The speedy rise in the elevator market in India has led the brands to make bigger investments and launch new products to satiate the demand. The latest development in the sector comes from Hybon Elevators which has announced an investment of 25 Crore INR in R&D to double production and meet a 200 Cr INR revenue target. This announcement has been made responding to a 20% surge in demand in the elevator market, company press release states. A report by SURFACES REPORTER.
Rise in demand in the elevator market
India’s elevator market is growing exponentially in the last few years. According to the the recent market study by Technavio, the elevator and escalator size in India is forecast to increase by US$784.24m from 2022 to 2027, at a compound annual growth rate (CAGR) of 8.9%.
According to the report, the growth of this particular market will be driven mostly by the growing number of high-speed metro projects in the country, causing a rise in disposable income and economic growth, and the increasing number of office spaces and commercial establishments.
Latest Development
In lieu of the rising demand, Hybon Elevators and Escalators, one of the leading brands in the Elevator and Lift industry, has announced a strategic investment of 25 Crore INR towards product research and development at its state-of-the-art 75,000-square-foot manufacturing plant in Noida.
According to the company press release, “witnessing a surge in demand by 20% in the elevator market, this investment aims to double the company's production from 900 to 1800 units annually, focusing on enhancing the quality and standards of Hybon's technology. The company aims to achieve a projected revenue of 200 Cr INR in FY24 -25.”
Hybon Elevators and Escalators also aims to explore international markets in Russia and Central Asia, while expanding its national presence in key cities such as Dehradun, Jaipur, Lucknow, Hyderabad, and Bangalore.
Addressing the vertical mobility needs of Indian households, Hybon provides innovative solutions in lifts such as the Internet of Things (IoT), Remote Monitoring Systems, and pitless lifts. The brand aims to aims to emerge as one of the Top 3 Indian Elevator manufacturers, in the next five years, the press release informs.
Mr. Ratan Sehgal, Managing Director of Hybon Elevators and Escalators, stated, “We aim to become the leading name in elevator marketing with this expansion plan. Our elevators represent a fusion of luxury and technology, prioritising sustainable solutions for a greener future. By addressing customer needs and enhancing accessibility, we aim to elevate experiences and transform lives. We believe every ascent should be seamless and every journey remarkable.”
More Developments
Recently, Kone Elevator has also announced to start manufacturing escalators in India at its Sriperumbudur plant. The company plans to put in place several hundred elevators that are specifically made for India’s growing market.
In addition, another leading elevator manufacturer, Otis India has launched and e-commerce platform to buy its latest Gen3 Nova range of elevators online . Powered by Otis ONE IoT, the Gen3 elevators include a compact machine, coated steel belts for a smooth ride, and the energy-saving ReGen drive that captures energy that would otherwise be lost and converts it to electricity to be used by other building systems.