Innovation in Technology a New Trend in the Escalators and Elevators Industry

A recent report added by Big Market Research highlights the market share, size and growth of the escalator and elevator market worldwide. It further discusses the important parameters of the market in terms of consumption and production. The adoption of elevators has seen a considerable growth in the last two decades.

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In the modern generation, machines and technology are panning out to be a vital component of human beings. The ability to ease the workload, reduce time and cost are the major factors that have supplemented the adoption of these machines. Similarly, elevators and escalators have significantly helped to reduce time and made it easier to move around a building, airport, shopping mall and hospitals.

In the developing economies such as India and China, it is a common sight to see how urbanization is engulfing these regions. Urbanization has seen the growth in the adoption of elevators and escalators in India. Several players operating in the elevator industry in India are prioritizing energy-saving features to expand their business opportunities in the region. India is the second largest market for elevators and escalators in the world after China. The rise in the number of industrial sectors, residential complexes, malls, and shopping centers across the country have encouraged the growth of the elevators and escalators industry in India. The major players operating in the Indian market include, Kone, Schindler, Johnson Lifts and Otis.

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Major architects, contractors and consultants are installing elevators and escalators with unique features as a vital key differentiator. Technologies such as V3 i.e. variable voltage and frequency introduced by Johnson along with a German organization have significantly helped to save energy. Service and pricing are the other essential differentiators that are aiding brands to penetrate the market. According to Harish Bijoor, brand consultant, durability and longevity of a product is essential in the Indian market. Elevators that are fashion-centric may not do well in the Indian market as consumers don’t focus on the aesthetics of the elevators.

Otis has expanded services throughout the Indian sub-continent whereas Johnson has focused on South India. Otis and Kone have made a mark in metro cities such as Mumbai and New Delhi. The elevator and escalator market is staring at a bright future in the country as two upcoming metro projects would require as many as 1000 escalators in 2017. The elevator and the escalator market in India will continue to grow in the Asian countries such as India, China and Japan owing to rapid urbanization.

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