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Press Release

Feb, 09 2024

Elevators: Enabling Inclusion and Equal Access, Transforming Spaces for People with Disabilities

Elevators play a pivotal role in fostering accessibility and inclusion by effortlessly connecting elevators with multiple floors, fostering environments that ensure equal opportunities, both physically and socially, in public spaces and workplaces. Elevators empower individuals with mobility challenges by eliminating barriers posed by staircases, facilitating their seamless integration into various facets of society. The significance of elevators extends beyond mere vertical transportation it symbolizes a commitment to diversity, enabling everyone to participate actively in community life and contribute to the workforce, thereby promoting a more equitable and inclusive society.

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Data Bridge Market Research analyses the India Elevator Market which was USD 1,702.43 million in 2021, is expected to reach the value of USD 2,421.03 million by 2029, at a CAGR of 4.5% during the forecast period 2022-2029. The Indian government's smart cities mission, aimed at creating sustainable and technologically advanced urban centers, is a significant driver for the elevator market. The emphasis on advanced infrastructure within these smart cities underscores the pivotal role of modern elevators in enhancing vertical mobility and contributing to overall urban development.

Key Findings of the Study

India Elevator Market

Increasing changed demographics in India is expected to drive the market's growth rate

Changing demographics in India, marked by an increasing urban population, rising middle-class aspirations, and a shift towards high-rise living, serve as a significant driver for the elevator market. The growing trend of nuclear families, coupled with an aging population, amplifies the demand for residential complexes and commercial spaces equipped with elevators. As urbanization accelerates, the need for vertical mobility solutions becomes paramount, influencing developers and builders to integrate modern elevators to meet the evolving lifestyle expectations of the populace. This demographic shift underscores the crucial role elevators play in enhancing convenience, accessibility, and living standards, making them an indispensable component of contemporary urban infrastructure in India.

Report Scope and Market Segmentation

Report Metric


Forecast Period

2022 to 2029

Base Year


Historic Years

2020 (Customizable to 2014-2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product (Passenger Elevator, And Freight Elevator), Technology (Machine Room-Less (MRL)Traction, Hydraulic Elevator, Traction Elevator, And Pneumatic Elevator ), Deck (Single Deck, And Double Deck), Capacity (450KG-1150 KG, 1150-1500 KG, 1500-2000 KG, 2000-3000 KG, And Above 3000 KG), Destination Control (Smart, Conventional), Application (Commercial, Residential, Industrial, Institutional, And Medical)

Market Players Covered

FUJITEC CO., LTD.  (Japan), Hyundai Elevator Ltd.  (South Korea), Sigma Gearless Pvt. Ltd.  (India), TK Elevator (Germany), Mitsubishi Elevator India Pvt Ltd.  (India), Schindler (Switzerland), KONE Elevator India Private Limited (Finland), Hitachi, Ltd.  (Japan), OTIS  (U.S.), TOSHIBA CORPORATION  (Japan)

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Segment Analysis:

The India elevator market is segmented on the basis of product, technology, deck, application, destination control, and capacity.

  • On the basis of product, the India elevator market is segmented into passenger elevator, and freight elevator
  • On the basis of technology, the India elevator market is segmented into machine room-less (MRL) traction, hydraulic elevator, traction elevator, and pneumatic elevator
  • On the basis of deck, the India elevator market is segmented into a single deck and double deck
  • On the basis of capacity, the India elevator market is segmented into 450kg-1150 kg, 1150-1500 kg, 1500-2000 kg, 2000-3000 kg, and above 3000 kg.
  • On the basis of destination control, the India elevator market is segmented into smart and conventional
  • On the basis of application, the India elevator market is segmented into commercial, residential, industrial, institutional, and medical

Major Players

Data Bridge Market Research recognizes the following companies as the major India elevator market players in India elevator market are FUJITEC CO., LTD.  (Japan), Hyundai Elevator Ltd.  (South Korea), Sigma Gearless Pvt. Ltd.  (India), TK Elevator (Germany), Mitsubishi Elevator India Pvt Ltd.  (India), Schindler (Switzerland), KONE Elevator India Private Limited (Finland).

India Elevator Market

Market Developments

  • In November 2022, the elevator industry witnessed a significant development as 3Phase Elevator collaborated with Elevator Industries, a distinguished market leader based in Sacramento, CA. Elevator Industries is renowned for its comprehensive offerings, specializing in testing services, maintenance, and repair. This strategic union broadens the market presence of 3Phase Elevator and enhances its capabilities in delivering top-notch elevator services, further solidifying its position in the Sacramento region
  • In February 2022, Schindler achieved a milestone with the launch of the Schindler's Robotic Installation System for Elevators by breaking new ground in elevator technology. This groundbreaking system marked the world's first self-climbing, autonomous robotic solution designed for conducting installation work within elevator shafts. The inaugural deployment of this innovative technology took place in customer projects located in the Asia-Pacific region, showcasing Schindler's commitment to pushing the boundaries of efficiency and automation in the elevator industry
  • In October 2020, Hitachi Ltd made a groundbreaking contribution to the elevator market by launching an innovative product designed to address the challenges posed by the Covid-19 outbreak. Hitachi's response to the pandemic took the form of a state-of-the-art touchless lift system, which, in addition to adhering to safety regulations, offered a safer and more hygienic vertical transportation solution. This touchless lift is operated seamlessly through smartphones, exemplifying Hitachi's commitment to leveraging technology for the well-being of passengers and setting new standards for safety and convenience in the evolving landscape of the elevator industry
  • In August 2020, OTIS Elevator made a strategic move by acquiring Bay State Elevator, a well-established company with a strong operational presence in the Northeastern Area of the U.S. This acquisition bolstered OTIS's market position and facilitated the establishment of a robust footprint in the region, particularly in the installation and maintenance of elevators

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