Elevator industry to grow
India is the second-largest elevator market in the world after China, with more than 50,000 elevators being sold every year. The growth rate of the elevator and escalator market is expected to be about 6-8 per cent in the next five years, say industry experts.
Rapid urbanisation and vertical growth of cities are being considered major reasons for the growth of the industry. “We expect the elevator market in India will grow by about 8% a year in the future,” says Takayuki Unno, Managing Director, Hitachi Lift India Pvt. Ltd.
According to a recent McKinsey report, by 2030 it is expected that Indian cities will house 590 million people and the country will have 68 cities with populations of more than 1 million. “Future cities and developing economies hold a lot of potential for infrastructure growth and therefore, urbanisation is a major driver for the elevator segment in India. As urbanisation continues and the need for housing grows, India’s elevator industry will continue to grow just as rapidly,” says Sebi Joseph, President, Otis India.
Amit Gossain, Managing Director, KONE India says, “With land becoming scarce, the shift to vertical cities is the only way forward. It also means the need for better infrastructure like airports, metros etc, become important, which can help in improving connectivity. Thus the need to provide smooth, safe and convenient people flow solutions like elevators and escalators becomes mandatory. These changes definitely will support the growth of the industry and we see it growing at a CAGR rate of 7-8 per cent in the next five years.”