Technology is speaking a subtle language, the language of ‘innovation’. This language is revolutionizing the way our world works today. Daily lives of people are changing rapidly and the day-to-day activities are getting simplified with just the touch of a button. May it be a smartphone, a smartwatch, a smart remote, or any other smart device for that matter. Innovation in technology is on the verge of discovering new horizons making our lives better.
As technology is influencing our lives making it simpler on a personal level, the lifts & elevator space of India is also experiencing the changes due to technological advancements in its widely growing business paradigm. The dynamics of the said industry is proving to be beneficial for a lot of parties involved in the business, from its manufacturers to the other solution providers and ancillaries. Not just the service providers, but the end-users, that is the customers of these moving machines are also benefiting greatly. Due to the modern applications of the latest technology and simplified solutions integrated into the lifts and elevators, the final users are having ease in moving people and things in a much-streamlined manner.
On the commercial level, modern elevator solutions are enabling ease in the transportation of materials, equipment, and heavy machinery, along with vertical and horizontal development. The passenger lift segment is also looking bright as the vertical development particularly has been experiencing exponential growth in its demand. As more and more living spaces and office spaces are capturing the real estate market in India, the requirement of lifts has gone up multifold.
Statistically speaking, in India, the demand for elevators is on the verge of crossing 75,000 units by 2020. In the global market, such demand has positioned the country in second place in terms of overall demand. The key growth triggers for the industry are considered to be Urbanization which includes high-rise buildings, infrastructure projects, affordable housing, and adding to all these factors is the real estate reforms. For tapping into this lucrative market, the lifts and elevator manufacturers need to come up with affordable solutions and models to meet the customer requirements with respect to the price-sensitive segments of the market. According to an independent report, the market size of Indian lifts, elevators, and escalators is projected to grow at a CAGR of 8.1% in the timeline from 2017-2023.
When it comes to the escalator segment, the majority of the market installations are witnessed in sectors like hospitality, transportation, retail, and residential. In this segment, the market leader has been ‘moving stairs’ for quite some time, but now rapidly growing in popularity is the ‘walkaway’ sub-segment. These walkaways are mostly installed at airports and shopping centers. Amongst all the applications, the escalators have captured the largest share in the commercial arena considering the overall Indian elevators and escalators market.
This ardent and rapid growth in the lifts and elevators industry along with the infrastructural development that India is moving forward to is deduced to increase in the near future. With an aim to provide optimum moving solutions, there are some key players in the market that are revolutionizing the sector. Insights Success, in this month’s issue has brought some moving stories of the companies that are market leaders, prominently driving success in the lifts and elevators space of India.
This month’s issue of Insights Success is displaying the journey made by the companies that are making a difference in the Indian elevators and escalators market, and the team at Insights Success is featuring these stories in ‘The 10 Most Trusted Lift & Elevator Solution Providers’.
On the cover of this month’s issue, Powercab is setting benchmarks while elevating the standards in Indian elevators and escalators market. It is an industry-leading firm, prominently offering adequate lifts & elevator services in the country. Founder and Chairman – Ashis Sen introduced the firm with a vision to provide reasonable elevator solutions to the end-users.
The set of stories portrayed in the magazine includes a company’s journey that is majorly focused on providing lifts & elevator solutions according to the rapidly accelerating future. The company Aegis Elevator Private Ltd. (AEPL) through its arena is enabling the best in class facilities to its clients, thereby ensuring an ever-lasting experience. The visionary leader of Aegis Elevators is C. G. Purohit – CEO of the company. Along with an engineering degree at his helm, the knowledge and rich experience of 37 years in the sector of lifts and escalators have made him a seasoned professional who takes care of the company’s various business processes at every stage. Another company that is not only facilitating various lifts & elevators solutions in an eco-efficient manner but is also one of the first firms to provide sustainable solutions for vertical urban development is KONE Elevators India. Amit Gossain, the Managing Director of the company is responsible for handling all its operations for India and some of the South Asian countries. Also, one of the world’s leading elevators, escalators, and moving walkaways solution provider is OTIS India. Since, October 2015, Sebi Joseph – President of OTIS India is looking over the company and is responsible for its overall leadership and strategic outlook.
Featured as an interview, Hydro Fabs is a company describing how it is on the way to revolutionizing the Indian urban vertical development space with some assistance of the latest technological advancements and smart tools. Promoting and assuring good quality products along with swift after sales service is Salim Chinwala & Mustafa Metawala, Founders – Hydro Fabs.
Insights Success also has some honorable mentions – a few companies that are disrupting the market in their distinct way. These firms are: Elite Elevators, Flying Machine Elevator, Mars Elevator, Maruti Lifts, and Escon Elevators Pvt Ltd.
We also have included articles written by our in-house editors, shedding some light on how the lifts and elevators sector in India is faring and the factors revolving around it. So, readers get ready to be moved in a way you never thought before. Happy reading!
– Darshan Parmar
