Otis Elevator India Unlisted Shares
Otis India doubles new equipment orders, eyes double digit growth
Cnbctv18
2 min read
Otis India Doubles New Equipment Orders, Targets Double-Digit Growth.
Expert Analysis :
Order Growth & Market Penetration: Otis Elevator India has doubled new equipment orders in the past three years and sold escalators in over 800 cities.
Industry Outlook: India’s elevator and escalator market was valued at $3.54 billion in 2023 and is projected to reach $7.20 billion by 2032, growing at a CAGR of 8.2%.
Manufacturing Expansion: Otis India’s Bengaluru plant, one of 17 global facilities, expanded capacity by 20%, catering to 90% of domestic demand and supporting exports to Southeast and Middle East Asia.
Technology & Regional Focus: Otis is targeting growing elevator demand in Tier 2 and Tier 3 cities, driven by urbanisation and smart city development in residential and commercial sectors.
Innovation & R&D Expansion: Otis is enhancing its R&D through the Otis Lead Design Centre, focusing on emerging global trends like robot integration, 5G connectivity, and advanced passenger controls for the Indian market.
Strong domestic demand, export growth, and tech innovation position Otis India well in the $7.20 billion expanding elevator market.
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