Today marks the first anniversary of Hitachi Yungtay Elevator becoming a wholly-owned subsidiary of Hitachi. Koji Ide, Chairman of Hitachi Yungtay, commented that the subsidiary has laid down a 3-year plan that aims to achieve about 10% of revenue growth from elevators in Taiwan between 2022 and 2024, as well as focus on green elevators, high-speed elevators, as well as the maintenance and repair market of refurbished elevators. The subsidiary is expected to activate its green elevator factor in February next year.
Yungtay Engineering was delisted in April 2022, and became a wholly-owned subsidiary of Hitachi, before it was renamed to Hitachi Yungtay. Now celebrating its one year anniversary, Kodi Ide shared that the market had transitioned from continuous supply to phased supply amidst the outbreak of the COVID-19 pandemic, but Hitachi Yungtay had managed to retain a stable operation for the past year despite experiencing difficulties in transportation and procurement.
Koji Ide commented that elevators are concatenated with the real estate market, and is optimistic towards a growth in Taiwan’s repair and maintenance market this year. With that being said, the number of new elevators could decline throughout the next several years under the current market prospect, whereas the level of demand for green elevators, high-speed elevators, and repair market of refurbished elevators is expected to contribute to the company’s overall sales this year on a continual basis.
Koji Ide pointed out that Hitachi Yungtay has laid down a 3-year plan that aims to attain about 10% growth in revenue from elevators in the Taiwanese market between 2022 and 2024, and is optimistic towards the outlook of high-speed elevators at an estimated annual growth of 5%. Hitachi Yungtay currently occupies 1/3 of the Taiwanese market, and is looking to generate NT$7.7 billion of revenue by 2024.
In terms of green elevators, Koji Ide commented that Hitachi Yungtay will be activating its green elevator factory located in Taoyuan during February next year. The factor is mainly responsible for installing capacity recovery devices on elevators that convert excessive kinetic energy from elevator operations into electrical energy, which is then stored in storage batteries that are used for buildings for lowering consumption of TPC’s electrical energy among users and resolving high energy consumption from buildings.
Looking ahead to future operations, Koji Ide pointed out that Hitachi Yungtay is currently under a steady growth in new installations of elevators, and has acquired about NT$4 billion worth of new orders, while the larger-than-expected sales performance of Hitachi’s high-speed elevators shows the additional room for growth in the particular area for the Taiwanese market. The company will divert its focus to green energy elevators, high-speed elevators, and the maintenance and repair market of refurbished elevators in the future.
(Cover photo source: TechNews)
