INDIA ELEVATORS MARKET Forecast 2027

Published: December 2020 Published: May 2021 Published: June 2021 PuPubblliishsheded:: AMparrichl 2021 2021 2015 – 2025 FY2017 – FY2027 INDIA ELEVATORS MARKET- FORECAST & OPPORTUNITIES wwwwww..ttechechscisciresearch.research.cocomm www.techsciresearch.com www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING MMAARRKKEET T IINNTETELLLLIIGGEENNCCEE .. CCOONNSSUULTLTIINNGG MARKET INTELLIGENCE . CONSULTING 1 MMAARRKKEET T IINNTETELLLLIIGGEENNCCEE .. CCOONNSSUULTLTIINNGG

Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Voice of Customer 4.1. Brand Awareness 4.2. Duration of Usage 4.3. Factors Influencing Purchase Decision 4.4. Customer Satisfaction 4.5. Elevator Challenges 4.6. Annual Maintenance Contract (AMC) Expectation 4.7. Annual Maintenance Contract (AMC) Challenges 5. Global Elevators Market Overview 6. India Elevators Market Landscape 7. India Elevators Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value 7.1.2. By Volume 7.1.3. By New Installation 7.1.4. By Maintenance Service 7.2. Market Share & Forecast 7.2.1. By Type of Carriage (Passenger, Freight & Others) 7.2.2. By Type of Machinery (Traction & Hydraulic) 7.2.3. By Type of Elevator Door (Automatic & Manual) 7.2.4. By Weight (Up to 350Kg, Up to 550Kg, Up to 750Kg, Up to 1150Kg & More than 1150Kg) 7.2.5. By End User (Residential, Commercial, Industrial & Government Institution), By Value 7.2.6. By End User (Residential, Commercial, Industrial & Government Institution), By Volume © TechSci Research 22

Table of Contents S. No. Contents 7.2.7. By Region 7.2.8. By Cities 7.2.9. By Company 7.3. Import-Export Analysis 7.4. Product Market Map 8. India Residential Elevators Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value 8.1.2. By Volume 8.2. Market Share & Forecast 8.2.1. By Type of Machinery 8.2.2. By Type of Elevator Door 8.2.3. By Weight 8.2.4. By Region 9. India Commercial Elevators Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value 9.1.2. By Volume 9.2. Market Share & Forecast 9.2.1. By Type of Machinery 9.2.2. By Type of Elevator Door 9.2.3. By Weight 9.2.4. By Region 10. India Industrial Elevators Market Outlook 10.1. Market Size & Forecast 10.1.1 By Value © TechSci Research 33

Table of Contents S. No. Contents 10.1.2. By Volume 10.2. Market Share & Forecast 10.2.1. By Type of Machinery 10.2.2. By Type of Elevator Door 10.2.3. By Weight 10.2.4. By Region 11. India Government Institution Elevators Market Outlook 11.1. Market Size & Forecast 11.1.1. By Value 11.1.2. By Volume 11.2. Market Share & Forecast 11.2.1. By Type of Machinery 11.2.2. By Type of Elevator Door 11.2.3. By Weight 11.2.4. By Region 12. India Escalators Market Outlook 12.1. Market Size & Forecast 12.1.1. By Value 12.1.2. By Volume 12.2. Market Share & Forecast 12.2.1. By End User, By Volume 12.2.2. By Region 12.3. Import-Export Analysis 13. India Elevators and Escalators Annual Maintenance Contract (AMC) Market Outlook 13.1. Market Size & Forecast © TechSci Research 44

Table of Contents S. No. Contents 13.1.1. By Value 13.2. Market Share & Forecast 13.2.1. By Region 13.3. Pricing Analysis 14. Market Dynamic 14.1. Impact Analysis 14.2. Drivers 14.3. Challenges 15. Market Trends & Developments 16. Policy & Regulatory Framework 17. Impact of COVID-19 on India Elevators & Escalators Market 18. India Economic Profile 19. Competitive Landscape 19.1. Competitive Benchmarking 19.2. Business Models & Strategies 19.3. Company Profile 19.3.1. KONE Elevator India Private Limited 19.3.2. Johnson Lifts India Private Limited 19.3.3. Schindler India Pvt. Ltd. 19.3.4. OTIS Elevator Company (India) Ltd. 19.3.5. ThyssenKrupp Elevator (India) Pvt. Ltd. 19.3.6. Mitsubishi Elevator India Pvt. Ltd. 19.3.7. Fujitec India Pvt. Ltd. 19.3.8. Escon Pvt Ltd. 19.3.9. Hitachi Lift India Pvt. Ltd. © TechSci Research 55

Table of Contents S. No. Contents 19.3.10. Blue Star Elevator Pvt. Ltd. 19.3.11. Express Lift Ltd. 19.3.12. Omega Elevators 19.3.13. Eros Elevators Pvt. Ltd. 19.3.14. Orbis Elevators Co Ltd. 19.3.15. Supreme Elevators & Company 20. Strategic Recommendations 21. About Us & Disclaimer © TechSci Research 66

Product Overview

Product Overview Scope of Interest: Elevators Elevator or a lift can be defined as a machine installed in buildings to carry, lift, transport or move people and goods from one floor to another. An elevator can be used in various types of settings such as residential complexes, commercial buildings, malls, hospitals, etc., for moving passengers or goods from one level to another. Elevators can also be used in factories and industrial plants to transfer goods, machinery and finished products between different floors. Market Segmentation BY TYPE OF MACHINERY BY TYPE OF CARRIAGE INDIA ELEVATORS MARKET • Traction • Passenger • Hydraulic • Freight Year Range BY WEIGHT • Others • Up to 350Kg BY TYPE OF ELEVATOR Review Period • Up to 550Kg DOOR FY2017 – FY2020 • Up to 750Kg • Automatic Base Year • Up to 1150Kg • Manual • More than 1150Kg FY2021 BY REGION Estimated Year BY END USER • North FY2022 • Residential • South Forecast Period • Commercial • East • Industrial • West FY2023 – FY2027 • Government Institution © TechSci Research 88

Product Overview Scope of Interest: Elevators Elevators Market Classification, By Type of Carriage Passenger Freight Elevators Others Elevators • Depending on the requirement, elevators can be classified into the following types: • Passenger Elevators: These are the most common and widely used elevators, primarily installed in hotels, housing complexes, office buildings, hospitals, malls and various other locations. • Freight Elevators: These elevators are installed and used in factories, industrial units, hospitals and hotels for carrying goods, machinery or finished products. • Others: Other elevator types include dumbwaiter, boat lifts in shipping yards and sidewalk elevators in industrial buildings for transporting goods. • Further, doors used in elevators can be categorized into two types: • Automatic Doors: Automatic doors are standard doors used in elevators. These kind of doors are powered by an electric door operator installed within the elevator car. • Manual Doors: Manual or normal doors are opened or closed manually. These doors can be opened vertically or horizontally. © TechSci Research 99

Research Methodology

Research Methodology Market Formulating Developing List of Data Data Data Profiling Questionnaire Respondents Collection Validation Analysis In-depth secondary In order to conduct List of industry TechSci conducted Data obtained as a The data was scrutinized research was conducted to players and industry interviews with result of primary using MS-Excel, statistical determine top players, industry experts’ industry experts and tools and internal overall market size and interviews, TechSci specialists was and secondary proprietary database to segmental market size in formulated a detailed developed. industry players for research was obtain qualitative and India elevators market. discussion guide. data collection and validated through quantitative insights about verification. rigorous India elevators market. triangulation. Primary Research Desk Research Company Analysis ✓ Identifying Key Opinion ✓ Recent Developments ✓ Market Participants Data Data Filter Research & Actionable Business Leaders ✓ Market Changing ✓ Key Strengths Collection & Analysis Intelligence Insights Solution ✓ Questionnaire Design Aspects/Dynamics ✓ In-depth Interviews ✓ Government Policies ✓ Conclusion Primary Research Secondary Research Paid Sources ✓ LinkedIn ✓ Company Websites ✓ Factiva ✓ TechSci Internal ✓ Company Annual ✓ Hoovers Database Reports ✓ White Paper Study ✓ Financial Reports ✓ Investor Presentations ✓ Regulatory Body © TechSci Research 1111

Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the India elevators market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors and speculated a robust growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the India elevators market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year FY2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. The team interviewed more than 20 companies, 50 industry experts and other value chain stakeholders in the India elevators market to obtain the overall market size during FY2017-FY2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for FY2017-FY2021. © TechSci Research 1212

Research Methodology Respondents were asked about the current and future market growth rates, as well as market shares by type of machinery, by weight, by end user, by type of carriage, by type of elevator door, by region, and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the component. Methodology Followed for Calculation of Market Shares: Market shares by type of machinery, by weight, by end user, by type of carriage, by type of elevator door, by region, and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading distribution transformers players. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating in the India elevators market. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results in SPSS/Tableau Software. © TechSci Research 1313

Research Methodology Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the India elevators market, TechSci Research used various forecast techniques such as: o Moving Average o Time Series Analysis o Regression Analysis o Econometric and Judgmental Analysis TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario. Partial List of Companies Kone Elevator India Pvt. Ltd., Johnson Lifts Pvt. Ltd., Schindler India Pvt. Ltd., OTIS Elevator Interviewed Company (India) Ltd., Thyssenkrupp Elevator (India) Pvt. Ltd., Fujitec India Pvt. Ltd., Blue Star Elevators (India) Ltd., among others Partial List of Secondary Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Sources Websites, TechSci Research Proprietary Database & Knowledge Repository, etc. st st *Note: (a) The data given for any year represents the market during the period i.e. 1 April of the previous year to 31 st st March of that year. eg: For 2022E, the data represents the period, 1 April 2021 to 31 March 2022. (b) Sum of some shares may not be 100% due to round off till two decimal places. © TechSci Research 1414

Industry Brief According to TechSci Research report, “India Elevators Market By Type of Carriage (Passenger, Freight and Others), By Type of Machinery (Traction and Hydraulic), By Type of Elevator Door (Automatic and Manual), By Weight (Up to 350 kg, Up to 550 kg, Up to 750kg, Up to 1150 kg, More than 1150 kg), By End User (Residential, Commercial, Industrial, Government Institution), By Region, Competition, Forecast & Opportunities, FY2027F”, India Elevators market was valued at USD1351.53 million in FY2021 and is projected to grow at a CAGR of 5.22% during the forecast period, which can be majorly attributed to the development in the transportation and infrastructure sector. The growth of the Elevators market can be attributed to the growing number of high-speed metro projects. Moreover, strategic focus of government in reviving the construction sector with projects such as Smart Cities Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) is further bolstering the growth of the India Elevators market. In terms of Type of Carriage, the India Elevators market is categorized into Passenger, Freight and Others. Among these, the Passenger category accounted for highest market share in the India Elevators Market in FY2021 and it is anticipated to remain as the dominating category throughout the forecast period as well. The growth of the category is majorly attributed to the fact that these elevators are specifically designed for passenger carrier andhaveadditional facilities including loudspeakers to play music or announcements, audio or visual advertising, or television displays. Based on the Type of Machinery the market can be segmented into Traction and Hydraulic. The market is dominated by the Traction sector and is expected to continue to do so in the forecast period as well, owing to the energy efficiency and comparatively faster speed of these elevator types over hydraulic types. Based on Type of Elevator Door the market can be split into Automatic and Manual. The Automatic sub segment is the dominating and is expected to lead the market in future as well due to their tough construction, longer functional life, regular performance corrosion resistance and suitability for installation in indoor and outdoor, offices, buildings, stores, and exhibition halls. Based on Weight holding capacity the market can be segmented into Up to 350 kg, Up to 550 kg, Up to 750 kg, Up to 1150 kg, More than 1150 kg. The Up to 750 segment is the fastest growing and is expected to drive the market because they are highly preferred in residential and commercial sectors. Based on End User the market can be apportioned into Residential, Commercial, Industrial and the Residential segment is expected to lead the market due to increasing construction of high- rise residential buildings. Based on Region the South region is the dominating region and is expected to remain dominant in the forecast period too, owing to the increasing investment in the construction sector and rising urbanization and infrastructure development. Also, South India has continued to maintain its momentum in real estate, strengthening and building itself as one of the most sought-after destinations in the country for homebuyers andNRIs,therebyindirectly contributing to the increased demand for elevators. KONEElevator India Private Limited, Johnson Lifts India Private Limited, Schindler India Pvt. Ltd., OTIS Elevator Company (India) Ltd., ThyssenKrupp Elevator (India) Pvt. Ltd., Mitsubishi Elevator India Pvt. Ltd., Fujitec India Pvt. Ltd., Escon Pvt Ltd., Hitachi Lift India Pvt. Ltd, Blue Star Elevator Pvt. Ltd. and others are some of the leading players operating in India Elevators market. The companies operating in the market are using organic strategies suchasproductlaunchesandinorganicstrategies such as mergers and collaborations to boost their share. “India Elevators market is anticipated to grow at a steady pace during the forecast period. However, the market witnessed a downfall in FY2021 due to the COVID-19 pandemic. However, the increasing government support, along with the growing construction sector, urbanization, increasing construction activities of high-rise residential buildings, and new commercial centers are anticipated to propel the demand for elevators across the country over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. © TechSci Research 1515

Sample Data - Snapshot India Elevators Market Size, By Value (USD Million), 2017-2027F CAGR 2017-2021 CAGR 2022E-2027F By Value: xx% By Value: xx% 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Value (USD Million) India Escalators Market Share, By End User, By Volume, 2017-2027F 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Commercial 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% Government Institution 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Residential 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% India Elevators Annual Maintenance Contract (AMC) Market Share, By Region, By Value, 2017-2027F 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F South 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% West 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% North 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% East 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% © TechSci Research 1616

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