elevator India, Johnson Lifts, Schindler India, and others, who are gearing up to meet the increasing demand through innovation and adoption of technologies like IoT for better service delivery ted.europa.eu .
As the Indian Elevator and Escalator Market moves towards this projected growth, the trends underline the vital role of elevated infrastructure in the context of India’s urbanization and economic development. The anticipated surge hints at significant opportunities for players in the industry and stakeholders involved in the nation’s infrastructural evolution ficci.in , the report said.
Companies in the industry 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; Hitachi Lift India Pvt Ltd and Blue Star Elevator Pvt Ltd. Fiinews.com
