India Elevator Market
India Elevator Market, By Type (Hydraulic & Pneumatic, Machine Room Traction (MR Traction), Machine Room Less Traction (MRL Traction), and others); By End-Use (Residential, Commercial, and Industrial), Trend Analysis, Competitive Market Share & Forecast, 2018-2026
- Published Date: April 2021
- Report ID: BWC20316
- Available Format: PDF
- Page: 140
Report Overview
India Elevator Market – Industry Trends & Forecast Report 2026
According to BlueWeave Consulting, the India elevator market was worth USD 269.9 million in 2020 and is expected to reach USD 330.7 million by 2026, progressing at a CAGR of 3.71% during the forecast period (2021-2026). The industry's major growth drivers are increasing urbanization, rising demand for high-rise buildings, and government initiatives such as 100 Smart Cities and AMRUT (Atal Mission for Rejuvenation and Urban Transformation) cities. During the forecast period, the government's emphasis on modernizing airports and railway stations is also expected to drive the elevators market in the country.
Source: BlueWeave Consulting
India
Elevator Overview:
An elevator is a type of lift designed
for carrying both freight and people in multi-level buildings. It is a
platform, either open or enclosed, used for lifting people or freight to upper
floors within a building. A lot of modern elevators use electric motors to
operate with the help of multiple cables and a counterweight. Elevators have
played a major role in defining the modern layout of many cities around the
globe as well as in India as it covers several hundred feet of distance in a span
of few seconds to minutes. Nowadays, elevators form a standard part of any tall
commercial, residential building, and industrial sector.
India
Elevator Forecast
and Trend
Growth
Drivers
Rapid
Urbanization in the Current Scenario
Urbanization is one of the
major factors boosting the growth of elevators in the Indian market. Also, the
Indian government's emphasis on the real estate sector is a major contributor
to urbanization, which in turn is boosting business growth. For instance, the
introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA),
coupled with the growing number of high-rise residential and commercial
buildings across the country is encouraging the need for elevators.
Furthermore, the
government’s initiatives to provide a better lifestyle to the people are also
responsible for favoring the market growth. For instance, the launch of Smart
Cities Mission and Pradhan Mantri Awas Yojana (Urban) for providing affordable
housing within the metro cities are anticipated to aid growth in the Indian elevators
and escalators market during the forecast period.
Opportunity
Implementation of Safety
Standards
Elevator designers are interested in resolving elevator
accidents and injuries in order to ensure that safety procedures are
followed during elevator construction. This may explain why new technologies,
such as the Internet of Things (IoT), are increasingly being used in elevator
manufacturing. For example, Mitsubishi Electric Corporation launched the M's
BRIDGE global remote-maintenance service in September 2019 via an IoT network
for continuous control, inspection, and data analysis of elevators. The main
features comprise faster and more convenient elevator repairs based on remote
failure detection and analysis coupled with remote inspection data for
efficient, high-quality maintenance. Such initiatives are likely to offer
business growth opportunities for the Indian elevator market shortly.
Another example is that of Schindler elevators, which
are designed to work in harmony with the architecture and software framework of
buildings. The products offered by this company comprises Schindler 2400,
Schindler 2500, Schindler 2600, Schindler 3100, Schindler 3300, Schindler 5500,
and Schindler 7000. Other companies in the race are Elite Elevators, Amplo
Elevators, and others.
Restraints
Adverse
Health Effects of Synthetic Elevators and Related Regulations
The overall cost of lifts varies as per their capacity and
sophistication. On average, the price of a manual lift starts from Rs 4 lakhs,
whereas the cost of an automatic elevator ranges from Rs 8 lakhs to Rs 25
lakhs. Furthermore, these elevators necessitate regular maintenance, which, if
neglected, can lead to unforeseeable accidents. According to media reports, the
estimated number of fatalities from elevator accidents in 2019 was 28.
This creates the need for lift maintenance, which can vary from Rs 25,000
and more, depending upon the type, use, and brand. Thus, the cost tagged with
the purchase, installation, and maintenance are responsible for slowing down
the demand for elevators in India during the next decade.
Impact of COVID-19 in the industry
The COVID-19 pandemic has wreaked havoc on
nearly every market, including the construction industry, thereby, stifling the
demand for elevators. The construction enterprises as well as the workers are
susceptible to the dramatic fall in economic activities resulting from the
pandemic. Furthermore, increased health risks associated with COVID-19 have
aggravated decent job shortages in this sector. However, because of its ability
to create jobs, the construction sector has a lot of potentials to help the
economy recover. This, in turn, supports the transformation of the sector
towards sustainability and digitalization. Furthermore, the government,
employers’ and workers’ organizations, along with other sectoral stakeholders
are positively responding to the COVID-19 pandemic with a variety of measures
aimed at assisting the construction industry.
Additionally, the nationwide lockdown imposed
by the government to tackle the pandemic deteriorated the supply chain of raw
materials. Furthermore, inadequate transportation, combined with a labor
shortage, was a major factor that hindered elevator manufacturing, thereby
delaying the order and installment of the elevators, besides hindering the
market growth.
India
Elevator Market: By Type
Based on the type of elevator, the India elevators market is divided into hydraulic and pneumatic, machine room traction (MR Traction), machine room-less traction (MRL Traction), and others. The machine room traction (MR Traction) segment accounted for the largest market share of 46.70% in 2020, around 38,264 elevators were sold; it is expected to register a CAGR of 1.99% during the forecast period. This growth can be attributed to increased industrialization, increasing metro projects, a growing number of corporate officers, housing buildings, and others. The speed of the geared MR traction elevators can go up to 500 ft. /min. They have an average initial cost of investment, maintenance cost, and average energy consumption which drives the market growth of MR traction segment type.
Source: BlueWeave
Consulting
Competitive landscape
Key Players
for the Elevator Market are Fujitec
Co. Ltd, Kone Corporation, Mitsubishi Electric Corporation, OTIS Elevator,
Schindler, Toshiba, Hyundai CO. Ltd, Thyssenkrupp, Otis Elevator, Express Lifts
LTD, and other prominent players. The India elevator market's high growth
potential has drawn a slew of new entrants, creating a lucrative opportunity. New
entrants have resulted in healthier rivalry among long-standing market players.
In the present scenario, the growing construction sector in India is one of the
key factors driving the growth of the market players.
Recent Developments
·
In August 2020, Mitsubishi Electric
unveiled the MELFA ASSISTA series of collaborative robots in India. MELFA ASSISTA can collaborate with human beings while providing
greater protection, such as collision detection. It complies strictly with the
international safety and robotic standards ISO 10218-1 and ISO/TS15066. After a
strong global launch, the collaborative robots are poised to represent the
Indian market and lead the way in manufacturing. Mitsubishi Electric Factory
Automation & Industrial Division, based in Pune, is looking forward to
providing its customers with increased efficiency, faster automation,
reliability, and safety.
·
In July 2019, Schindler India
launched a new brand campaign “We Elevate”. Schindler India, the first
multinational corporation to have an elevator and escalator manufacturing plant
in India, as well as a corporate R&D center and Schindler University at its
Chakan facility in Pune, has established a new vision that the company aspires
to achieve after 20 years of providing top-of-the-line Urban Mobility
solutions.
Scope of the Report
Attribute |
Details |
Years Considered |
Historical data – 2018-2020 Base Year – 2021 Forecast – 2021 – 2026 |
Facts Covered |
Revenue in USD Million Volume in Units (New Installation) |
Market Coverage |
India |
Product/Service Segmentation |
By type, end-use |
Key Players |
Key players for the India Elevator market are Fujitec
Co. Ltd, Kone Corporation, Mitsubishi Electric Corporation, OTIS Elevator, Schindler,
Toshiba, Hyundai CO. Ltd, Thyssenkrupp, Otis Elevator, Express Lifts LTD, and
other prominent players. |
Scope
of the Report
By
Type
Ø Hydraulic & Pneumatic
Ø Machine Room Traction (MR Traction)
Ø Machine Room-less Traction (MRL Traction)
Ø Others
By End-Use
Ø Residential
Ø Commercial
Ø Industrial
FAQs
1. What is the current
size of the India elevator market?
Answer: The India elevator market has reached USD 269.9 million in 2020.
2. What are the major
factors driving the growth of India elevator market?
Answer: The major factors driving the growth of India elevator
market rapid urbanization in the current scenario and the implementation of
advanced technology in the E&E sector.
3. Who are the key
players in the India elevator market?
Answer: The key players in the India Elevator market are Fujitec
Co. Ltd, Kone Corporation, Mitsubishi Electric Corporation, OTIS Elevator,
Schindler, Toshiba, Hyundai CO. Ltd, Thyssenkrupp, Otis Elevator, Express Lifts
LTD, and other prominent players.
4.
Which type accounted for the largest share in the India elevator
market?
Answer: Machine room traction (MR Traction) by type
accounted for the largest share in the India elevator market.
5. Which end-user
segment accounted for the largest share in India elevator market?
Answer: The Residential sector is growing at a higher
rate in the India elevator market.
1. Executive Summary
1.1 Market Attractive Analysis
1.1.1 India Elevators Market, by Type: 2018 VS 2020 VS 2026
1.1.2 India Elevators Market, by End-Use: 2018 VS 2020 VS 2026
2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Market Estimate and Forecast by Type
2.2.2 Market Estimate and Forecast by End-Use
2.3 Assumption
2.4 Limitations
2.5 Market Structure
3. Research Methodology
3.1 Data Residential
3.2 Secondary Research
3.3 Primary Research
3.3.1 Primary Interviews and Information Gathering Process
3.3.2 Breakdown of Primary Respondents
3.4 Research Methodology for Market Size Estimation
3.4.1 Bottom-Up Approach
3.4.2 Top-Down Approach
3.5 Data Triangulation
3.6 Validation
4. Market Dynamics
4.1 Driver
4.1.1 Rapid urbanization in the current scenario
4.1.2 Implementation of advanced technology in the E&E sector
4.1.3 Robust demand for energy-efficient elevators
4.2 Market Restraints
4.2.1 High cost associated with the lifts
4.2.2 Lack of skilled manpower
4.3 Opportunities
4.3.1 Implementation of safety standards
4.4 Trends
4.4.1 The rising demand for customized products
5. Market Factor Analysis
5.1 Value Chain Analysis/Supply Chain Analysis
5.1.1 Raw Material Suppliers
5.1.2 Manufacturers
5.1.3 Distribution & Sales Channel
5.1.4 End-use 30
5.2 Porter’s Five Forces
Analysis
5.2.1.1 Bargaining Power of Buyers
5.2.1.2 Bargaining Power of Suppliers
5.2.1.3 Intensity of Rivalry
5.2.1.4 Threat of New Entrants
5.2.1.5 Threat of Substitutes
5.3 Impact Analysis of
COVID-19
5.3.1 Covid-19 impact on the Construction industry
5.3.1.1 Economic Impact
5.3.2 Impact on Elevators Market
5.3.2.1 Impact on supply chain
5.3.2.1.1 Pricing impact, price variation of key
raw material and Cashflow Constraints
5.3.2.1.2 Impact on import/export and market demand
6. India Elevator Market Overview
7. India Elevators Market, by Type (value and
volume)
7.1 Introduction
7.1.1 Hydraulic Elevators
7.1.2 Machine Room Traction (MR Traction)
7.1.3 Machine Room Less Traction (MRL Traction)
8. India Elevators Market, by End-Use (value
and volume)
8.1 Introduction
8.1.1 Residential
8.1.2 Commercial
8.1.3 Industrial
9. India Car Stack Parking Market
9.1 Overview
9.1.1 India Car Stack Parking Market Size & Forecast, by Application
10. Competitive Landscape
10.1 Introduction
10.2 Key Players Market Share Analysis, 2020 (%)
10.3 Competitor Dashboard – news
10.4 Major Growth Strategy in the Market
10.5 Key Developments & Growth Strategies
11. Company Profile
11.1 FUJITEC CO., LTD.
11.1.1 Company Overview
11.1.2 Financial Overview
11.1.3 Products/Services Offered
11.1.4 Key Developments
11.1.5 SWOT Analysis
11.2 SCHINDLER
11.2.1 Company Overview
11.2.2 Financial Overview
11.2.3 Products/Services Offered
11.2.4 Key Developments
11.2.5 SWOT Analysis
11.3 KONE CORPORATION
11.3.1 Company Overview
11.3.2 Financial Overview
11.3.3 Products/Services Offered
11.3.4 Key Developments
11.3.5 SWOT Analysis
11.4 MITSUBISHI ELECTRIC CORPORATION
11.4.1 Company Overview
11.4.2 Financial Overview
11.4.3 Products/Services Offered
11.4.4 Key Developments
11.4.5 SWOT Analysis
11.5 HITACHI LTD.,
11.5.1 Company Overview
1 1.5.2 Financial Overview
11.5.3 Products/Services Offered
11.5.4 Key Developments
11.5.5 SWOT Analysis 80
11.6 TOSHIBA CORPORATION
11.6.1 Company Overview
11.6.2 Financial Overview
11.6.3 Products/Services Offered
11.6.4 Key Developments
11.6.5 SWOT Analysis
11.7 HYUNDAI ELEVATOR CO., LTD.,
11.7.1 Company Overview
11.7.2 Financial Overview
11.7.3 Products/Services Offered
11.7.4 Key Developments
11.7.5 SWOT Analysis
11.8 THYSSENKRUPP
11.8.1 Company Overview
11.8.2 Financial Overview
11.8.3 Products/Services Offered
11.8.4 Key Developments
11.8.5 SWOT Analysis
11.9 OTIS
11.9.1 Company Overview
11.9.2 Financial Overview
11.9.3 Products/Services Offered
11.9.4 Key Developments
11.9.5 SWOT Analysis
11.10 EXPRESS LIFTS LTD.,
11.10.1 Company Overview
11.10.2 Products/Services Offered
11.10.3 SWOT Analysis
11.11 ESCON ELEVATOR PRIVATE LTD.
11.11.1 Company Overview
11.11.2 Products/Services Offered
11.11.3 SWOT Analysis
11.12 JOHNSON LIFTS LTD.
11.12.1 Company Overview
11.12.2 Products/Services Offered
11.12.3 Key Developments
11.12.4 SWOT Analysis
Market Segmentation
Scope
of the Report
By
Type
Ø Hydraulic & Pneumatic
Ø Machine Room Traction (MR Traction)
Ø Machine Room-less Traction (MRL Traction)
Ø Others
By End-Use
Ø Residential
Ø Commercial
Ø Industrial
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