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.
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.
With a new office in Vijayawada, Andhra Pradesh, Otis Elevator Company (India) is ready to meet the growing demand in the region. The new office strengthens the company’s existing service presence and will cater to the growing demand for vertical transport solutions in the city and surrounding areas, enabling Otis to develop closer relationships with customers to better serve them. Otis, the world’s leading manufacturer and maintainer of elevators, escalators and moving walkways, has is a unit
The Union Budget 2017-18 aims at comprehending the dream of building a transparent and sustainable economy by providing an impetus to rural economy, road infrastructure, airports and railways, which is a welcome move. The focus on few crucial aspects like digital and black economy augurs well.
With an annual market size of about 58,000 units, India is the world´s second-largest elevator market after China and the fastest growing, expanding at ´approximately 11.2 per cent annually (CAGR),´ according to Bharat Vishnani, Managing Director, Thyssenkrupp Elevator India. ´India´s escalator market is pegged at about 1,800 units per annum,´ he adds.
According to a United Nations report, 54 per cent of the world´s population lives in urban areas, a proportion that is expected to increase to 66 per cent by 2050. Projections show that urbanisation, combined with overall growth of the world´s population, could add another 2.5 billion people to urban populations by 2050, with close to 90 per cent of the increase concentrated in Asia and Africa.