India Elevator and Escalator Market to Hit US$ 23.77 Billion by...

India Elevator and Escalator Market Size & Forecast 2026–2034

India’s elevator and escalator market is set for steady expansion over the next decade. According to Renub Research, the market is projected to grow from US$ 15.82 billion in 2025 to US$ 23.77 billion by 2034, registering a CAGR of 4.63% between 2026 and 2034.

This growth is fueled by rapid urbanization, the rise of high-rise residential developments, expanding commercial infrastructure, metro rail and airport projects, and increasing demand for energy-efficient and smart mobility systems. As India’s cities grow vertically and infrastructure becomes more complex, vertical transportation systems are becoming indispensable.

Download Free Sample Report:https://www.renub.com/request-sample-page.php?gturl=india-elevator-escalator-market-p.php

India Elevator and Escalator Industry Overview

Elevators and escalators are critical vertical mobility systems designed to transport people and goods efficiently within buildings.

Elevators operate within enclosed shafts using traction or hydraulic systems, ideal for residential towers, office buildings, hospitals, and hotels.
Escalators are moving stairways designed for continuous passenger flow in malls, airports, metro stations, and commercial complexes.

As urban buildings grow taller and more complex, these systems are no longer optional amenities—they are essential infrastructure components that ensure safety, accessibility, convenience, and regulatory compliance.

India’s elevator and escalator industry benefits from:

Expanding high-rise residential construction
Growth in commercial real estate
Government-led smart city and infrastructure initiatives
Modernization of aging systems
Rising safety standards

Key Growth Drivers in the India Elevator and Escalator Market

1. Rapid Urbanization and High-Rise Construction

India is undergoing one of the fastest urban transformations globally. Cities such as Mumbai, Bengaluru, Delhi NCR, Hyderabad, and Pune are witnessing extensive vertical expansion due to limited land availability and rising population density.

High-rise residential towers, mixed-use complexes, and corporate campuses require reliable vertical mobility systems. Elevators have transitioned from luxury features to basic necessities in urban construction.

Escalators are increasingly integrated into:

Metro stations
Shopping malls
Transportation hubs
IT parks

Additionally, tier-2 and tier-3 cities are experiencing infrastructure upgrades, expanding the market beyond major metropolitan areas.

2. Infrastructure Development: Metro, Airports & Smart Cities

Large-scale infrastructure projects are central to market expansion.

India’s metro rail network is expanding across more than 20 cities, including Pune, Ahmedabad, Kanpur, Chennai, and Lucknow. Each new metro corridor requires hundreds of escalators and elevators for passenger movement and accessibility compliance.

Airport modernization programs and regional connectivity initiatives are generating additional demand. Under government programs such as the Smart Cities Mission, urban infrastructure is being redesigned with accessibility, automation, and safety in focus.

Public infrastructure projects—including hospitals, government buildings, educational institutions, and railway stations—are long-term drivers ensuring sustained installation demand.

3. Technology Adoption and Modernization Demand

Technological transformation is reshaping India’s elevator and escalator industry.

Modern systems now incorporate:

IoT-enabled monitoring
AI-based predictive maintenance
Destination control systems
Regenerative drives
Energy-efficient traction technologies

Building owners increasingly prioritize operational efficiency, safety, and sustainability. Green building certifications and environmental norms encourage adoption of eco-friendly systems.

Modernization of aging elevators in older residential societies and commercial buildings is also contributing significantly to revenue growth. Upgrading outdated units improves safety compliance while increasing energy savings.

Market Challenges

High Installation and Maintenance Costs

Elevator installation requires structural adjustments, shaft construction, safety compliance, and imported components. These factors significantly raise upfront costs.

Ongoing expenses include:

Periodic inspections
Spare parts replacement
Maintenance contracts
Skilled technician deployment

Smaller developers and housing societies often delay upgrades due to budget constraints, limiting penetration in certain segments.

Regulatory Compliance and Safety Issues

India’s elevator and escalator regulations vary across states, leading to fragmented compliance requirements.

Challenges include:

Different licensing norms
Periodic inspection requirements
Limited availability of certified technicians in smaller cities
Rapid urban construction sometimes compromising oversight

Although safety standards are improving, consistent enforcement remains critical for sustainable growth.

State-Level Market Insights

Maharashtra Elevator & Escalator Market

Maharashtra leads the market due to rapid urbanization in Mumbai, Pune, and Nagpur. Vertical redevelopment projects in Mumbai and metro expansions drive large-scale installations.

The state hosts strong operations of global and domestic manufacturers. Modernization of aging elevators in older residential buildings further supports recurring service revenues.

Tamil Nadu Elevator & Escalator Market

Tamil Nadu is both a consumption and manufacturing hub. Cities like Chennai and Coimbatore are witnessing strong residential and commercial development.

The state houses manufacturing facilities of major players such as KONE Elevator India Private Limited, strengthening its industrial ecosystem.

Metro rail expansion and IT park growth continue to support installation demand.

Karnataka Elevator & Escalator Market

Bengaluru’s booming IT sector and high-rise housing projects significantly influence Karnataka’s market.

Escalators are increasingly installed in metro corridors and commercial complexes. Technology-focused buyers prefer smart and energy-efficient elevator models.

Uttar Pradesh Elevator & Escalator Market

Cities like Noida, Ghaziabad, Lucknow, and Kanpur are driving growth through residential and commercial expansion.

Noida and Ghaziabad, being part of NCR, benefit from spillover demand from Delhi. Metro projects and smart city initiatives further stimulate escalator installations.

Recent Industry Developments

The market continues to evolve with innovation and investment:

March 2025: BRIO Elevators India launched the Brio BE360, a hybrid hydraulic panoramic elevator for luxury homes.
December 2024: KONE Elevator India Private Limited introduced next-generation SMART elevators compliant with updated IS 17900 safety standards.
February 2024: Hybon Elevators announced a ₹25 crore R&D expansion in Noida to double production capacity and integrate IoT-enabled solutions.
January 2024: ThyssenKrupp Elevator (India) Pvt. Ltd. (now operating as TK Elevator India) showcased a home elevator concept designed for luxury villas and multi-storey residences.

These developments highlight growing focus on safety, innovation, and residential customization.

Market Segmentation

By Product

Elevators
Escalators
Moving Walkways

By Type

Hydraulic
Traction
Machine Room-Less Traction
Others

By End Use

Residential
Commercial
Industrial

By Top States

Maharashtra
Tamil Nadu
Karnataka
Uttar Pradesh
Gujarat
West Bengal
Rajasthan
Telangana
Andhra Pradesh
Madhya Pradesh
Other States

Competitive Landscape

India’s elevator and escalator market features a mix of multinational giants and strong domestic manufacturers.

Key players include:

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.
Blue Star Elevator Pvt. Ltd.

Each company is evaluated across:

Business Overview
Key Persons
Recent Developments & Strategies
SWOT Analysis
Financial Insights

Competition is increasingly centered on smart systems, energy efficiency, service contracts, and long-term maintenance agreements.

Future Outlook: Steady, Infrastructure-Led Expansion

India’s elevator and escalator market is positioned for stable, infrastructure-driven growth through 2034.

Key future trends include:

Expansion in tier-2 and tier-3 cities
Smart IoT-integrated mobility systems
Predictive maintenance services
Increased residential elevator adoption
Sustainable and energy-efficient solutions

As urban skylines evolve and public infrastructure expands, vertical mobility solutions will remain central to India’s development strategy.

Final Thoughts

With Renub Research forecasting growth from US$ 15.82 billion in 2025 to US$ 23.77 billion by 2034 at a CAGR of 4.63%, India’s elevator and escalator market reflects steady, long-term opportunity.

Driven by rapid urbanization, infrastructure megaprojects, modernization demand, and smart technology integration, the industry is moving toward safer, greener, and more efficient vertical mobility systems.

While regulatory complexity and cost pressures present challenges, sustained infrastructure investment and urban expansion ensure that India’s elevator and escalator market will remain a vital and growing segment of the country’s construction and engineering ecosystem for years to come.