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The elevator and escalator market in India has registered growth in the last few years on the back increase in number of high-rise buildings, expansion and construction of airports and metros, construction of malls and hotels across the country especially in Tier-I and Toer-II cities, and increasing acceptance in the residential sector.   According to 6Wresearch, the India elevator and escalator market is projected to grow at a CAGR of 8.1 per cent during 2017-23. In the year 2016, the market declined and a similar trend is expected in 2017 due to decline in construction industry and demonetisation of the Indian currency. Demonetisation is likely to impact the spending, which would further affect the purchasing decisions of the end-users; however, the market is expected to recover in 2018.   A major market of elevator and escalator is driven by new installations, but the maintenance segment is also recording growth due to an increasing number of installed base across the country. The western region dominates the market, followed by the southern region. In the coming years, the eastern region is expected to witness key growth as a result of new development projects.   According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, 鈥淕overnment investments for the development of new airports and metros in different cities has given the major boost to the market demand for elevators and escalators. Further, the Government of India projects such as Smart City and AMRUT would create additional market for elevators and escalators across the country.   According to Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch, 鈥淭he usage of destination dispatch technology is anticipated to improve the efficiency of elevators. The usage of this technology becomes more critical in high-rise buildings. In the forecast period, the adoption of this technology would surge owing to increase in number of high-rise buildings in the country. Along with the dispatch technology, the market is exhibited to witness demand for high speed elevators to improve the overall performance and efficiency of elevators.鈥�   Key players in India鈥檚 elevator and escalator market include Kone, Schindler, ThyssenKrupp, Otis, Mitsubishi, Toshiba, Hitachi, Fujitec, Kinetic Hyundai, and Johnson Lifts.