The residential and commercial elevator industries are essential to expanding the mobility of the world’s population. In fact, elevators don’t just serve people with mobility difficulties, but also those who work in high-rise office buildings that can sometimes reach upwards of 100 stories. Can you imagine climbing that many sets of stairs?
However, the elevator industry isn’t at its biggest in the Unites States. At the moment, China is the biggest elevator market, purchasing more than 400,000 lifts per year. Due to these figures, The Economic Times reports that a country like India has a long way to go to catch up:
“Sebi Joseph, managing director of Otis Elevator Company India, has overseen operations in the Philippines, Singapore and the Gulf. But Joseph believes that India is the most exciting place. ‘India is the second largest market in the world today. However, the gap between the two countries is staggering,’ says Joseph. ‘India’s elevator-escalator market is just about 45,000 units. That gap shows the potential the Indian market has.’”
The article cites the population of India as one reason why the elevator industry should grow over the next few decades. As a population increases, there is a bigger push for urbanization of major metro areas by building skyscrapers and other high rise apartment buildings. A report cited in the story shows how much India can grow in this sector:
“A 2010 McKinsey report noted that India is likely to have 68 cities with population of one million each by 2030. Europe has only 35 such cities. As cities get crowded and land gets costlier, it is likely that the buildings will get taller.”
Another area of growth in India is the speed of elevators. Currently, the country is struggling with extremely slow lifts that pale in comparison to the speeds seen in more developed nations. Expect the number of elevators and the speeds to increase in the years to come.