Strategic Assessment of the Indian Smart Elevator Market

Context

• Client:  A global technology provider exploring opportunities in the smart building sector

• Geography: India, with a focus on major metro and emerging Tier 2/Tier 3 cities.

• Objective: To conduct a detailed analysis of the smart elevator market in India. The study aimed to answer four key questions:

  • Market Opportunity: What is the total addressable market for smart/connected elevators, and what are the key drivers of growth?

  • Technology & Adoption: What is the current penetration of IoT and BMS integration in elevators, and what technologies are being used?

  • Competitive Landscape: How is the market structured between organized and unorganized players, and what are the key strategies of market leaders?

  • Go-to-Market Strategy: What are the recommended actions to enter and scale in this market, focusing on partnerships and technology integration?

Scope of work (delivered)

Our team performed a hybrid research engagement combining detailed market analysis with targeted qualitative inputs from industry stakeholders. The scope focused on five key pillars to provide a holistic view and actionable recommendations.

• Market Growth and Projections: We established a clear fact base on the Indian elevator market, projecting that the annual sales of elevators in India are expected to grow from XXX units in FY 2024 to XXX units by FY 2030, a CAGR of X%. The installed base is projected to exceed X million units by FY 2030, driven by new installations and modernization projects

• Notable Market Trends: We identified and analyzed key trends shaping the industry, including a significant shift toward modernization and retrofitting of older elevators (those installed over 20 years ago). We also noted that demand is being driven by post-pandemic recovery in residential housing, healthcare, and public infrastructure, along with strong government investment

• Competitive Market Structure: We mapped the complex ecosystem of the Indian elevator industry, which is divided into an unorganized sector (X% revenue share) and an organized sector. The organized sector is dominated by multinational OEMs, with the top five holding approximately X% of the market share. We also identified key Indian OEMs and local assemblers who constitute a significant part of the market

• Technology Adoption and Sizing: Our analysis revealed that as of FY 2024, out of the XXX elevators sold annually, only an estimated XXX are equipped with smart features such as IoT and predictive maintenance. OEM-supplied IoT solutions dominate the market for new sales, accounting for X% of these connected installations. We also provided a detailed breakdown of the different technologies in use, including Ethernet/IP (IoT), BACnet, and MODBUS for Building Management System (BMS) integration

• Strategic Recommendations: We provided a roadmap for market entry and scaling, focusing on four key areas:

  • OEM Collaboration: Forge strategic alliances with elevator OEMs to integrate BMS features from the ground up

  • Retrofit Solutions: Develop cost-effective upgrade kits for the large pool of aging elevators

  • Cloud Strategy: Provide modular software-as-a-service (SaaS) offerings for real-time monitoring and predictive analytics

  • Localization: Customize pricing and on-ground support to meet the unique requirements of the Indian market

Method & sources

• Desk Research: Market reports, public filings, and government documents were used to establish a fact-based foundation on market size and trends

• Qualitative Inputs: We conducted targeted discussions with key industry stakeholders, including developers, builders, and facility managers, to understand their needs and willingness to adopt smart technologies.

• Structured Analysis: We utilized a structured approach to analyze the data, including a market sizing model for connected elevators and a technology adoption matrix to map the landscape of protocols like IoT, BACnet, and MODBUS

Deliverables

• Comprehensive Market Insights Deck: A detailed presentation on market growth, notable trends, and the competitive landscape.

• Technology Adoption & Sizing Report: A detailed breakdown of the penetration of smart features and an analysis of the technologies in use

• Strategic Roadmap: A clear and actionable plan for market entry and scaling, including a focus on OEM partnerships and retrofit solutions