India smart elevators market is estimated to grow modestly at a CAGR of 14.8% during the forecast period. India is one of the key emerging economies in the Asia-Pacific region in the smart elevators market, owing to tremendous growth in the infrastructure and cohesive government policies. To accelerate buildings construction in the country, the Indian government has chosen to come up with a single-window clearance facility to allow speedy approval of construction projects. In the World Bank’s Logistics Performance Index (LPI) 2018, India was ranked 44th out of 167 countries in 2018. This, in turn, encourages the development of infrastructure activities coupled with the increasing urbanization in the country.
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Increasing urbanization in India is supporting to drive the demand for taller buildings in which many families can reside. This leads to the development of high-rise buildings and skyscrapers in the country. This will push the investment for the installation of smart elevators in these buildings to move people easily and quickly. The government schemes such as ‘Housing for All’ and ‘Smart Cities Mission’, will further drive the development of these buildings and thereby will likely drive the market growth in the country. Indian government FDI approvals for construction of townships, housing, built-up infrastructure, and other development projects are further strengthening the high-rise and luxury apartment projects in the country. For instance, as per the Council on Tall Buildings and Urban Habitat (CTBUH), there are over 42 architecturally topped out, under construction, and structurally topped out skyscraper projects undergoing in the country, which in turn, is offering significant scope for the installations of smart elevators in the country.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
India Smart Elevators Market by Type
- Passenger
- Freight
India Smart Elevators Market by Application
- Residential
- Commercial
- Industrial
- Others
Company Profiles
- Bosch Security Solutions GmbH
- Fujitec Co., Ltd.
- Hitachi Ltd.
- Honeywell International Inc.
- Hyundai Elevator Co. Ltd.
- Johnson Controls Inc.
- Kleemann Hellas SA
- KONE Corp.
- Mitsubishi Electric Corp.
- OTIS Elevator Corp. (A United Technologies Co.)
- Schindler Holding AG
- ThyssenKrupp Elevator AG
- Toshiba Elevators and Building Systems Corp.
The Report Covers
- Comprehensive research methodology of the India smart elevators market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the India smart elevators market.
- Insights about market determinants which are stimulating the India smart elevators market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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