India Elevators Market 2025-2030: Trends in Smart, Touchless Systems Rise

Market Outlook

The India Elevators Market was valued at USD 4.1 Billion in 2024 and is projected to reach USD 7.12 Billion by 2030, growing at a CAGR of 9.47% during the forecast period. Rapid urbanization and the burgeoning real estate sector, especially in metropolitan cities, are key factors driving demand for elevator systems across high-rise residential and commercial buildings. With rising disposable incomes and increasing urban migration, real estate developers are focusing on vertical expansion, consequently fueling the need for advanced elevator solutions that meet modern safety and automation standards.

Additionally, the Indian government’s focus on smart cities, infrastructure modernization, and urban housing development under schemes like PMAY (Pradhan Mantri Awas Yojana) is playing a pivotal role in boosting elevator installations. Demand is also rising from Tier II and Tier III cities, where vertical real estate development is gaining pace. This trend, coupled with technological advancements such as IoT-integrated elevators, energy-efficient systems, and touchless controls, is expected to keep the market momentum strong through 2030.

Market Driver Analysis

Real Estate Boom and Vertical Development

A primary driver for the India Elevators Market is the acceleration in real estate development, particularly in urban housing and commercial building segments. The Ministry of Housing and Urban Affairs reported that over 1.2 crore houses were sanctioned under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) as of 2023, with 8.5 crore completed by 2024, reflecting a strong governmental push for affordable housing and vertical development. This surge, targeting 2 crore homes by 2026, necessitates elevators in mid- and high-rise residential towers, especially in Tier 1 and Tier 2 cities. The commercial sector is equally robust, with India’s 650 operational malls in 2023, absorbing 60 million sq. ft. of retail space, projected to exceed 1,000 malls by 2030, per industry estimates. Additionally, the development of over 100 million sq. ft. of Grade-A office space in 2024, driven by IT parks in cities like Bengaluru and Hyderabad, fuels demand for high-capacity, high-speed elevators to support multi-story complexes.

Urbanization and Population Growth

India’s urban population, projected to surpass 600 million by 2031 (40% of the total population), is intensifying the need for residential towers and commercial complexes equipped with efficient vertical transportation. With urban land scarcity driving vertical expansion—evident in cities like Mumbai, where 70% of new residential projects in 2024 were high-rises—elevators are critical for accessibility and functionality. The National Infrastructure Pipeline (NIP), with USD 1.4 trillion allocated through 2025, includes metro rail networks (900 km operational across 20 cities in 2024) and airports, further increasing elevator installations in public infrastructure. For instance, projects like the Jewar International Airport, valued at USD 4 billion, incorporate advanced elevator systems for passenger and cargo mobility, reinforcing market growth.

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Infrastructure and Institutional Expansion

Modern elevators are increasingly integrated into hospitals, schools, airports, and metro stations as part of India’s broader infrastructural development. The healthcare sector, with over 50 new AIIMS-like facilities planned under the NIP, relies on elevators for patient mobility and operational efficiency, with hospital elevator demand growing at 10% annually. Educational institutions, such as 20 new IIMs and IITs established since 2020, and metro stations (e.g., Delhi Metro’s 250+ stations) require reliable, high-traffic elevator systems. These projects, coupled with the Smart Cities Mission’s 100+ urban projects, drive demand for elevators with features like IoT-enabled predictive maintenance, reducing downtime by 15%, according to industry standards.

Demand for Smart and Sustainable Elevators

The rise of premium apartments and smart buildings is generating demand for intelligent, energy-saving, and aesthetically appealing elevator solutions. In 2024, India’s luxury residential segment saw a 20% increase in projects, particularly in Delhi NCR and Mumbai, where smart elevators with touchless controls and energy-efficient regenerative drives are standard. These systems reduce energy consumption by up to 30%, aligning with the Indian Green Building Council’s (IGBC) sustainability goals. The integration of AI and IoT in elevators, enabling real-time diagnostics and remote monitoring, is gaining traction in smart cities like Pune and Ahmedabad, enhancing user experience and operational efficiency.

Regulatory Compliance and Safety Standards

Safety norms and compliance with the Bureau of Indian Standards (BIS), particularly IS 14665 for elevator design and safety, are pushing developers to adopt high-quality elevator systems. Post-2020 regulations mandating earthquake-resistant designs and accessibility features for differently-abled users have increased the adoption of advanced elevators, with 90% of new installations in 2024 meeting BIS standards. Additionally, stricter fire safety norms in high-rises, where 80% of urban fires occur, necessitate elevators with emergency evacuation features, further driving market growth. These regulatory pressures ensure that developers prioritize reliable, certified systems, boosting demand for branded elevator manufacturers.

Market Trends Analysis

Smart Technology Integration

One of the most significant trends reshaping the India Elevators Market is the integration of smart technologies, including the Internet of Things (IoT), artificial intelligence (AI), and machine learning. Elevators are evolving into connected systems that enable predictive maintenance, remote diagnostics, and energy optimization. Leading companies like KONE and Otis have deployed smart elevators with IoT sensors and cloud-based platforms, such as KONE’s 24/7 Connected Services and Otis’ ONE IoT solution, which reduce downtime by up to 20% through real-time fault detection, per industry estimates. In 2024, approximately 25% of new elevator installations in India’s Tier 1 cities incorporated IoT-enabled systems, particularly in commercial complexes and metro stations (e.g., Delhi Metro’s 250+ stations). These advancements align with India’s Smart Cities Mission, where 100+ projects demand intelligent infrastructure, driving adoption in cities like Pune and Ahmedabad.

Touchless and User-Centric Controls

Post-pandemic consumer demand for hygienic and contactless solutions has accelerated the adoption of touchless elevator controls. Voice-command systems and mobile app-based controls, such as Schindler’s PORT 4D and Otis’ eCall app, are gaining traction in commercial buildings and luxury residences. In 2024, 30% of new elevators in premium residential projects in Mumbai and Bengaluru featured touchless interfaces, reflecting a 15% year-on-year increase in adoption, driven by health-conscious urban consumers. These systems enhance accessibility, particularly for differently-abled users, and comply with Bureau of Indian Standards (BIS) accessibility guidelines (IS 15259). Additionally, gesture-based controls are emerging in high-end IT parks, with Hyderabad’s HITEC City reporting a 10% uptake in 2025, enhancing user convenience and safety.

Energy Efficiency and Green Solutions

A growing focus on energy efficiency is transforming elevator design, with developers prioritizing regenerative drives, LED cabin lighting, and auto power-off features to minimize power consumption. Industry data indicates that energy-efficient elevators reduce energy usage by 30–40% compared to conventional systems, contributing to the Indian Green Building Council’s (IGBC) sustainability goals. In 2024, 40% of new elevator installations in LEED-certified buildings, such as those in Delhi NCR’s commercial hubs, incorporated regenerative drives that recycle energy during descent. The push for net-zero buildings, aligned with India’s 2070 net-zero target, has led to a 12% annual increase in demand for eco-friendly elevators. For instance, Chennai’s smart city projects mandate energy-efficient systems, with 500 new elevators installed in 2024 featuring green technologies.

Machine-Room-Less (MRL) Elevators

The market is witnessing a growing preference for machine-room-less (MRL) elevators, which reduce space requirements and installation time by up to 25% compared to traditional systems. MRL elevators, offered by brands like Mitsubishi Electric and Thyssenkrupp, are ideal for mid-rise buildings (5–15 floors), which constitute 60% of new residential projects in Tier 2 cities like Nagpur and Coimbatore. In 2024, MRL elevators accounted for 35% of installations in India, up from 25% in 2022, driven by land scarcity and cost efficiency. These systems also lower construction costs by 10–15%, making them attractive for PMAY-U housing projects, with 8.5 crore homes completed by 2024 under the scheme. Their compact design supports India’s vertical urban expansion, particularly in densely populated cities.

Sustainable Materials and Eco-Friendly Practices

Sustainable materials and eco-friendly construction practices are increasingly adopted in elevator cabins and hoist mechanisms, reflecting India’s environmental priorities. Manufacturers are using recyclable aluminum, low-VOC (volatile organic compound) finishes, and bamboo-based cabin interiors to reduce environmental impact. In 2024, 20% of elevators in IGBC-rated projects incorporated sustainable materials, a 10% rise from 2023. Additionally, eco-friendly hoist systems with synthetic ropes, which reduce maintenance needs by 15%, are gaining popularity in high-rise projects like Mumbai’s 70% high-rise residential developments. These practices support India’s green building certifications and enhance elevator durability, aligning with urban infrastructure modernization.

Market Challenges Analysis

Despite robust growth prospects, the India Elevators Market faces several challenges. One of the foremost issues is the inconsistent implementation of elevator safety standards across various states, leading to variations in quality and performance. Moreover, unorganized and small local elevator manufacturers often compromise on safety and reliability, creating trust issues among end-users. High initial investment and maintenance costs of advanced elevators, especially smart and IoT-enabled systems, can deter adoption among mid-sized builders and cost-sensitive buyers.

Another challenge is the shortage of skilled technicians for timely and effective installation and maintenance services. Downtime due to delayed servicing can impact user satisfaction, especially in commercial spaces. Additionally, raw material price volatility—particularly steel and aluminum—can disrupt production costs and margins. The market also contends with longer project approval timelines and logistical challenges in retrofitting elevators into older buildings with structural constraints.

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Segmentations

India Elevators Market, By Type of Carriage:

Passenger
Freight
Others

India Elevators Market, By Type of Machinery:

Traction
Hydraulic

India Elevators Market, By Type of Elevator Door:

Automatic
Manual

India Elevators Market, By Type of Weight:

Up to 350Kg
Up to 550Kg
Up to 750Kg
Up to 1150Kg
More than 1150Kg

India Elevators Market, By Type of End User:

Residential
Commercial
Industrial
Government Institution

Regional Analysis

The India Elevators Market exhibits strong regional concentration, driven by urbanization, infrastructure investments, and real estate growth. Metropolitan cities and emerging Tier II and III urban centers collectively shape a diverse demand landscape, supported by the USD 1.4 trillion National Infrastructure Pipeline (NIP) through 2025 and the Smart Cities Mission.

Western India: Maharashtra’s Real Estate Dominance

Metropolitan cities such as Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad, and Pune collectively account for over 60% of elevator demand, driven by a high density of high-rise residential and commercial buildings. Maharashtra, the leading state in real estate transactions with 1.5 million property registrations in 2024, has a particularly high demand for elevator installations. Mumbai alone, with 70% of new residential projects in 2024 being high-rises, is projected to see over 1,200 new high-rise buildings by 2030, necessitating approximately 3,600 elevators (assuming three elevators per building, per industry norms). The Mumbai Metropolitan Region (MMR), including Navi Mumbai and Thane, absorbed 15 million sq. ft. of office space in 2024, further driving demand for high-speed and smart elevators. Pune’s 300+ IT parks and residential townships, with 10% annual elevator installation growth, reinforce Western India’s market leadership.

Southern India: IT Growth and Urban Expansion

The southern region, particularly Karnataka, Tamil Nadu, and Telangana, is witnessing significant elevator demand, spurred by robust IT sector growth and rapid urbanization. Bengaluru, a global IT hub, has over 9,000 apartment complexes under construction as of 2025, requiring an estimated 18,000 elevators (two per complex, per industry standards). The city’s commercial real estate, absorbing 12 million sq. ft. in 2024, and smart city projects like the Bengaluru Smart City Corridor drive elevator uptake. Hyderabad’s metro expansion (78 km operational in 2024) and 50+ new malls and Special Economic Zones (SEZs) in Telangana contribute to a 15% annual increase in elevator installations. Chennai’s 20% growth in high-rise residential projects and 15 smart city initiatives, backed by USD 2 billion in investments, further boost demand for machine-room-less (MRL) elevators, which account for 40% of southern installations due to space constraints.

Northern India: Infrastructure and Luxury Developments

Northern India, led by Delhi-NCR and surrounding cities like Noida and Gurugram, is a vital growth center, driven by skyscrapers, government buildings, and luxury condominiums. Delhi-NCR’s 400 km of expressways under the PM Gati Shakti initiative and 10 million homes targeted under PMAY-U by 2026 fuel elevator demand, with 90% of new installations meeting BIS safety standards (IS 14665). Noida and Gurugram, with 25 million sq. ft. of commercial space added in 2024, rely on smart elevators with IoT features, reducing downtime by 20%. The Jewar International Airport (USD 4 billion investment) and institutional projects like AIIMS campuses in Uttar Pradesh add 500+ elevators annually. The region’s 35% share of India’s high-rise projects in 2024 underscores its role in driving market growth.

Eastern India: Emerging Commercial Hub

Eastern states like West Bengal are gradually emerging as key contributors, particularly in the commercial segment. Kolkata’s urban redevelopment, including 10 million sq. ft. of new office space in 2024, and smart city projects in Bhubaneswar drive a 12% annual increase in elevator installations. West Bengal’s commercial real estate, supported by USD 5 billion in investments under the Make in India initiative, favors energy-efficient elevators, with 30% of 2024 installations featuring regenerative drives that cut energy use by 40%. However, Eastern India’s market, accounting for 10% of national demand, faces challenges like infrastructure bottlenecks and lower adoption of smart technologies, limiting growth compared to other regions.

Tier II and III Cities: Expanding Urban Frontiers

Tier II and III cities in states like Gujarat (e.g., Surat, Ahmedabad), Rajasthan (e.g., Jaipur), and Madhya Pradesh (e.g., Indore) are becoming elevator hotspots, driven by the government’s “Housing for All” initiative (PMAY-U, with 8.5 crore homes completed by 2024) and vertical development in smaller urban centers. These cities, with 3 million homes targeted by 2026, saw a 15% rise in elevator installations in 2024, particularly MRL elevators, which reduce installation costs by 10–15%. Surat’s textile hubs and Jaipur’s 20% growth in retail space (5 million sq. ft. in 2024) demand cost-effective, durable elevators. Urbanization, with 10 million annual migrants to these cities and 8% per capita income growth, supports a shift toward mid-rise buildings, increasing elevator penetration by 18% annually in these regions.

Primary Catalysts and Hindrances

The key catalysts driving the India Elevators Market include expanding urbanization, smart city projects, and rising high-rise construction. Government initiatives like the AMRUT and Smart Cities Mission are catalyzing the demand for elevators in residential and institutional spaces. Additionally, the trend towards premium housing and luxury apartments is prompting developers to incorporate advanced elevator technologies with better aesthetics, touchless control, and enhanced safety features.

Rapid growth in the commercial sector, especially IT parks, co-working spaces, and business complexes, further propels elevator installation. The push for infrastructure development, including airports, metros, and hospitals, also serves as a strong tailwind for the market.

On the flip side, the high upfront cost of smart elevators and maintenance challenges act as barriers, particularly for small-scale developers. Limited availability of skilled installation and maintenance personnel in semi-urban and rural areas hampers service efficiency. Moreover, fluctuations in raw material prices can increase operational costs for manufacturers. Regulatory ambiguity and uneven state-level policy enforcement also hinder market uniformity.

Key Players and Analysis