Elevator Market Share in India | Industry Landscape, Segment Leaders & Forecast 2025

Q: What is the expected CAGR of the India elevator market?

The India elevator market is projected to grow at a CAGR of 7.2% over the forecast period.

Q: What is India's share in global elevator consumption?

India contributes approximately 9% to the global elevator consumption.

Q: What sectors are driving demand for elevators in India?

Residential, commercial real estate, metro projects, and smart city developments are major demand drivers.

Q: Are smart and energy-efficient elevators gaining popularity in India?

Yes, there is increasing adoption of smart, IoT-enabled, and energy-efficient elevator systems across urban areas.

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Code: MTA4414

Publication Date: Jun 2025

What is the share & growth rate of India Elevator market?

According to 6Wresearch internal database and industry insights, the India elevator market is predicted to expand at a compound annual growth rate CAGR of 7.2% during the forecast period 2025–2031.

Due to its rapid urbanization, increasing high-rise construction, and government initiatives promoting smart cities, the country accounts for over 9% of the elevator market share.

The rise in residential and commercial real estate projects, along with infrastructure development in metro and Tier-II/III cities, is fuelling demand for vertical transportation.

Key Growth Factors of the India Elevator market

Government infrastructure and smart city projects
Rapid urbanization and vertical growth in cities
Growth in metro rail and airport infrastructure
Increase in high-rise and luxury buildings
Rising demand from the residential and commercial sectors
Aging population and accessibility needs
Improved safety regulations and standards
Focus on energy-efficient and smart elevator systems

India Elevator market Trends

The elevator market in India is transitioning towards smart and connected systems that proffer solutions such as real-time monitoring, predictive maintenance, and energy saving. Demand is increasing for machine-room-less elevators, gearless traction, and touchless control. Builders and developers are incorporating elevators with advanced aesthetics and digital interfaces for user experience enhancement. Retrofitting and modernization of old elevators in aging buildings is also gaining significant momentum.

Emerging Developments in the India Elevator market

These days, firms are putting money into AI-based maintenance platforms, IoT-based elevator technologies, and regenerative drives for performance and sustainability factors. A great push is toward promoting locally made components under the "Make in India" initiatives. Also, elevator systems are being customized to suit the requirements of low- and mid-rise buildings in non-metro towns. Safety, accessibility, and environment-friendly features form the focal points upon which innovation and adoption are happening.