How is the market for elevators and escalators transforming in India?
Being a part of the Indian elevator and escalator industry since 1892, Otis has witnessed first-hand remarkable transformation of the sector over the decades, evolving rapidly with the changing landscape and infrastructural requirements of the country.
At present, the industry is witnessing unprecedented growth, driven by several macroeconomic factors. India is experiencing increased urbanization. The real estate sector is expected to reach a market size of $1 trillion by 2030, as per a report by NAREDCO. This rapid expansion of the real estate market requires advanced and efficient vertical transportation solutions that can facilitate seamless movement within buildings. Today, elevators and escalators are being built with connected IoT solutions, cloud-based APIs, and robust AI algorithms to enhance their capabilities, safety, performance, and contribution to smarter cities. The industry is also investing in designing products that meet evolving customer and passenger needs.
What are the latest trends in residential and commercial sector for elevators?
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Bu hikaye The Free Press Journal dergisinin December 14, 2024 sayısından alınmıştır.
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