UP AND ABOVE

Modern elevators are equipped with advanced sensors that detect overloading, unusual movements, or potential malfunctions

- Molly R

Elevators and escalators, once reserved for only the largest or most elite buildings, have now become essential components in daily life, particularly in urban centres characterised by modern, towering structures. This shift is helping India’s elevator and escalator segment continue on a robust growth trajectory. Several factors contribute to this growth in demand, including urbanisation marked by a growing population with an increase in disposable income, the expansion of high-speed metro projects and other infrastructure, a rise in office spaces and commercial establishments and an ageing population in need of safe, vertical transportation. As the industry expands, it becomes paramount for companies to comprehend the dynamics of the customer base, and the underlying catalysts propelling the market’s expansion.

Manufacturers are continuously trying to find ways to increase the production of elevators with innovative technological features. Advancement in technology is one of the major factors hoisting the market growth. Rapid urbanization, commercial construction, and upgrading infrastructure of industrial and residential spaces are other major factors aiding the country’s market growth. Along with the adoption of digital transformation, using cloud-based solutions is also fuelling and responsible for the market growth in India. These factors are expected to hoist the market growth for the India elevator market. Amit Gossain, MD, Kone Elevator, India & South Asia, says, “Several recent developments in elevator technology have been geared towards improving efficiency, safety, and sustainability, especially in high-rise buildings.”