Leading elevator firm Kone intends to further strengthen its dominant position and improve market share in the country, supported by the expansion of its manufacturing-cum-service and the introduction of digitally-enabled products.

The Finnish firm expects India to be a key growth market due to urbanisation, which will spur expansion of big cities and development of new corridors.

“The Chinese market is witnessing a slowdown and Kone expects India to show strong momentum and be a growth market globally for the next 15 years. We are investing a lot in India, the second-largest elevator and escalator market in the world,” said Henrik Ethrnrooth, President and CEO, Kone Corporation. Apart from new installations, the company also expects good business from servicing existing units.

The company is in the process of establishing a factory at Pillaipakkam, near Chennai, which will double its capacity and be ready in a couple of years.

Kone is keen on integrating digital technology into its products. It is presently working on rolling out connected-elevators and escalators, which could be remotely managed through software on a PC. The company has partnered with IBM to bring cognitive analysis into its servicing capabilities and to roll out solutions based on Internet-of-Things. “We will do it country-by-country and hope to roll out in India in the next two years,” said Ethrnrooth.

Amit Gossain, MD, Kone India, said the company was awaiting clear norms to serve the affordable housing segment. Volumes will be key in serving the affordable housing segment, he added.

Ethrnrooth said Kone had garnered a market share of 20 per cent in the Indian elevator and escalator market.

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