By Manish Mehan, CEO and Managing Director, TK Elevator, India and Bangladesh
A rapidly growing population and increasing urbanization has necessitated the development of Smart Cities in India. In fact, the Smart Cities Mission has seen participation from over 100 cities in India already โ with 91% of the 8,075 projects, representing an investment of โน1.47 lakh crore, completed as of December 2024.
The construction sector is at the centre of this transformation to a more connected and sustainable society. From residential complexes to hospitals, commercial centres and retail spaces, this industry is focused on creating spaces for people to live, work, and thrive. The key priorities include the redevelopment and modernization of existing buildings โ and metro cities are the trend-setters here. These cities are optimizing land use and addressing infrastructure challenges efficiently.
Perhaps the biggest component of this transformation is vertical transportation to ensure safe and smooth movement within buildings. As cities expand upwards, there is a significant rise in demand for advanced elevators. Elevators are no longer known for convenience, but as a modern urban fabric for high-rise buildings. Recent projections estimate that the Indian elevator market is expected to reach approximately USD 7.79 billion by 2030.
The integration of new technology and mechanical components are not only for elevator safety but also an enhanced passenger experience. Modern elevators are equipped with sensors and cloud-based monitoring platforms to enable real-time data analysis. These systems can predict maintenance needs and reduce elevator downtime by up to 50% for uninterrupted service in high-traffic environments. Similarly, the TWIN elevator system can operate two independent cars within a single shaft. It doubles capacity without the need for additional space. This design is especially beneficial in densely populated urban areas where optimizing space becomes essential.
The growth of the elevator industry is closely linked to broader economic development goals in India. Increased investments in urban infrastructure coupled with local manufacturing initiatives under the โMake in Indiaโ campaign have boosted employment, innovation, and sustainability in the sector. Modern elevators can contribute to sustainable urban development โ alongside innovation for the more functional (e.g., superior user experience) and visual (e.g., sleek design) aspects of vertical mobility, in contemporary cities. For example, the introduction of regenerative drives and LED lighting has reduced energy consumption and cut costs already.
As India continues to build smarter, more connected cities, the role of advanced elevator systems will become highly prominent. Investments in cutting-edge technology, combined with a commitment to sustainable practices are necessary to help the overall equality of urban living and to support efficient mobility within buildings.
About the author:
Manish Mehan, having grown with the organization and played a key role in its evolution into one of Indiaโs leading elevators companies, currently serves as the Chief Executive Officer and Managing Director of TK Elevator (India) as well as TK Elevator (Bangladesh). His association with TK Elevator (India) began in 2002, when he first joined the organization. Since then, he has demonstrated exceptional leadership and strategic vision, progressing from Chief Financial Officer to his current role as CEO and MD. Manish brings a strong conviction and a results-driven mindset, with a relentless focus on action and change. A visionary leader, he is committed to driving innovation, sustainability, and smarter solutions to propel the company into the future. Under his dynamic leadership, the business continues to achieve its strategic, financial, and operational goals, consistently delivering stable double-digit growth.
