There has been a global movement towards smart cities, acknowledging the power of technology to make our daily lives easier and safer whilst providing customized experiences. Within the elevator industry, this movement has been represented by the adoption of smart, connected and remotely monitored and managed elevators.
India is at the forefront of information technology development, and world-class solutions and support are locally available for cloud applications, Artificial Intelligence (AI) and big data, which gives us an advantage in bringing the latest technologies to the local market. Researchers at Global Market Insights have forecast that the global smart elevator market will be worth $25 billion by 2025, up from $11 billion in 2018, implying an impressive CAGR of over 15%. This is in contrast to the total elevator market which is expected to grow at a steady rate of 4.9% over the same period.
India is one of the fastest and largest growing markets for smart cities due to government initiatives and wide and advanced adoption of technology. The Smart Cities Mission of the Government of India is based on a sustainable and inclusive development approach. The aim of the mission is to create a model that can be replicated, catalyzing the creation of similar Smart Cities in various parts of the country.
As on March 2023, a total of 5,627 out of 7,870 projects worth Rs 1,06,385 crore have been completed, while the work on 2,400 projects of Rs 77,537 crore is going in full swing. Therefore, investing in the development of mobility solutions to serve the needs of smart cities is not only a forward-looking business decision but also TK Elevator’s commitment to upholding corporate responsibility and to grow with India.
As a market leader and to stay ahead of the competition, TK Elevator has made the R&D and promotion of our smart building and city solutions a high priority in India. As more high-end construction and infrastructure projects which emphasize sustainability and speed gain popularity in the Indian market, the TKE brand will be one of the best-known names in India for energy-efficient, AI-assisted, and centrally managed and maintained elevator solutions.
