Source: IMARC Group | Category: Technology & Media | Author Name: Tarang
Report Introduction
According to IMARC Group’s latest report titled “India Elevator and Escalator Market Size, Share, Trends and Forecast by Type, Service, End Use, and Region, 2025-2033”, this study offers a granular analysis of the critical vertical transportation infrastructure supporting India’s urbanization. The study offers a profound analysis of the industry, encompassing India elevator and escalator market research report, share, size, growth factors, key trends, and regional insights. The report covers critical market dynamics, including the surge in high-rise residential projects driven by the Smart Cities Mission, the adoption of energy-efficient regenerative drives, and the integration of IoT and AI for predictive maintenance.
Market At-A-Glance: Key Statistics (2025-2033):
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India Elevator and Escalator Market Overview
The India elevator and escalator market size reached USD 14.60 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 22.20 Billion by 2033, exhibiting a steady growth rate (CAGR) of 4.30% during 2025-2033.
The market is witnessing consistent growth, primarily driven by rapid urbanization and the vertical expansion of cities to accommodate a growing population. Government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) for affordable housing and the Smart Cities Mission are fueling the construction of high-rise residential and commercial complexes, directly boosting demand for elevators. The commercial sector is also rebounding, with office space absorption increasing significantly. Furthermore, there is a marked shift towards modernization of aging elevator stock in metros, replacing them with safer, energy-efficient models equipped with touchless controls and smart monitoring systems.
Top Emerging Trends in the India Elevator and Escalator Market:
Integration of Advanced Technologies: The industry is increasingly adopting IoT and AI-driven predictive maintenance to reduce downtime, enhance operational efficiency, and provide real-time monitoring of elevator systems.
Adoption of Touchless Controls: A significant shift towards hygiene and safety has led to the widespread implementation of mobile-based controls and voice-activated systems to minimize physical contact.
Focus on Energy Efficiency: Manufacturers are introducing regenerative drives that can lower energy consumption by up to 30%, aligning with sustainable urban development goals and green building standards.
Rise of Panoramic and Hybrid Designs: There is a growing trend for aesthetically pleasing solutions like hybrid hydraulic elevators with 360-degree panoramic views, catering to luxury residential and commercial segments.
Enhanced Safety Compliance: New installations are increasingly complying with updated safety standards (like IS 17900), incorporating features such as fail-safe redundancy, tamper-proof modules, and dual-channel safety controllers.
India Elevator and Escalator Market Growth Factors (Drivers)
Rapid Urbanization: The massive migration to urban centers is driving the construction of high-rise residential and commercial buildings, necessitating robust vertical transportation infrastructure to support growing populations.
Government Infrastructure Initiatives: Large-scale programs like the Smart Cities Mission and Pradhan Mantri Awas Yojana (PMAY) are stimulating construction activities, directly boosting the demand for elevators and escalators.
Expansion of Commercial Real Estate: The absorption of millions of square feet of office space across major cities is fueling the requirement for efficient elevators in newly constructed business parks.
Modernization of Public Transport: The continuous development and expansion of metro stations, airports, and railway networks are creating a sustained demand for heavy-duty escalators and moving walkways.
Demand for Affordable Housing: Government targets to construct millions of affordable houses are driving volume growth in the elevator market, ensuring essential mobility in mass housing projects.
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Market Segmentation
Analysis by Type:
Analysis by Service:
Analysis by End Use:
Regional Insights:
India Elevator and Escalator Market Recent Developments & News
BIS Introduces New Lift Safety Standards (IS 17900 Compliance by Dec 2025)
The Bureau of Indian Standards has mandated upgraded lift safety features such as automatic door locking and emergency communication systems.
These revisions align India’s lift codes with European safety norms, strengthening passenger protection.
Chennai Metro Awards ₹453.62 Crore Escalator Contract
Chennai Metro Rail Limited awarded a major contract to Fujitec India for heavy-duty escalators and travelators under Phase-2 expansion.
The project will improve accessibility and commuter movement across multiple new metro corridors.
India Becomes World’s Second-Largest Elevator & Escalator Market (Post-China)
As per India Brand Equity Foundation (IBEF), India ranked as the second-largest global market due to rapid urban vertical growth.
Expansion of high-rise housing and infrastructure is significantly boosting elevator demand nationwide.
Government Push via Metro & Urban Infrastructure Projects
Large-scale metro rail projects across cities are increasing demand for lifts, escalators, and moving walks at stations.
Government-backed urban mobility upgrades are creating sustained installation opportunities for OEMs.
Updated BIS Standards Extend to New Lift Categories (2024 Additions)
BIS has expanded IS 17900 series with additional parts covering new lift types such as dumbwaiters and goods transport lifts.
This supports modernization, safety enforcement, and standardization across the sector.
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