India’s elevators and escalators market is set to witness unprecedented growth, underpinned by urbanisation, infrastructure expansion, commercial and residential construction, and increasing demand for modern, digital and sustainable vertical mobility solutions, writes Ravikrishnan S.
“The Indian elevators and
escalators market in 2025–26 is expanding both in scale and sophistication. For
TK Elevator, this represents a significant opportunity to combine global
innovation expertise with locally relevant solutions that support India’s
journey toward smarter, safer and more sustainable cities.”
-
Ravikrishnan
S.
CEO,
TK Elevator India.
India’s elevators and
escalators market continues to be one of the fastest-growing and most dynamic
segments of the built environment, driven by rapid urbanisation, rising
high-rise construction, expanding infrastructure and increasing demand for
smarter vertical transport. According to a recent industry report by IMARC
Group, the combined Indian elevator and escalator market was valued at
approximately USD 14.6-billion in 2024 and is expected to grow steadily through
2025–26, supported by sustained construction activity and the increasing
adoption of digital and connected technologies.
Near-term forecasts suggest
the market could expand at an annual growth rate of around 6.0 per cent, driven
by rising new installations and growing modernisation demand across
residential, commercial and public infrastructure segments. Market growth is
underpinned by several structural drivers: rapid vertical real estate
development across Tier-1, Tier-2 and Tier-3 cities; large-scale infrastructure
programmes, such as metro rail networks, airports, and transit hubs; and,
government initiatives like Smart Cities and affordable housing that are
accelerating demand for reliable vertical mobility systems.
India still has relatively
low elevator penetration compared with many developed economies, indicating
significant headroom for future growth as urban density increases.
From a technology
standpoint, the industry is clearly shifting from a volume-driven model to a
value-driven ecosystem. Developers and building owners are increasingly
prioritising reliability, uptime, lifecycle performance, safety, and
sustainability alongside initial costs — driving stronger adoption of
IoT-enabled systems, predictive maintenance platforms, intelligent traffic
management, and energy-efficient designs.
Solutions, like TK
Elevator’s MAX platform, directly address this shift by enabling
condition-based maintenance that reduces unplanned downtime and enhances user
experience.
Sustainability and
compliance are also central to decision-making in 2025–26. Energy-efficient
drive systems, regenerative technologies and smart controls are increasingly
expected as standard, aligned with green building norms and long-term operating
cost optimisation. In parallel, improved safety standards and accessibility
expectations are shaping regulatory frameworks and customer priorities.
Overall, the Indian
elevators and escalators market in 2025–26 is expanding both in scale and
sophistication. For TK Elevator, this represents a significant opportunity to
combine global innovation expertise with locally relevant solutions that
support India’s journey toward smarter, safer and more sustainable cities.
Product
portfolio
TK
Elevator’s product portfolio is built around modularity, performance, and
adaptability, enabling us to serve a wide spectrum of Indian building
requirements — from residential and commercial developments to high-traffic
public infrastructure. Our elevator range includes solutions optimised for low-
and mid-rise buildings, as well as advanced systems designed for high-rise and
mixed-use projects where space efficiency, ride comfort, and reliability are
critical.
In the escalator and moving
walk segment, we offer heavy-duty solutions engineered for continuous operation
in demanding environments, such as metro stations, airports, malls, and
transport hubs.
A key strength of TK
Elevator in India is our strong ‘Make in India’ focus. A significant part of
our product portfolio is locally manufactured and engineered to meet Indian
operating conditions, usage patterns, and regulatory requirements.
Our India-specific product
lines are designed to deliver the right balance of performance, durability, and
cost efficiency, while maintaining global TK Elevator quality and safety
standards. Localisation also enables faster project execution, better
supply-chain resilience and responsive service support across the country.
From a technology
perspective, TK Elevator continues to deliver game-changing innovations that go
beyond conventional hardware. Our MAX digital solutions platform is a
cornerstone of this strategy, transforming maintenance into a predictive,
condition-based model using real-time data and advanced analytics. This
significantly improves equipment availability, enhances safety, and reduces
unplanned downtime — critical benefits for Indian buildings with high passenger
intensity.
We have also introduced
intelligent traffic and destination management solutions that optimise
passenger flow and reduce waiting times, especially in high-density commercial
and mixed-use developments. Complementing this are modern car designs,
intuitive interfaces, and touchless operating features that enhance passenger
comfort, hygiene, and accessibility.
Overall, TK Elevator’s
portfolio in India reflects a strong combination of local manufacturing,
application-driven product design, and digital innovation — supporting the
country’s urban growth while aligning with national initiatives, such as Make
in India, and the push toward smarter, more sustainable cities.
Digitalisation,
automation, and predictive technologies
At TK Elevator,
digitalisation, automation and predictive technologies are deeply embedded into
how we design, operate, and maintain our products, with a clear focus on improving
productivity, safety, lifecycle value, and overall machine performance for
customers. Our strategy is centred on transforming elevators and escalators
from standalone assets into intelligent, connected systems.
Predictive intelligence
plays a critical role through our MAX digital solutions platform, which uses
real-time operational data, cloud connectivity, and advanced analytics to
continuously monitor equipment health. By detecting early signs of wear,
anomalies, or performance degradation, MAX enables proactive and
condition-based maintenance, significantly reducing unplanned downtime and
improving system reliability and safety.
When fully deployed,
automation and data-driven insights can enhance productivity across service
operations. Technicians receive precise diagnostics and recommendations before
arriving on site, enabling faster resolution, fewer repeat visits and more
efficient use of resources. In certain scenarios, issues can be resolved
remotely, further improving response times and minimising service disruptions
for building occupants.
From a lifecycle
perspective, predictive maintenance optimises maintenance intervals, extends
component life, and lowers total cost of ownership. Continuous performance data
also supports informed decision-making around modernisation and upgrades,
helping customers maximise long-term asset value.
In parallel, intelligent
control systems and digital traffic management technologies improve ride
comfort, passenger flow, and energy efficiency, particularly in high-usage
buildings. Centralised dashboards and performance analytics provide building
owners and facility managers with greater transparency and control across their
vertical mobility assets.
By integrating
digitalisation, automation, and predictive technologies across the entire value
chain, TK Elevator offers its customers the opportunity to shift from a
reactive service model to a proactive, intelligence-led approach — delivering
safer operations, higher productivity, and sustained performance throughout the
equipment lifecycle.
Customer
centric initiatives
Customer centricity at TK
Elevator is not a single initiative, but a structured approach that influences
how we design products, deliver services, and engage with customers throughout
the equipment lifecycle. Our focus is on understanding customer needs and
delivering measurable value rather than reacting to issues after they arise.
One of our key
customer-focused initiatives is the shift toward proactive and transparent
service models. Through digital connectivity and data-driven insights,
customers gain greater visibility into equipment performance, maintenance
activities, and service outcomes, enabling informed decision-making and higher
confidence in system reliability.
We have also invested
significantly in localised solutions and support. By combining Make in India
manufacturing with strong regional service networks, we ensure faster response
times, consistent quality, and products that are aligned with Indian usage
patterns, site conditions, and regulatory requirements. This localisation helps
customers achieve better lifecycle value while reducing operational
disruptions.
Safety and reliability
remain at the core of our customer promise. From rigorous quality standards and
compliance-driven engineering to ongoing training of technicians, we ensure
that customer trust is reinforced at every touchpoint.
By combining proactive
service, localised execution, transparency, and continuous engagement, TK
Elevator stays ahead of competition — delivering not just products, but
long-term partnerships built on performance, reliability, and customer
confidence.
Aftermarket
support, customer service
Ensuring high uptime and
reliable performance across diverse and demanding operating conditions is a
core priority for TK Elevator, and it is driven by a combination of robust
service infrastructure, digital readiness, and skilled people. Our aftermarket
strategy is designed to support customers throughout the entire lifecycle of
their equipment, regardless of building type or usage intensity.
A key enabler of high
uptime is our shift toward proactive and predictive service models. In the
latest high-end applications, through digital connectivity and advanced analytics,
we are able to monitor equipment health continuously, detect early signs of
potential issues and intervene before they escalate into breakdowns. This
approach significantly reduces unplanned outages and improves overall equipment
availability.
Strong local service
presence is another critical factor. With a wide network of trained technicians
across regions, supported by local spare-parts availability and Make in India
manufacturing, we are able to respond quickly and effectively, even in
challenging site conditions or high-traffic environments.
Customer service is
reinforced through structured service processes, clear communication, and
consistent performance monitoring. Customers benefit from greater transparency
into maintenance activities, service outcomes, and machine condition, enabling
trust and long-term partnerships.
Equally important is
continuous capability building. Our technicians undergo regular training on
both mechanical systems and digital technologies, ensuring safe, compliant, and
efficient service delivery across legacy as well as next-generation equipment.
By combining predictive
maintenance, strong local execution, skilled teams, and transparent customer
engagement, TK Elevator ensures dependable aftermarket support and sustained
high uptime — helping customers operate their buildings with confidence, safety
and minimal disruption.
‘Make
in India and Sell Globally’
TK Elevator follows the
“Make in India” approach and is gradually building capabilities that can
support global requirements as well. Our manufacturing facilities in India
operate in line with TK Elevator’s global quality, safety and engineering
standards, allowing us to meet both domestic needs and future international
expectations.
Currently, the focus of our
India manufacturing base is on serving the local market efficiently. At the
same time, we have plans to progressively supply select products and components
to global and regional markets as capacities, localisation levels and demand
align.
Manufacturing in India
helps optimise supply chains, improve delivery timelines and respond better to
diverse project requirements. Products developed locally are validated against
applicable international codes and standards, ensuring they are suitable for
wider deployment when required.
Overall, this approach
supports long-term capability building, skill development and technology
integration in India, while keeping the business aligned with global frameworks
and future growth opportunities.
Embedding
sustainability, cleaner technologies
Sustainability is embedded
into TK Elevator’s products, operations and long-term planning through a
combination of energy-efficient design, responsible manufacturing practices and
lifecycle-focused service models. Our approach is centred on reducing
environmental impact while maintaining safety, reliability and performance.
At the product level, we
focus on energy-efficient systems such as optimised drive technologies,
intelligent controls and regenerative features that help lower power consumption
in elevators and escalators, particularly in high-usage buildings. Digital
monitoring and predictive maintenance also contribute to sustainability by
extending equipment life, reducing unplanned repairs and minimising material
waste over the lifecycle of the system.
Across operations, we are
working toward cleaner and more efficient manufacturing processes, including
improved energy management, waste reduction and responsible sourcing of
materials. Local manufacturing under the Make in India framework helps shorten
supply chains, reduce transportation-related emissions and support more
efficient logistics.
From a long-term
perspective, sustainability is integrated into how we support customers.
Data-driven insights help building owners optimise energy use and plan upgrades
based on lifecycle performance rather than short-term fixes. At the same time,
continuous compliance with evolving safety and environmental standards ensures
that our solutions remain aligned with future regulatory and urban sustainability
goals.
Overall, TK Elevator’s
sustainability efforts focus on steady, measurable improvements — supporting
more efficient buildings, responsible operations and resilient urban
infrastructure over the long term.
Outlook
for the coming year
The outlook for the Indian
elevators and escalators market remains robust, supported by multiple long-term
structural trends and sectoral growth drivers. Continued urbanisation and the
rise of vertical construction are central to market expansion, as residential
and commercial buildings increasingly rely on efficient vertical mobility
solutions.
Over the next several
years, demand is expected to remain strong not just in major metropolitan hubs
but increasingly in Tier-2 and Tier-3 cities where multi-story housing and
mixed-use developments are becoming more common.
Residential real estate —
particularly high-rise apartments and multi-family complexes — will continue to
be a major growth engine as India’s urban population grows and land constraints
encourage vertical development. Alongside this, the commercial sector —
including office buildings, retail spaces, IT parks and business complexes — is
a key source of sustained demand, driven by expanding economic activity and
modern workspace requirements.
Public infrastructure and
institutional projects are also significant contributors to market growth.
Expansion of metro rail networks, modernization of airports, hospitals,
educational institutions and government facilities requires large numbers of
elevators and escalators to ensure accessibility and efficient people movement.
The Smart Cities Mission and other government-led urban initiatives are
reinforcing this trend by integrating vertical transport into broader urban
mobility planning.
Another important demand driver
is technology adoption and modernisation. There is growing interest in smart,
energy-efficient and connected vertical transport systems that offer features
such as predictive maintenance, IoT integration, touchless controls and
improved safety — especially in premium residential and commercial projects. At
the same time, the need to modernise aging equipment in older buildings is
creating a parallel market for retrofit upgrades, adding to overall demand.
In summary, India’s
elevators and escalators market outlook is positive, underpinned by
urbanisation, infrastructure expansion, commercial and residential
construction, and increasing demand for modern, digital and sustainable
vertical mobility solutions. These combined drivers are expected to sustain
healthy growth over the coming years as the nation’s urban landscape continues
to evolve.