Indian Escalator Market – Size, Share & Growth
The Indian growth story is a rapidly unfolding drama, consisting of bigger buildings, airports, train stations, luxurious lifestyles, shopping malls, and holidays. India is one of the fastest-growing economies in the world, and the entire globe looks to India. With rapid industrialization, more population is moving from villages toward towns and cities. Many are finding employment in big industries, and thus, an improved lifestyle. Such progress is reflected in the cities where large, towering infrastructure projects are being undertaken. Given that all of these projects (be it shopping malls, residential buildings, commercial establishments, airports, etc) are multi-storeyed, thus, this automatically brings into play the escalator and elevator industry integration. One needs to understand that although escalators and elevators serve the same purpose, both are different things.
An escalator is a set of moving stairs, and its purpose is to carry people from one level of the building to another. There are no controls, or access for the user to control any part of the escalator movement. The stairs keep rolling at a constant steady pace, and the person only has to board and deboard it. An elevator is like a small room that can allow some people to move from one floor to another. An elevator room touches every floor of the building, while the escalator stairs connect only one floor to the other. You cannot use the same escalator to traverse to other floors. However, the general purpose of both machines remains the same, that is, to transport people from one floor to the other. Given that escalators and elevators are required in every commercial and high-rise building, it is only too obvious to conclude that this industry is expanding at a rapid pace.
According to a recent study, published in June 2022, it is predicted that this market vertical, will swell to the size of 523 million dollars by the year 2025. Therefore, the expected growth of this sector is around 8.5 to 9% CAGR.
The industry growth during and after the COVID-19 period has seen a neutral influence, according to the results of a recently concluded June 2022 study. The development of the elevator and escalator market in India is primarily driven by the increase in high-speed metro projects, while challenges to the industry's expansion include the high repair costs and upkeep. To achieve a competitive advantage, end objectives may be determined and marketing strategies can be improved with the aid of a comprehensive study of the drivers such as government policies, financing, and infrastructure projects.
The rising number of ultra-fast metro projects is one of the main drivers of development in India's elevator and escalator industry. In order to provide customers with an efficient transportation system, India has seen a tremendous rise in investments by both public and private organizations in large-scale metro projects, particularly in tier-1 and tier-2 cities. Along with providing the economy with cutting-edge infrastructure, the ongoing expansion in the building of new transport hubs has also raised the demand for escalators and elevators. During the projection period, there will be a rise in the demand for elevators and escalators in India due to real estate developments near these metro rail stations.
Additionally, clients are allowed to change the cabin walls, lights, flooring, and other features. For instance, medical elevators are built so that a patient may be transported from one level to another with ease. For speed and comfort, these elevators often need large-capacity motors. These very quiet, high-efficiency motors produce very little movement noise. Consequently, there is a growing need for elevator customization in response to end-user requirements.
Additionally, the desire for elevators as an aspect of home furnishings has increased in recent years with a rise in the average household income. Customers want elevators that are not only easy to use but also attractive to look at. Therefore, escalator manufacturers in India are constantly reinventing themselves to suit the needs of their clients.
However, during the forecasted period of 2020- 2025, the market of India for escalators and elevators will face some significant obstacles because of the high cost of repair and maintenance. Although elevators and escalators installed as new typically have a twenty-five-year lifespan, there are several operational issues that need ongoing inspection and maintenance of elevators and escalators.
Because of the high costs of repair, replacement, and maintenance, many property owners could be hesitant to update existing elevators and escalators, which might restrain the market's development over the course of the projected period. There is a huge scope for growth in this elevator and escalator domain. That is the reason why many escalator manufacturers have started increasing their sales pitches in the last decade.
Prominent Escalator Manufacturing Companies
1. Thyssenkrupp AG
ThyssenKrupp is a global conglomerate of enterprises with over thousands of workers that consists mostly of autonomous manufacturing and electronics sectors. The enterprises provide affordable sources of energy solutions to the issues of the future, supported by considerable technical know-how. At multiple sites throughout the globe, many people are employed in research and development, primarily in the areas of climatic change mitigation, energy transition, industrial digitalization, and future mobility. By developing cutting-edge goods, services, and technology under the brand name ThyssenKrupp, the company improves the quality of life for present and future generations. The escalator and elevator verticals are one of Thyssen Krupp's mainstays, and they have escalator suppliers scattered across several Indian locations.
2. Kone Corp
Kone Corp, a Finnish elevator & Escalator company comes to mind when one thinks about high-quality and safe escalators. The goal at KONE is to enhance the movement of urban life. In order to increase the value of buildings throughout their lifespan, KONE, offers elevators, escalators, and automated building doors in addition to solutions for maintenance and modernization. They provide safer, more convenient, and dependable travel for people in higher, more intelligent structures via more effective product development. With their global headquarters in Helsinki, Finland, they also have a global network of representatives and authorized distributors, ten production facilities spread across seven nations, and seven R&D centers.
3. Johnsons Lift Pvt Limited
The market leader in the lift business and a producer of escalators and elevators with many factories and activities across India and abroad is Johnson Lifts, situated in Ambattur, on the outskirts of Chennai. Over a decade versus all prominent MNCs, this market-leading and most well-known brand have the highest sales turnover. Johnson Lifts, a company that is really Made in India, was founded in 1963 and has been steadily expanding ever since. Since escalators and elevators are sophisticated items that need high levels of periodic servicing and maintenance, having enough educated and competent labor available each year has been necessary. Johnson Lifts, a pioneer in this field with a commitment to social responsibility, envisioned developing a skill manpower pool with the help of intensive engineering training by nurturing as well as molding students throughout the curriculum in order to create a career for individuals while keeping this requirement in mind and to generate regular skilled manpower for the industry. They are a renowned name in escalator suppliers in India.
4. OTIS Worldwide Corp
They are an American company with manufacturing facilities in India. They are also known as Otis Elevator Company which produces, develops, and sells escalators, elevators, and moving walkways, including associated machinery.
Other prominent companies in the sector of escalators and industrial lifts include Toshiba, Fuji, ESCON elevators, Mitsubishi, Schindler, etc.
Conclusion:
While studying the market for escalators, it is impossible to rule out the elevators. The escalator and elevator verticals go hand in hand, as both serve the same business clients and segments. The future of this industry looks very promising and the sector is expected to be valued at 523 million dollars. The growth drivers for this segment include a strong government push for infrastructure projects, rapid urbanization, more metro, and transport hub projects, etc. There are many manufacturers with strong escalator dealer presence throughout India. A few of them have been described above while others have been mentioned.
FAQs: Escalator
Q. What is another way to say escalator?
Ans. Escalators are also called ramps. Other names include moving stairs or incline.
Q. Which is superior, the escalator or the elevator?
Ans. It is difficult to distinguish each other on superiority. Both serve the same purpose and move people from one floor to the other.
Q. What is the function of an elevator and escalator maintainer?
Ans. It ensures that the escalator and the elevator follow the specified trajectory, at the same tension and speed.
Q. How to restart an elevator?
Ans. Industrial elevators are easy to operate, as they are run using motors. They have an automatic starter to ensure the high inrush current is prevented.
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