Here’s another way to look at trends in real estate development: demand for new elevators. With high-rises going up at a frantic pace, China needs 500,000 new elevators a year. India needs 47,000. North America? Just 18,000.
Although there’s been talk that development in China and India has become overheated, Patrick Blethon, president of Otis Elevator Co.’s Pacific Asia area, says the company hasn’t seen a reduction in orders, and is doubling the capacity of its Bangalore factory to 10,000 units a year.
The built-up area of India is growing at the equivalent of a new Chicago every year, Blethon tells Business Standard, a pace the company expects will continue for the next 30 years.
Otis is planning a second manufacturing plant in India, although it’s likely to hold off on a decision on whether to break ground on the project until around the end of 2014, Blethon says. Source: business-standard.com