CXOToday has engaged in an exclusive interview with Manish Mehan, CEO and MD of TK Elevator India.
- What is the market view of elevator and escalator industry in 2024?
Indian elevator and escalator industry is exhibiting significant growth due to rapid urbanization and the growing need for energy-efficient transportation solutions. It is expected that this trend will continue in the coming years for several factors including major government regulation, increased demand for intelligent and energy-efficient systems, and an increasing emphasis on accessibility and safety. According to the report of Techsci Research, the market size is estimated to be over 55,000 elevator units and 1,800 escalator units annually and is anticipated to project consistent growth in the forecast period with a CAGR of 5.79% to reach USD 2.083 billion by FY2028. As India continues to- advance, elevators have evolved from basic commodities to more life-style oriented mobility equipment. Units with cutting-edge features like smart technology, elegant aesthetics, and improved energy economy, are becoming increasingly prominent.
- New technologies you have introduced in the market and how they are reshaping vertical mobility?
At TKE, we take pride in providing innovative digitalization and cutting-edge technologies that increase building design flexibility and improve elevator grouping and lift core layouts. For instance, TK Elevator’s TWIN system, which has an innovative quadruple redundancy safety system, runs two cabs independently within the same shaft under a single intelligent group control system. Compared with traditional elevators, this design not only moves more passengers but also consumes less energy. With over 400 installations worldwide, this innovation has been a game-changer for high-rises in major metropolises across the globe.
Furthermore, TKE’s “MAX”, a cutting-edge solution for predictive and preventive maintenance improves remote monitoring capabilities and greatly expands the availability of both new and old elevators. MAX brings alerts to possible maintenance problems before they happen, allowing elevator engineers to proactively replace parts and systems before they break. Its IoT-enabled smart technology offers remote control and monitoring, real-time maintenance actions, performance monitoring, and sophisticated reporting.
Passenger experience is another key focus for TK Elevator. Our AGILE Destination Selection Control (DSC) improves system efficiency and passenger experience by effectively shortening wait and travel times. Compared to conventional elevator control systems, the AGILE DSC increases passenger handling capacity by up to 30%, minimizes passengers’ travel times to their destination and reduces crowding in lift lobbies.
- What are the new changes that are happening in the real estate industry?
The real estate sector is changing significantly, with smart and environmentally friendly designs becoming more and more essential. This revolutionary shift, which is characterized by a significant rise in the population and economic growth, has prompted the attention of industry experts as well as a great deal of interest from developers, investors, and possible end users. As per a recent report by IBEF Organization, the real estate sector shows promise with a projected 9.20% CAGR from 2023 to 2028. 2024 is expected to drive growth with urbanization, rental market expansion, and property price appreciation.
Government initiatives, including infrastructure development and the ‘Housing for All’ initiative, underscore the sector’s commitment to stability and accessibility, fostering an environment conducive to sustained economic growth. For instance, Pradhan Mantri Awas Yojana has encouraged developers to take on projects involving inexpensive housing, promoting accessibility and inclusivity in the real estate industry. Meeting the need for 40 million urban housing units is necessary, given that the population is rising at an average annual rate of 2.1%.
- What are the new strategies TK Elevator implementing in this competitive market?
As a company, TK Elevator aims to be at the forefront of providing innovative mobility solutions, consistently distinguishing itself by offering tailored solutions for rapidly developing urban areas. Our extensive portfolio of locally-manufactured mobility products were engineered to ensure we meet the unique needs of this emerging market.
TK Elevator invests significant resources in its R&D activities worldwide, to provide our customers and the public with safe, efficient and competitive mobility solutions. Strong design & engineering which is our core strength, forms the basis of our business.
Our core strength also lies in service, a critical aspect of our business. We not only maintain our elevators but also those manufactured by major competitors, thanks to our International Technical Services unit. ITS’ ability and expertise to service and provide parts replacement for most equipment on the market, set us apart from competition in delivering exceptional convenience and value for our customers.
- Challenges faced by elevator companies and how the government handholds the elevator-escalator industry?
As far as challenges are concerned, the lack of skilled manpower and the differing applicability of safety codes across India are two significant challenges faced by the Indian elevator industry. Additionally, while newer housing societies often install modern lifts, maintaining a consistent emphasis on maintenance can be challenging due to frequent changes in leadership.
Another pressing issue is the regulatory discrepancies across the country. Each state has a different agency regulating the segment. A national-level body for regulation and policy is needed. Almost two-thirds of the country is still not covered by any legislation governing the installation and maintenance of lifts. A uniform Lift Act could not only help improve product safety by incorporating new technologies but also support optimizing development, manufacturing and installation costs.
The post Navigating the Future: Insights into India’s Booming Elevator and Escalator Industry in 2024 appeared first on CXOToday.com.