India’s Growth Story: Fueled by Longevity and Mobility

By Sebi Joseph, President, Otis India

As India becomes one of the world’s largest and most dynamic economies, a revolution is unfolding – one defined by rising life expectancy, rapid urbanization, and the changing shape of its population. We have a growing number of Indians living longer and healthier lives. And, with the emergence of this demographic, marks a powerful economic transformation: longevity is not just a health trend – it’s becoming one of India’s key growth engines. While companies and governments re-think the infrastructure required to accommodate their evolving lifestyles, one thing is clear: elevators are more than a convenience; they are critical to unlocking access for our aging population to participate in society and our economy.

By 2050, the World Health Organization estimates that one in six people will be 65 or older. Some countries, like Japan, Italy, and Germany, have already surpassed that milestone. While countries like India, Singapore and Korea, have started referring to this burgeoning community as the “Silver Economy,” a term that highlights the growing influence of seniors on the global marketplace. This is expected to play a central role in India’s next growth phase, with older adults living more active lives and enjoying widening purchasing power.

By 2050, one in five people in India will be over 60 – a demographic shift equal to the entire population of the United States of America. This swelling demographic means changing the way we think about not only designing new infrastructure but the longevity and modernization needs of existing equipment. And it’s not just India’s massive metros like Delhi, Mumbai or Bengaluru that need to be designed and, in some cases, re-architected and updated. There is a significant aging population in Tier 2 cities – between 1 to 4 million people – which also require extensive infrastructure improvements to ensure mobility for everyone. All to say, there are critical urban infrastructure needs in India – especially around mobility and accessibility – as the country experiences an era of explosive growth.

A Crucial New Mobility Paradigm

Without elevators, escalators and other vertical mobility solutions, everyday errands and even socialising with neighbours may feel out of reach for seniors. Installing and modernizing elevators in residential buildings, medical facilities, retail centers, sports venues and transportation hubs, does more than improve convenience, it keeps people connected to their communities, culture and the broader economy. And, as the number of older adults continues to grow, against the backdrop of India’s overall growth and development, ensuring mobility for everyone becomes essential – not just for public health and social inclusion – but as a foundation for the next generation of economic development.

For this reason, elevator technology is evolving to meet these new realities. When you look at the cutting-edge vertical transportation solutions being provided by Otis for the Mumbai-Ahmedabad High Speed Rail corridor (MAHSR) project, also known as the Bullet Train project, we realise that it’s clearly aimed at revolutionising rail travel in India and is central to ensuring swift and seamless flow for all passengers, even during high-traffic and rush hours.

We're seeing smarter elevator operating systems designed specifically to enhance mobility and meet the accessibility needs of the riding public. This includes voice-activated controls, larger spaces that better accommodate wheelchairs, lower control panels with high-contrast visuals and easier to read buttons, including braille. All of this is part of a larger trend to ensure the riding public can seamlessly navigate their lives, and with new levels of customization and personalization that we’ve come to appreciate in other facets of our lives. Otis, for example, works closely with customers on things like in cab space optimization, cultural and aesthetic preferences and custom safety and security features.

Retrofitting and Modernizing Infrastructure

That said, with this demographic shift also comes challenges, as not all buildings are ready for the latest new equipment or advanced technology installation. Many communities with residential buildings and infrastructure hubs, especially across Asia and Europe, were not originally built with elevators, requiring modernization that includes the addition of vertical mobility solutions. Urban planners and governments understand that large-scale retrofitting is necessary to equip aging buildings with the technology required to help people get around. In fact, The World Health Organization’s Global Network for Age-Friendly Cities lists accessible housing and transportation as key pillars, and elevators connect both.

For larger, urban cities, where vertical living is and has been the norm, ensuring the existing infrastructure is maintained and regularly serviced to ensure regulations and code requirements are met, is the key to keeping equipment running safely, smoothly, with no down time. In India specifically, elevator maintenance is overseen and regulated by a combination of the Bureau of Indian Standards, national acts, such as the Factories Act and Electricity Act and local building codes. This is important, as over 8 million of the world’s 22 million elevators are approaching the age (typically 20 years or older) at which building managers should begin considering modernization. And, as we prepare for this new Silver Economy, we may expect compliance standards to evolve further, beyond urban metros to Tier 2 and smaller towns, where guidelines are less established but equally important.

All this demand is fueling a new paradigm for elevator manufacturers and the industry. By 2030, annual spending by people aged 60 and over in Asia is projected to surge 103%, reaching an estimated $8.6 trillion. But that economic power depends on access. Without elevators enabling older adults to move safely and independently through stores, transit hubs and public spaces, much of that spending potential could be left unrealized. As this population grows by 40% - to more than 900 million – vertical mobility becomes a critical enabler of economic participation in India, and the growth of the Silver Economy.

About Otis

Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You’ll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.