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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" https://www.techsciresearch.com/report/india-elevators-market/7564.html
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1MARKET INTELLIGENCE . CONSULTING
2015 – 2025
Published: December 2020
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
Published: March 2021
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
Published: April 2021
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
Published: May 2021
MARKET INTELLIGENCE . CONSULTING
Published: June 2021
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
INDIA ELEVATORS MARKET- FORECAST
& OPPORTUNITIES
FY2017 – FY2027
2© TechSci Research
T a b l e o f C o n t e n t s
2
S. No. Contents
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Brand Awareness
4.2. Duration of Usage
4.3. Factors Influencing Purchase Decision
4.4. Customer Satisfaction
4.5. Elevator Challenges
4.6. Annual Maintenance Contract (AMC) Expectation
4.7. Annual Maintenance Contract (AMC) Challenges
5. Global Elevators Market Overview
6. India Elevators Market Landscape
7. India Elevators Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume
7.1.3. By New Installation
7.1.4. By Maintenance Service
7.2. Market Share & Forecast
7.2.1. By Type of Carriage (Passenger, Freight & Others)
7.2.2. By Type of Machinery (Traction & Hydraulic)
7.2.3. By Type of Elevator Door (Automatic & Manual)
7.2.4. By Weight (Up to 350Kg, Up to 550Kg, Up to 750Kg, Up to 1150Kg & More than 1150Kg)
7.2.5. By End User (Residential, Commercial, Industrial & Government Institution), By Value
7.2.6. By End User (Residential, Commercial, Industrial & Government Institution), By Volume
3© TechSci Research
T a b l e o f C o n t e n t s
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S. No. Contents
7.2.7. By Region
7.2.8. By Cities
7.2.9. By Company
7.3. Import-Export Analysis
7.4. Product Market Map
8. India Residential Elevators Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.1.2. By Volume
8.2. Market Share & Forecast
8.2.1. By Type of Machinery
8.2.2. By Type of Elevator Door
8.2.3. By Weight
8.2.4. By Region
9. India Commercial Elevators Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.1.2. By Volume
9.2. Market Share & Forecast
9.2.1. By Type of Machinery
9.2.2. By Type of Elevator Door
9.2.3. By Weight
9.2.4. By Region
10. India Industrial Elevators Market Outlook
10.1. Market Size & Forecast
10.1.1 By Value
4© TechSci Research
T a b l e o f C o n t e n t s
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S. No. Contents
10.1.2. By Volume
10.2. Market Share & Forecast
10.2.1. By Type of Machinery
10.2.2. By Type of Elevator Door
10.2.3. By Weight
10.2.4. By Region
11. India Government Institution Elevators Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.1.2. By Volume
11.2. Market Share & Forecast
11.2.1. By Type of Machinery
11.2.2. By Type of Elevator Door
11.2.3. By Weight
11.2.4. By Region
12. India Escalators Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value
12.1.2. By Volume
12.2. Market Share & Forecast
12.2.1. By End User, By Volume
12.2.2. By Region
12.3. Import-Export Analysis
13. India Elevators and Escalators Annual Maintenance Contract (AMC) Market Outlook
13.1. Market Size & Forecast
5© TechSci Research
T a b l e o f C o n t e n t s
5
S. No. Contents
13.1.1. By Value
13.2. Market Share & Forecast
13.2.1. By Region
13.3. Pricing Analysis
14. Market Dynamic
14.1. Impact Analysis
14.2. Drivers
14.3. Challenges
15. Market Trends & Developments
16. Policy & Regulatory Framework
17. Impact of COVID-19 on India Elevators & Escalators Market
18. India Economic Profile
19. Competitive Landscape
19.1. Competitive Benchmarking
19.2. Business Models & Strategies
19.3. Company Profile
19.3.1. KONE Elevator India Private Limited
19.3.2. Johnson Lifts India Private Limited
19.3.3. Schindler India Pvt. Ltd.
19.3.4. OTIS Elevator Company (India) Ltd.
19.3.5. ThyssenKrupp Elevator (India) Pvt. Ltd.
19.3.6. Mitsubishi Elevator India Pvt. Ltd.
19.3.7. Fujitec India Pvt. Ltd.
19.3.8. Escon Pvt Ltd.
19.3.9. Hitachi Lift India Pvt. Ltd.
6© TechSci Research
T a b l e o f C o n t e n t s
6
S. No. Contents
19.3.10. Blue Star Elevator Pvt. Ltd.
19.3.11. Express Lift Ltd.
19.3.12. Omega Elevators
19.3.13. Eros Elevators Pvt. Ltd.
19.3.14. Orbis Elevators Co Ltd.
19.3.15. Supreme Elevators & Company
20. Strategic Recommendations
21. About Us & Disclaimer
Product Overview
8© TechSci Research
Product OverviewScope of Interest: Elevators
Review Period
FY2017 – FY2020
Base Year
FY2021
Estimated Year
FY2022
Forecast Period
FY2023 – FY2027
Year RangeINDIA ELEVATORS MARKET
BY TYPE OF MACHINERY
• Traction
• Hydraulic
BY WEIGHT
• Up to 350Kg
• Up to 550Kg
• Up to 750Kg
• Up to 1150Kg
• More than 1150Kg
BY REGION
• North
• South
• East
• West
Elevator or a lift can be defined as a machine installed in buildings to carry, lift, transport or movepeople and goods from one floor to another. An elevator can be used in various types of settings suchas residential complexes, commercial buildings, malls, hospitals, etc., for moving passengers or goodsfrom one level to another. Elevators can also be used in factories and industrial plants to transfergoods, machinery and finished products between different floors.
Market SegmentationBY TYPE OF CARRIAGE
• Passenger
• Freight
• Others
8
BY END USER
• Residential
• Commercial
• Industrial
• Government Institution
BY TYPE OF ELEVATOR DOOR
• Automatic
• Manual
9© TechSci Research
Product OverviewScope of Interest: Elevators
9
• Depending on the requirement, elevators can be classified into the following types:
• Passenger Elevators: These are the most common and widely used elevators, primarily installed in hotels, housing
complexes, office buildings, hospitals, malls and various other locations.
• Freight Elevators: These elevators are installed and used in factories, industrial units, hospitals and hotels for carrying
goods, machinery or finished products.
• Others: Other elevator types include dumbwaiter, boat lifts in shipping yards and sidewalk elevators in industrial
buildings for transporting goods.
• Further, doors used in elevators can be categorized into two types:
• Automatic Doors: Automatic doors are standard doors used in elevators. These kind of doors are powered by an
electric door operator installed within the elevator car.
• Manual Doors: Manual or normal doors are opened or closed manually. These doors can be opened vertically or
horizontally.
Elevators Market Classification,
By Type of Carriage
Passenger Elevators
Freight Elevators Others
Research Methodology
11© TechSci Research
Research Methodology
✓ Identifying Key Opinion
Leaders
✓ Questionnaire Design
✓ In-depth Interviews
Data Collection
Developing List of Respondents
Formulating Questionnaire
Market Profiling
Data Validation
Data Analysis
In-depth secondary research was conducted to
determine top players, overall market size and
segmental market size in India elevators market.
In order to conduct industry experts’
interviews, TechSciformulated a detailed
discussion guide.
List of industry players and industry
specialists was developed.
TechSci conducted interviews with
industry experts and industry players for data collection and
verification.
Data obtained as a result of primary and secondary research was
validated through rigorous
triangulation.
The data was scrutinized using MS-Excel, statistical
tools and internal proprietary database to obtain qualitative and
quantitative insights about India elevators market.
Data Collection
Data Filter& Analysis
Research &Intelligence
ActionableInsights
BusinessSolution
Primary Research Desk Research Company Analysis
✓ Recent Developments
✓ Market Changing
Aspects/Dynamics
✓ Government Policies
✓ Conclusion
✓ Market Participants
✓ Key Strengths
✓ LinkedIn✓ TechSci Internal
Database
✓ Factiva✓ Hoovers
Paid Sources
✓ Company Websites✓ Company Annual
Reports✓ White Paper Study✓ Financial Reports✓ Investor Presentations✓ Regulatory Body
Secondary ResearchPrimary Research
11
12© TechSci Research
Research Methodology
12
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the India elevators market. The team has
analyzed the outlook of various segments of this market, while considering the major influencing factors and speculated a robust
growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions
while planning their strategy to achieve sustainability in the India elevators market.
Methodology Followed for Calculation of Market Size:
Market Size by Value: Market size, in terms of value, for the year FY2021 was calculated based on information collected
through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry
experts.
The team interviewed more than 20 companies, 50 industry experts and other value chain stakeholders in the India elevators
market to obtain the overall market size during FY2017-FY2021, which was validated by the Delphi technique. Taking standard
deviation into consideration, the market size was averaged out, to arrive at the market size data for FY2017-FY2021.
13© TechSci Research
Research Methodology
13
Respondents were asked about the current and future market growth rates, as well as market shares by type of machinery, by
weight, by end user, by type of carriage, by type of elevator door, by region, and by company. Removing the outlier
responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments
were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further
triangulated from other stakeholders depending upon the component.
Methodology Followed for Calculation of Market Shares:
Market shares by type of machinery, by weight, by end user, by type of carriage, by type of elevator door, by region, and by
company were calculated based on the responses received through primary surveys with industry experts, in which the
respondents were asked about the market shares of the leading distribution transformers players. The final shares were
calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.
Moreover, respondents were asked about the leading companies operating in the India elevators market.
Methodology Followed for Forecasting:
TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the
survey results in SPSS/Tableau Software.
14© TechSci Research
Research Methodology
14
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast
the India elevators market, TechSci Research used various forecast techniques such as:
o Moving Average
o Time Series Analysis
o Regression Analysis
o Econometric and Judgmental Analysis
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions.
TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market
demand scenario.
Partial List of Companies Interviewed
Kone Elevator India Pvt. Ltd., Johnson Lifts Pvt. Ltd., Schindler India Pvt. Ltd., OTIS Elevator
Company (India) Ltd., Thyssenkrupp Elevator (India) Pvt. Ltd., Fujitec India Pvt. Ltd., Blue
Star Elevators (India) Ltd., among others
Partial List of Secondary Sources
Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company
Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.
*Note: (a) The data given for any year represents the market during the period i.e. 1st April of the previous year to 31st
March of that year. eg: For 2022E, the data represents the period, 1st April 2021 to 31st March 2022.
(b) Sum of some shares may not be 100% due to round off till two decimal places.
15© TechSci Research
Industry Brief
15
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.
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.
“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.
16© TechSci Research
Sample Data - Snapshot
16
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Value (USD Million)
India Elevators Market Size, By Value (USD Million), 2017-2027F
CAGR 2017-2021By Value: xx%
CAGR 2022E-2027FBy Value: xx%
India Escalators Market Share, By End User, By Volume, 2017-2027F
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Commercial 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Government Institution 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Residential 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
India Elevators Annual Maintenance Contract (AMC) Market Share, By Region, By Value, 2017-2027F
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
South 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
West 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
North 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
East 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
17© TechSci Research
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Report Name: INDIA ELEVATORS MARKET
FORECAST & OPPORTUNITIES
FY2017 – FY2027
About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The
proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considersreliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors oromissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of thisreport. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative marketsize and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.
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