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ELEVATORS & ESCALATORS
LEAD STORY

The elevator and escalator market share in India is expected to India. Different end-users are demanding customized elevators
increase by US$522.84 million from 2020 to 2025, and the market’s on the basis of their requirements. These customized elevators
growth momentum will accelerate at a CAGR of 9%. One of the can vary in terms of size, design, structure, and others. Moreover,
key factors driving growth in the elevator and escalator market in customers have the freedom to customize cabin walls, lightings,
India is the growing number of high-speed metro projects. Since floors, and others. For instance, hospital elevators are designed in
the past few years, India has been witnessing a rapid increase in a way that can easily be used for the transportation of a patient
investments both by government and private entities on large- from one floor to another. These elevators usually require large-
scale metro projects, especially in tier-1 and tier-2 cities, to provide capacity motors for speed and comfort.
an effective transport system to consumers. With a rapid rise in These highly efficient motors emit a very low level of movement
urbanization, more people have shifted to urban areas in search noise and are quiet. Hence, based on the requirement of the
of better livelihood and job opportunities; this has resulted in the end-users, there has been an increase in the demand for the
scarcity of efficient transport systems. The continuous growth in customization of elevators. Additionally, nowadays, with an
the construction of new metro stations has not only equipped increase in the household income of consumers, there is a rise
the economy with advanced infrastructure but also increased the in the demand for elevators as part of home décor. Consumers
demand for elevators and escalators. Real estate investments in are demanding elevators that are not only user-friendly but also
the vicinity of these metro rail stations will also create demand for visually appealing.
elevators and escalators in India. Indian elevator and escalator market is innovating by leveraging
In India, continuous construction of high-rise buildings and IoT, any sort of elevator solution may perform proactive, condition-
growing government expenditure on infrastructure development based analysis, and predictive maintenance. Smart elevators can
have spurred the wide installation of elevators & escalators. In the monitor performance, make real-time maintenance decisions,
country, the elevator segment has captured a major share in the provide updated status, and advance reporting, among
overall elevators & escalators market, where the majority of the other things, allowing us to remotely manage and monitor the
market installations are witnessed in areas such as residential, retail, elevator. Due to the government’s strategic focus on revving up
transportation, and hospitality sectors. According to 6Wresearch, in the construction sector with projects like Smart Cities Mission and
India, gearless & machine room-less type of technology elevator AMRUT, the elevator and escalator market in India is likely to rise
is growing at a faster rate than the geared type of elevator and is steadily in the next years.
expected to hold the major share in coming years. In the escalator Elevators have come a long way. The first building with an elevator
segment, moving stairs escalator has led the market, however was the Equitable Life Building in New York City, completed in 1870.
moving walkway sub-segment is gaining popularity with the Though it was only 40 meters high, it was the world’s tallest building
installation at airports, and shopping centers. for almost 15 years. Compare that with the record-shattering
The rising demand for customized elevators is another factor 828-meter Burj Khalifa in Dubai, it can be safely said that elevators
supporting the elevator and escalator market share growth in have made the impossible possible.

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