Looking Forward With Greater Optimism

From the 2nd Quarter 2020 issue onward through to the 4th Quarter 2021, the content of ELEVATOR WORLD India magazine examined the likely impact of COVID-19 on the vertical-transportation (VT) industry, along with the survival and revival strategies adopted to cope with the same. The impact was initially absorbed and, thereafter, to some extent, also deflected. 

The year 2022 was all about resurgence, with VT, as well as its demand drivers — real estate and infrastructure — surging forward to make up for time lost. Now, with 2023 having just begun, we contemplate what lies ahead and how growth patterns will be molded by the accomplishments of the previous year.   

The content theme of this 1st Quarter 2023 issue is, therefore, Decoding the Future of VT in India, with experts examining some of the likely market movers and trend shapers. With the fate of VT being inexorably intertwined with that of its demand drivers, a holistic combination of perspectives from representatives of all segments becomes essential to provide a comprehensive overview. 

Let’s look at the good news first. Demand for VT is rising, and this is expected to continue going forward. This is expected to occur across real estate categories, from luxury to affordable housing and office spaces to hospitality, as well as healthcare and organized retail. Refurbishment of old elevators and escalators is also picking up.  

Even connectivity infrastructure, like railways and metro lines, along with low-rise residential and commercial structures, have begun to incorporate elevators and/or escalators within structures. Redevelopment is another key aspect of real estate that is steadily replacing existing old housing society buildings that lack VT with new swanky towers incorporating elevators.    

While affordable prices continue to be an important decision-influencer, superior quality and advanced technology to make new structures future-ready are also emerging as key requirements during conversations. Timely after-sales service and availability of spare parts are issues that also tend to come up during discussions. 

Ultimately, it is a balancing act, as overall costs and budget allocation considerations are weighed against the manifold advantages of getting the latest VT models at this stage itself, rather than looking at upgrades later on. The future is bright, and seems set to become even brighter as 2023 proceeds. This should really be a Happy New Year for VT and its stakeholders, as well.