India Freight Elevators Market Outlook

demand for freight elevators in india has witnessed a significant rise over the last few years. this growth can be attributed to two key factors: industrialization and rising online retail. with rapid industrialization taking place across india's cities, businesses are expanding and as a result, the need for efficient freight transportation solutions has grown significantly. further, the rise of online retail has put additional pressure to move and store goods faster and more efficiently. the indian freight elevator market is mainly driven by the growth of the real estate and manufacturing sectors. as these sectors grow, they need elevators to transport heavy goods from ground floors to upper floors as well as for accessing tight spots and to store goods in higher stories. the freight elevator segment in india stood at rs 1320 million in 2018 and is estimated to surge to rs 2530 million by 2032. this growth can mainly be attributed to the increasing demand for robust, efficient, and safe freight transportation solutions for industrial and commercial sectors. in the indian freight elevator market, hydraulic freight elevators are the most commonly used models. this type of elevator is ideal for moving heavy goods and even personnel between various levels. unlike electric freight elevators, these models do not consume too much electricity and are much more affordable than their counter parts. furthermore, they require minimal to no maintenance and have a life expectancy of up to 15 years. the freight elevator market in india has also witnessed a shift in demand from small and mid-sized businesses to large corporations and government authorities. as businesses expand, they are opting for more robust and reliable freight elevator solutions that can handle higher capacity and longer elevators trajectories. these requirements have led to an increased demand for freight elevators with higher power-capacity rating or higher load bearing capacity. therefore, the trend towards robust freight elevators, industrial production, and increased demand from large corporations and government organisations will continue to propel the growth of the freight elevators market in india. additionally, governments initiative such as the 'make in india' project, should further encourage investment and growth in this segment. thus, the overall demand for freight elevators in india is estimated to rise during the forecasted period from 2018 to 2032.