The Indian elevator market was valued at $ 3.94 billion in 2022, and was expected to grow at a CAGR of 8.9 per cent through 2029 to touch $7.16 billion, according to Maximize Market Research.
The key driver of this growth is the construction of residential, commercial and infrastructure structures to meet the needs of rapid urbanisation, population growth and a growing aspirational middle class. North India, primarily Delhi-NCR, is driving this expansion, followed by West India, primarily Mumbai and Pune.
