india elevators market to reach usd1838.90 million until fy2027

1MARKET INTELLIGENCE . CONSULTING

2015 – 2025

Published: December 2020

MARKET INTELLIGENCE . CONSULTING

www.techsciresearch.com

Published: March 2021



Published: April 2021



Published: May 2021


Published: June 2021



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



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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


8.1.1. By Value

8.1.2. By Volume


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


9.1.1. By Value

9.1.2. By Volume




9.2.3. By Weight

9.2.4. By Region

10. India Industrial Elevators Market Outlook


10.1.1 By Value



4

S. No. Contents

10.1.2. By Volume




10.2.3. By Weight

10.2.4. By Region

11. India Government Institution Elevators Market Outlook


11.1.1. By Value

11.1.2. By Volume




11.2.3. By Weight

11.2.4. By Region

12. India Escalators Market Outlook


12.1.1. By Value

12.1.2. By Volume


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




5

S. No. Contents

13.1.1. By Value


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

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


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


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



✓ 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

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

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

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.


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.


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%


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Report Name: INDIA ELEVATORS MARKET

FORECAST & OPPORTUNITIES

FY2017 – FY2027

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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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