Industry estimates suggest that India has a market for 48,000 to 54,000 new elevators against China's demand for about 500,000 units a year. In fact, India is the world's second largest market for elevators but demands far fewer escalators, just around 1,500.
India is the world's second-largest market for elevators and escalators, behind China, with elevator demand expected to stand at 49,000 units at the end of this year, according to Sebi Joseph, President, Otis India.
Growing urbanisation and an increase in commercial and industrial spaces in the country has led to a revolutionary change in Tier-I and Tier-II cities of India. Cities once with buildings not more than three floors are now redeveloping into skyscrapers towering each other.
Indian real estate is all set to embark on a new phase with the advent of multiple policy reforms in the past nine to 10 months, such as demonetisation, RERA, infrastructure status to affordable housing and GST.