India Elevator and Escalator Market Size, Share, Trends and Forecast by Type, Service, End Use, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A31328

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India Elevator and Escalator Market Size and Share:

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 growth rate (CAGR) of 4.30% during 2025-2033. The increasing high-rise construction, government initiatives like Smart Cities and affordable housing projects, rising demand in metro stations, airports, and commercial spaces, and technological advancements in energy-efficient and IoT-enabled elevators are contributing to the market growth.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 14.60 Billion
Market Forecast in 2033	USD 22.20 Billion
Market Growth Rate 2025-2033	4.30%

India Elevator and Escalator Market Trends:

Rapid Urbanization and Increased High-Rise Constructions

India's rapid urbanization is driving demand for elevators and escalators, fueled by a surge in high-rise residential and commercial buildings. The United Nations projects that by 2030, 40.76% of India's population will live in urban areas, up from 34.93% in 2020, necessitating vertical infrastructure expansion. Government programs such as the Smart Cities Mission and Pradhan Mantri Awas Yojana (PMAY) are driving rapid urban growth and infrastructure development. The Smart Cities Mission aims to build 100 smart cities, while PMAY targets 20 million affordable houses by 2022, both of which contribute to increased demand for vertical transportation solutions. The Smart Cities initiative has particularly spurred investment in urban mobility and housing, directly boosting the elevator and escalator market. Additionally, India's commercial real estate sector is expanding, with office space absorption reaching 42 million square feet in 2022, reflecting strong demand for elevators in newly constructed office buildings. As urbanization continues, coupled with large-scale infrastructure projects, the elevator and escalator market is poised for significant growth.

India Elevator and Escalator Market Size

Integration of Advanced Technologies

By March 2023, Gujarat had approximately 1.10 lakh elevators, with 11,000 added in the 2022-2023 period. Ahmedabad led the state with 41,000 lifts, reflecting the fast growth of India's elevator and escalator industry. The sector is increasingly integrating advanced technologies to improve efficiency, safety, and user experience. IoT and AI-driven predictive maintenance are helping to reduce downtime and operational costs. Energy efficiency is another priority, with manufacturers introducing regenerative drives that lower energy consumption by up to 30%. Since elevators and escalators contribute 2-5% of a building’s total energy use, these innovations support sustainable urban development. Touchless technologies have also gained traction. Mobile-based elevator controls and voice-activated systems are improving user safety and convenience by minimizing physical contact. A survey revealed that 75% of respondents prefer buildings with touchless elevator controls, underscoring a shift in consumer preferences. With these advancements, India's elevator and escalator market is set to grow, driven by urban expansion, government initiatives, and increasing demand for smart, sustainable, and user-friendly infrastructure solutions.

India Elevator and Escalator Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on type, service and end use.

Type Insights:

Elevators
Escalators
Moving Walkways

The report has provided a detailed breakup and analysis of the market based on the type. This includes elevators, escalators, and moving walkways.

Service Insights:

New Installation
Maintenance and Repair
Modernization

A detailed breakup and analysis of the market based on the service have also been provided in the report. This includes new installation, maintenance and repair, and modernization.

End Use Insights:

Residential
Commercial
- Offices
- Hospitality
- Mixed Block
- Others

The report has provided a detailed breakup and analysis of the market based on the end use. This includes residential and commercial (offices, hospitality, mixed block, and others).

Regional Insights:

North India
South India
East India
West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Elevator and Escalator Market News:

March 2025: India's BRIO Elevators revealed the Brio BE360, the country's first hybrid hydraulic elevator with a 360° panoramic view. The hydraulic lift, which utilizes hybrid hydraulic technology, provides smooth and silent rides, a space-saving design, and a 360° panoramic view. It is perfect for residential areas such as duplexes, villas, and penthouses that require both space efficiency and beauty.
December 2024: KONE India unveiled its new line of SMART elevators at the International Sourcing Exposition for Elevators (ISEE 2024) in Mumbai. These elevators comply with the updated IS 17900 safety standards and incorporate cutting-edge features such as Programmable Electronic System in Safety-Related Applications for Lifts (PESSRAL) technology, tamper-proof safety modules, fail-safe redundancy, high-strength door systems, dual-channel safety controllers, and light curtains.
February 2024: Hybon Elevators and Escalators announced a Rs 25 crore investment in R&D at its Noida manufacturing facility. The investment seeks to raise the company's yearly output from 900 to 1800 units while also improving the quality and standards of Hybon's technology. Hybon Elevators is devoted to developing revolutionary lift solutions like IoT, Remote Monitoring Systems, and pitless lifts, with the goal of elevating experiences and transforming lives.
January 2024: TK Elevator introduced a home elevator idea for multi-story mansions and villas to address the need for luxury living space. The elevator can go six floors or 18 meters, has a weight bearing capability of 320-400 kgs, and is supplied by a conventional domestic single-phase power supply. Its automated rescue feature directs people to the nearest floor in the event of a power loss.

India Elevator and Escalator Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Service End Use Region
Types Covered	Elevators, Escalators, Moving Walkways
Services Covered	New Installation, Maintenance and Repair, Modernization
End Uses Covered	Residential Commercial: Offices, Hospitality, Mixed Block, Others
Regions Covered	North India, South India, East India, West India
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the India elevator and escalator market performed so far and how will it perform in the coming years?
What is the breakup of the India elevator and escalator market on the basis of type?
What is the breakup of the India elevator and escalator market on the basis of service?
What is the breakup of the India elevator and escalator market on the basis of end use?
What are the various stages in the value chain of the India elevator and escalator market?
What are the key driving factors and challenges in the India elevator and escalator market?
What is the structure of the India elevator and escalator market and who are the key players?
What is the degree of competition in the India elevator and escalator market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India elevator and escalator market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the India elevator and escalator market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India elevator and escalator industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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India Elevator and Escalator Market