Otis India doubles new equipment orders, eyes double digit growth

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.