The elevator industry, benefiting from theincreasing demands in tier 2 and tier 3 cities, also continues to evolvethrough technological advancement and innovation, writes Manish Mehan.
The total number of elevators required from onecity might be low. But, considering the number of cities, the national marketrequirement for elevators in tier 2 and 3 cities is quite significant.
Indian elevator Industry stands secondthroughout the world after China, at US$1,351.53-million in FY2021, and islikely to grow at a CAGR of 5.22 per cent until FY2027. The country has a demandof about 56,000–57,000 elevators a year.
The industry itself is changing aspects withinthe country with the increasing demand due to urbanization and risingresidential areas. The industry noticed higher demand, especially in tier 2 andtier 3 cities.
Demandfor elevators in tier 1 cities
Tier 1 cities like Pune, Bangalore, Chennai,Delhi, Hyderabad, Kolkata, Mumbai, and Ahmedabad contribute over 60 per cent ofthe elevator market as these cities are highly populated and lack landresources. Hence, these cities are developing high rise residential andcommercial buildings.
These high-rise buildings demand high-speedtransaction elevators in large numbers. Various manufactures are looking intothe improvement, upgrading the industry with technology to fulfil and enhanceconsumer trends.
Demandfor elevators in tier 2 and 3 cities
India has more than 100 tier 2 cities, and therest are tier 3 cities. Both tier 2 and tier 3 cities are at different phases interms of development. Cities like Agra, Srinagar, Sholapur, Nagpur, Gwalior,Raipur, Indore, Jaipur, Lucknow, Varanasi, Jhansi, Kolhapur, Noida, Mangalore,Surat, Pondicherry, Vishakhapatnam, Madurai, Baroda, and Nashik fall under tier2 and tier 3 cities. The cities are developing through government push throughinfrastructure projects, such as the smart city initiative.
These cities are coming up with superiorinfrastructures like residential complexes, highly facilitated hospitals,commercial buildings, malls, and many more. These upcoming structures dorequire smart and efficient elevators for the convenience of the users and gaina more elite foundation. Some of these cities are tourist attractions,potential hubs, and smart cities.
The total number of elevators required from onecity might be low. But, considering the number of cities, the national marketrequirement for elevators in tier 2 and 3 cities is quite significant.
Thenecessity of elevators in all the cities
Sustainableelevators
Green or energy-efficient elevators with standbymodes have the potential to reduce consumption of power, which will indeed helpachieve the sustainable goal of the infrastructure. TK Elevator also suppliesunits that can be equipped with regeneration drives that make it possibleconverting mechanical energy of a descending elevator to electrical energy. Elevatorsequipped with regeneration drives are more eco-friendly and have the potentialto deliver significant savings.
Adequatemovement of people
Elevators help people move efficiently within buildingsand infrastructures. They also make buildings more inclusive and accessible forthe disabled by overcoming mobility barriers.
Bottomline
The Indian lifestyle is already going through atransition, where people treasure the quality of life and have more plannedtime to spare. Technology adoption has picked up pace after the outbreak ofcovid-19 and demands infrastructure suitable to this lifestyle.
The elevator industry, benefitingfrom the increasing demands in tier 2 and tier 3 cities, also continues toevolve through technological advancement and innovation