The CEO of German elevator manufacturer TK Elevator, Uday Yadav, has stated that aging global populations are creating increased demand for elevator solutions in residential buildings. In an interview with the Financial Times, Yadav noted an emerging trend that he believes is just beginning but will continue to grow. According to Yadav, Japan serves as a clear example where nearly 30 percent of the population is 65 years or older.
Globally, nearly 16 percent of the world's population is expected to be 65 or older by 2050. Currently, there are more than 22 million elevators worldwide, but 30 percent of these are 20 years or older and may need replacement, according to Yadav's assessment. The CEO's comments highlight how demographic shifts are creating new business opportunities for the elevator industry as societies adapt to aging populations.
aging global populations are creating increased demand for elevator solutions in residential buildings
Japan serves as a clear example where nearly 30 percent of the population is 65 years or older
Globally, nearly 16 percent of the world's population is expected to be 65 or older by 2050
Currently, there are more than 22 million elevators worldwide, but 30 percent of these are 20 years or older and may need replacement