PREBOOK THIS REPORT - SAVE 10%

Asia Pacific Elevator and Escalator Market - Market Size & Growth Forecast 2023-2029

TO BE PUBLISHED : Jun 2023 | Pages : 144

Up to $350 off Prebook this report

THE ASIA PACIFIC ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 941.1 THOUSAND UNITS IN 2022 AND IS EXPECTED TO REACH 1,315.5 THOUSAND UNITS BY 2029, GROWING AT A CAGR OF 4.90% FROM 2022-2029

Asia Pacific Elevator and Escalator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization (In Billion)
  • Maintenance (In Billion)

Asia Pacific Elevator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

Asia Pacific Escalator Market Size by Volume  

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

Asia Pacific Elevator and Escalator Size, Share, & Trends Analysis Report by 

Elevator Market Segmentation

  • Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
  • Carriage Type: Passenger and Freight 
  • Capacity:2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above 
  • End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)

Escalator Market Segmentation

  • Product Type: Parallel, Multi Parallel, Walkway, and Crisscross
  • End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2023-2029

Prebook Tag
Licence Types What are these?
10 % OFF

Save 10% on this report.
Discount already applied

GET ACTIONABLE INSIGHTS ON HOW COVID-19 IS IMPACTING YOUR BUSINESS
Enquire Now Download Free Sample

Most Exhaustive Report

icon-pages

144 Pages

icon-table

12 Tables

icon-chart

12 Charts

icon-region

1 Regions

icon-country

1 Countries

icon-company

26 Companies

icon-market

6 Market Segment

ASIA PACIFIC ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE BY NEW INSTALLATIONS (2029) 1,315.5 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2022) 941.1 thousand units
CAGR (2022-2029) 4.90%
MARKET SIZE BY INSTALLED BASE (2029) 10,993.7 thousand units
MARKET SIZE BY MODERNIZATION (2022) USD 20 Billion
BASE YEAR 2022
FORECAST YEAR 2023-2029
SEGMENTATION BY CARRIAGE TYPE Passenger and Freight
SEGMENTATION BY CAPACITY 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USER Commercial, Residential, Industrial, and Others
SEGMENTATION BY TYPE Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

INDUSTRY OUTLOOK

Asia Pacific elevator and escalator market size by new installations accounted for 941.1 thousand units in 2022, which is expected to reach 1,315.5 thousand units by 2029 growing at a CAGR of 4.90% during the forecast period. Increasing government investment towards green buildings, adopting the latest construction technologies, and rising High Net worth Individuals in Asian Countries are demand drivers for the Asia Pacific elevator and escalator market.

By the installed base, the Asia Pacific elevator market is expected to reach 8,571.5 thousand units by 2029. The growing focus on high-rise construction or skyscraper infrastructure led to certain innovations by the OEMs, from carbon-fiber cables to magnetic systems that would allow elevators to move sideways, opening new options in big building design. Japan Plans for Supertall Wooden Skyscraper in Tokyo, which is expected to be completed by 2041 at 1,148 feet tall.

KEY HIGHLIGHTS

  • The increasing HNWIs continued to attract MNEs and their investments to the region. Singapore established the Southeast Asia Manufacturing Alliance in February 2021 to entice manufacturers to invest in Singapore and other ASEAN nations. The Economic Development Board (EDB), Enterprise Singapore, and several manufacturers in the business sector are allies in the partnership.
  • Hitachi and Nissan Motor had experimented with harnessing energy from mini-EV(Nissan Sakura) to power an elevator in a six-story building in Japan. Concerning this, a 20 KW hour battery was connected to the building using a special adapter developed by Hitachi Building Systems. This experiment had been succeeded for nearly 15 hours, and around 416 times, the elevator could move up and down. Hitachi building systems aim to provide the system to apartment buildings in April 2023; for continuous operation of elevators during power outages, these systems are viable.
  • At the national level in China, GB/T 24476-2017 is a recommended regulation that outlines the use of IoT for elevators and escalators. Furthermore, provincial government regulations are established to be put into place in various cities like Shanghai, Hangzhou, or Shenzhen. These regulations offer a series of more specific and extensive facts about the kind of data and services one wants to obtain from lifts using the IoT. In certain instances, this legislation is starting to turn obligatory.
  • Demand for elevators and escalators will be fueled by Korea's National Strategic Smart Cities Program, which aims to service 70 cities by 2030, cover 60% of the country's population by 2040, and support the world's most efficient smart city program. Such projects will support the Asia Pacific elevator and escalator market growth.
  • There are 731 smart city projects in India worth INR 46,366 crore which have been approved. Implementation has been initiated in 49 (6.7%) projects, with 24 (3.3%) completion. The rising popularity of smart and intelligent elevators with smart access control, innovative and sophisticated security systems, and improved elevator hardware and software technologies will fuel future growth.

Affordable Housing Schmes and Ascending Ultra High Net Worth Individuals to Hike Elevator Demand

  • Thailand's National Housing Authority (NHA) will provide financial assistance to about one-third of the targeted group of 2.27 million households (approximately 650,000) that cannot access housing financing from regular financial institutions. During the next five years (2022–2026), the NHA plans to raise B134 billion (about USD 4 billion) to fund 16 national projects.
  • Hyundai Elevator agreed with LG Electronics for Robotic Synchronization and Smart Building Solution Supply in August 2021. This will enable it to expand its elevator market through home networks applied with IoT, AI, contactless technologies, and connections with automatic driving robots.
  • High-net-worth individuals (HNWIs) have been rising in Asian countries in recent years, likely impacting the real estate sector landscape since these individuals invest in luxury properties. The home lift industry has been a lucrative and booming business in Asia over the last few years, with a growing wealthy population seeking both luxury and comfort for their homes, driving the demand for luxury products such as home lifts and contributing to the Asia Pacific elevator and escalator market.
  • Tengah, a smart and sustainable town in Western Singapore, was developed by the Housing & Development Board (HDB), with roughly 42,000 additional housing units spread across five residential districts. With the first apartments scheduled to be finished in 2023, more than 70% of housing units will be accessible through the HDB on long-term leases.

Green Building and Certifications in the Building sector lead to adopting Energy Efficient Vertical transportation installations in the Asia Pacific Elevator And Escalator Market.

  • Adopting green building strategies and obtaining green certifications have been crucial in the building sector. These green certifications mandate the region's adoption of green or energy-efficient elevators. Furthermore, this leads to reducing of carbon emissions in the building sector. New regulations in China require that 70% of new urban buildings be certified green buildings by 2022. Major municipalities, including Shanghai, Beijing, and Shenzhen, plan to exceed that goal, requiring all new commercial buildings to be green. This also includes plans to renovate schools, hospitals, and public buildings to be more energy efficient.
  • Under the 12th Malaysia Plan, 13 urban renewal projects have been authorized (12MP). Under the Ministry of Natural Resources and Urban Development, all of these projects are at varying levels of planning and execution. Increasing competition among township developers in Malaysia and their major focus on increasing property value has pushed them towards undertaking various multifunctional development projects in residential, commercial, institutional, and healthcare facilities.
  • In 2025, Osaka will host high-profile events such as the G20 and the World Expo. As a result of the city's popularity as a tourist destination, Kansai Airport announced a USD 911 million expansion to enhance its facilities and increase capacity. In contrast, hotel and restaurant building increased six-fold. The addition of a direct train link between Umekita and Kansai Airport has increased demand for vertical transportation equipment.

Elevators Over Their Average Life Expectancy to Create Demand for Maintenance and Upgradation of Components in the Asia Pacific Elevator And Escalator Market

  • The Ministry of Construction of Vietnam issued Circular 03/2021/TT-BXD, establishing national standards for apartment buildings due to numerous major accidents using lifts in apartment complexes. By July 2021, there will be more specifications for lifts in residential buildings.
  • The Malaysian context can be adjusted with a similar creative approach. Some nations, like Malaysia, also promoted the elderly using elevators rather than escalators. It was witnessed that elderly people were responsible for 30% of accidents on moving walkways, escalators, and elevators.
  • In 2019, Hitachi introduced an advanced lift remote monitoring and maintenance service in Singapore, providing real-time operational data about the lifts and implementation of preventive maintenance.
  • Fire and Rescue NSW data shows elevator rescue numbers have risen 80% since 2014. One thousand six hundred twenty people across New South Wales were rescued from elevators in 2018. This is a sign that elevators need to undergo regular maintenance to avoid accidents.
  • In October 2021, a quake of a magnitude of 5 on the Japanese seismic intensity scale struck Tokyo's 23 wards, the first time the Japanese capital has been struck so strongly in the 10.5 years since the Great East Japan Earthquake. Around 78,000 elevators were affected. Since this earthquake struck at night, only 25 people were trapped inside.
  • According to major elevator manufacturer KONE, China will comprise half of the global service industry by 2025. Since the country has the largest installed base and most of the equipment might either reach its service life or have gone through wear and tear.

VENDOR LANDSCAPE

  • Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the Asia Pacific elevator and escalator market, with a share of over 55%.
  • Schindler is among 67 businesses operating in New South Wales to have obtained a silver partnership in the NSW Sustainability Advantage Program, which aims to help organizations achieve performance and improve their environmental approach.
  • Mitsubishi Elevator Singapore PTe equips employees with the necessary skills and knowledge to provide safe people transportation systems in public and private housing and commercial complexes by establishing a new technical training center and strategic alliances with the Institute of Technical Education and the Building & Construction Authority.
  • In January 2022, KONE announced to equip metro line S1 in Suzhou, China, with 30 KONE Monospace elevators and 141 KONE Transit Master escalators. In addition, the contract includes eight years of standard maintenance for the elevators and 13 years for the escalators.
  • The Otis production site in Korea is the newest factory to receive ISO14001 certification. More than 90% of companies' factories have achieved this accreditation by meeting international criteria. Otis set some lofty long-term ESG goals earlier this year, including having all its factories achieve ISO 14001 accreditation by 2025.

Frequently Asked Questions

How big is the Asia Pacific elevator and escalator market?

The Asia Pacific elevator and escalator market size by new installations accounted for 941.1 thousand units in 2022 and is expected to reach 1,315.5 thousand units by 2029.

What will be the growth rate of the Asia Pacific elevator and escalator market?

The Asia Pacific elevator and escalator market share by new installations is expected to grow at a CAGR of 4.90% during the forecast period (2023-2029).

What will be the number of installed bases in the Asia Pacific elevator and escalator market in 2029?

The number of installed bases in the Asia Pacific elevator and escalator market accounts for approximately 10,993.7 thousand units in 2029

What are the key opportunities in the Asia Pacific elevator and escalator market?

The key opportunities in the Asia Pacific elevator and escalator market are the transformation of the construction sector to provide opportunities for the vertical transportation industry, building information modeling & transforming the pace of the elevator market, digitization enhancing lucrative demand for smart elevators, and green certifications stimulating pave the way for energy-efficient elevators.

Which are the key players in the Asia Pacific elevator and escalator market?

The key players in the Asia Pacific elevator and escalator market are Otis, KONE, Schindler, Hitachi, TK Elevator, Mitsubishi Electric, Fujitec, and Hyundai Elevator.

Download Free Sample

The Asia Pacific elevator and escalator market size by new installations was estimated at 941.1 thousand units in 2022 and is expected to reach 1,315.5 thousand units by 2029, growing at a CAGR of 4.90% during the forecast period (2023-2029).

The following factors are likely to contribute to the growth of the Asia Pacific elevator and escalator market during the forecast period:

  • Rising Building Permits to Drive New Installations and Modernization Market in Asia Pacific Countries
  • Affordable Housing Schemes to Ascent the Demand for New Installations
  • Ensuring Accessibility of the Disabled to Mandate Installation of Home Elevators
  • High-Net-Worth Individuals on Surge in Asian Countries

Base Year: 2022

Forecast Year: 2023-2029

The report considers the present scenario of the Asia Pacific elevator and escalator market and market dynamics from 2023 to 2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of the Asia Pacific elevator & escalator market.

Key Vendors

  • Otis
  • KONE
  • Schindler
  • Hitachi
  • TK Elevator
  • Mitsubishi Electric
  • Fujitec
  • Hyundai Elevator

Other Prominent Vendors

  • Shanghai SANEI Elevator Co., Ltd. 
  • SANYO YUSOKI KOGYO
  • Johnson Lifts Pvt. Ltd. 
  • Cibes Lift Group
  • Kalea Lifts
  • Wittur Elevator Components
  • Toshiba Elevator and Building Systems Corporation (TELC)
  • Sigma Elevators
  • HANDOK ELEVATOR Co., Ltd
  • Stannah Lifts Holdings Ltd
  • HM Elevator
  • Japan Fuji International
  • Hualong Elevator Co., ltd.
  • SJEC
  • Analogue Holdings Limited
  • SUZHOU JIUDE ELECTRICAL AND MECHANICAL TECHNOLOGY CO., LTD.
  • Shenyang Yuanda Intellectual Industry Group Co., Ltd
  • IFE Elevators

Elevator Market Segmentation by

Machine Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others 
    • Climbing
    • Elevators
    • Industrial Elevators

Carriage Type

  • Passenger
  • Freight 

Capacity

  • 2-15 Persons
  • 16-24 Persons
  • 25-33 Persons
  • 34 Persons and Above 

End-User

  • Commercial
  • Residential
  • Industrial
  • Others 
    • Public Transit
    • Institutional
    • Infrastructural

Escalator Market Segmentation by

Product Type

  • Parallel
  • Multi Parallel
  • Walkway
  • Crisscross

End-User

  • Public Transit
  • Commercial
  • Others
    • Institutional Sector
    • Infrastructure
    • Industrial

For more details, please reach us at enquiry@arizton.com

For more details, please reach us at enquiry@arizton.com

Select a license type that suits your business needs

single-user Single User Licence
$2250.00
  • Report accessible by one user only
  • Free 10% or 3 days of customization
  • Free post-sale service assistance
  • Continuous support through email
Best Value Tag
5-user 5 User Licence
$2700.00
  • Report accessible by 5 users within the organization
  • Free 15% or 4.5 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
corporate.png Corporate Licence
$3150.00
  • Free Datasheet worth $1500
  • Report accessible by the entire organization
  • Free 20% or 6 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Direct access to lead analysts
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
datasheet.png Datasheet Licence
$1800.00
  • Report accessible by 1 user only
  • Free 15% or 32 hours of customization
  • Free post-sale service assistance
  • Direct access to lead analysts

Our Clients

Prebook Tag
Licence Types What are these?
10 % OFF

Save 10% on this report.
Discount already applied

Interested in data center portfolio for this report?
Click here

Our Clients Speak

erick

"The report by Arizton was spot on. It not only gave us insight into the pro audio market, we used it to raise funds for our company. The data proved (to the VC we pitched to) that the market was large enough for our company to not only survive but also grow."

Erik Young
CEO, Co-founder
Audink Inc., DBA Audios
SPEAK WITH OUR ANALYST

Want to know more about the report or any specific requirement?

Click to Email +1-312-235-2040

Want to Customize the Report?

Click Here

Why Arizton?

  • 100% Customer Satisfaction
  • 24x7 availability – we are always there when you need us
  • 200+ Fortune 500 Companies trust Arizton's report
  • 80% of our reports are exclusive and first in the industry
  • 100% more data and analysis
  • 1000+ reports published till date