The Global Story—Internet of Things (IoT) set to define the future of elevators

Urbanization to propel the elevator market growth in India

Decision Maker’s Spotlight—Customer-centric solutions, smarter project management, and service excellence are a few value drivers in the Indian market

Research Scope and Limitations

Modernization demand is a strong driver in North American and European markets unlike new equipment sales in developing countries

India the second largest elevator market in the world is set to attract investments in elevator manufacturing, training, R&D, and new customer-centric solutions

Innovations galore: Green & smart elevators and Internet of Things to transform the market from commoditization to digitalization

Increasing urbanization, high-rise office buildings and apartments, as well as reforms in the real estate sector to propel the growth of elevators in India

75% of total building stock expected in 2030 is yet to be built: commercial & residential real estate sector to be a strong demand driver for elevators

Smart elevators with features such as energy efficiency and destination control to present niche opportunities for market players

Growth in affordable housing & premium high-rise apartments to drive demand for low- & high-speed elevators; home elevators in luxury villas have good potential

Although large, Residential segment is marked by high degree of competition and low demand for high performance elevators vs. offices and other segments

MRL elevators to outpace MR elevators in low- and medium-rise buildings: benefits owners by optimal utilization of space and speedier implementation

Increasing verticalization through construction of mid- & high-rise buildings & FSI* amendments to open up opportunities for elevators with speeds > 1.5 mps1

Manual elevators are declining due to lack of safety features such as infrared door protection, automatic rescue devices and fire rated doors

Passenger elevators to dominate market; however, growth in industrial, logistics, and retail will influence higher penetration of service elevators

“Realty check” beyond metros—Understanding customer requirements and developing value proposition that resonates with the developers in smaller towns and cities is crucial

Delhi, Mumbai, and Bengaluru witness high-rise construction in both residential and office segments leading to growing demand for speeds > 2 mps

Services provide stable and recurring revenues: OEMs are investing in training academies to strengthen technician quality and improve service efficiency

Competition is dominated by global companies, who are operating in all customer segments by providing fit-for-purpose products and services

OEMs are setting up local manufacturing units to further augment market share and gain competitive edge

Shift from global models to India-specific models, and focus on high-speed as well as economy segments is high on the agenda of every major OEM

OEMs Initiatives—Strengthening after sales service, making India an export hub for elevators, local manufacturing with India’s demand reaching critical mass, & IOT

Imperative for OEMs to identify value-add features based on adequate and comprehensive research to provide unique ride experience to customers

Vertical transportation consultants—Crucial role in vendor selection in big ticket projects: Benefits of smart elevators, interoperability with other BMS* must be expounded through consultative selling

OEMs to work closely with developers to plan, deliver, & install elevators customized to building needs. Dedicated PMs ensure timely project execution with highest safety standards

Mega Trends & their impact

Evolving building designs and growing need for efficiency coupled with convergence of technology resulting in industry transformation

Increased investments in R&D and inclusion of IT aimed at improving customer experience

Users/owners giving greater preference to space utilization and energy savings, while technologies related to destination control are used in high traffic areas

Maximize opportunities from existing products and markets; systematically explore new products, markets, including inorganic Opportunites

Growth Consulting – Service Offerings

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