印度电梯和自动扶梯市场：由城市垂直增长驱动

India’s elevators and escalators sector has rapidly emerged as a keyplayer in the country’s urbanisation narrative. As of 2024, India hasbecome the world’s second-largest market (after China) in this sector. Thisascent mirrors India’s infrastructure boom. The country ranked 10thglobally in the Global Quality Infrastructure Index (GQII) 2021, underliningIndia’s commitment to expanding both its physical and digital assets. Ineffect, elevators and escalators have become “the connective tissue ofdense, efficient cities.” Modern high-rises, metros, airports and mallsincreasingly depend on these vertical transport systems to managesoaring footfalls and make tall buildings accessible. With urban population expected to rise to nearly 40.8% by 2030 andhundreds of millions of new apartment and office units under construction,elevators have become fundamental infrastructure. The pandemic-erashift to remote work briefly slowed office construction, but long-term trendsin urban density and commercial real estate are firmly upward. urbanisation,supported by risingdemand in both high-rise and mid-riseresidentialand commercial projects.Simultaneously,modernisation efforts,especiallyin developed regions withaging infrastructure, are fuelling a surgeinretrofit activities,contributingsignificantly to market expansion. GLOBAL LANDSCAPE Theglobal elevators and escalatorsmarket was valued at approximately Rs.13,99,773 crore (US$ 161.73 billion) in2024 and is expected to expand to aroundRs. 21,14,156 crore (US$ 244.27 billion)by2033.Growth is driven by rapid Emergingtrends in technology arereshapingthe industry's trajectory,featuringpredictive maintenance,internetof things(IoT)connectivity,energy-efficient systems and regenerativedrivescoming into existence.Thesetechnologiesensure smooth operationandsafety of the equipment whilesimultaneouslyconforming to currenttrendstoward reduction in energyconsumptionand carbon emissions,Emergingmarkets particularly acrossAsia-Pacific are expected to lead growthdueto intensifying infrastructureinvestmentand urbanisation,whilemature regions in North America andEurope grow steadily through renovationandsmart-building integration underthese new technological standards. about Rs. 1,25,457 crore (US$ 14.6 billion)that is projected to reach roughly Rs.1,90,764 crore (US$ 22.2 billion) by 2033ata compound annual growth rate(CAGR) of ~4.3%, as per IMARC. INDIA’S LANDSCAPE As of 2024, India has become the world’ssecond-largestmarket(after China)inthis segment, with a market valuation of Current scenario •India’s elevators market (2024)Indiaremains the world’s second- largest elevators market after China. InFY23, over 67,000 elevators and escalatorswereinstalled growing at~6–7%annually. Industry projects a 7–9% CAGRthrough 2030. •State-level growth: Gujarat & UttarPradesh (UP) •Low per capita penetration = highgrowth headroomIndia has just ~0.2 elevators per 1,000 Gujarat had 1.10 lakh elevators by2 02 3( u p f r o m 7 1 , 0 0 0 i n 2 0 1 8 ) ;Ahmedabad alone has 41,000+. Cities inUPsuch as Kanpur and Lucknow areseeingrapid mid-rise expansion withtwo–three elevators per building. people, compared to ~1.4 in China andfourto 20 in developed countries,indicatinghuge untapped demand asurbanisation accelerates. •Tier-2 and Tier-3 cities risingNearly 50% of new installations now •OEMresponse:localised,cost-effective solutions come from beyond metros. Cities such asIndore,Lucknow,Coimbatore andAhmedabadare witnessing a high-riseboomdriven by affordable housing,smart cities and rising incomes. Elevator makers are offering modular,a f f o r d a b l em o d e l s w i t h v o l t a g estabilisers,compact footprints andremotemonitoring to meet Tier-2developer needs. usage dashboards, emergency calling viasmartphone and even voice activation insome premium models. Developers, too,are demanding elevators that integratewith building management systems andgreencertifications.The industry hasrespondedby making such“smartelevator” features standard ratherthanoptional. •Railways&public infra driveusageAs of January 2024, Indian Railways equipped 597 stations with elevators orescalators, up from ~240 in 2014. Totalinstalls were 1,195 elevators and 1,144escalators since 2014. •Installed base surges across IndiaOver6,00,000 elevators are now operationalnationwide,increasinglyseen in homes, malls, public buildingsa ndw o r k pl a c e s m a k i n g v e r t i c a ltransport a daily norm for millions. Innovations •Touchless call panels and AI-driventrafficmanagement(where softwarelearns peak travel patterns) are becomingcommon in new projects. •Modernisation segment expandsAgeing elevators from the 2000s are beingreplaced.New models offer70–90% energy efficiency gains. Retrofitdemandis rising,especially in olderhigh-rises and government buildings. •Regenerativedrive systems,whichcapture and reuse energy when the cabdescends, are now a given in major high-rises. Thesechanges are significant