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

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144 Pages

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12 Tables

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12 Charts

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1 Regions

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11 Countries

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26 Companies

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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.

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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
  1. Introduction
    • Market Scope
    • Market Snapshot of Elevators
    • Market Snapshot of Escalators
    • Executive Summary
  2. Asia Pacific Elevators Market
    • Future Outlook -Asia Pacific Elevator Market By Volume
    • Asia Pacific Escalators Market- By Segments
      • Asia Pacific Escalators Market, By Volume
        • Asia Pacific Escalators Market Size and Forecast, Volume (Units in Thousand), 2020–2029
      • Asia Pacific Elevators Market, By Type
        • Hydraulic and Pneumatic , Market Size and Forecast, Volume (Units),2020–2029
        • Machine Room Traction, Market Size and Forecast, Volume (Units), 2020–2029
        • Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2020–2029
        • Others, Market Size and Forecast, Volume (Units), 2020–2029
      • Asia Pacific Elevators & Escalators Market by Carriage Type
        • Passenger, Market Size and Forecast, Volume (Units), 2020–2029
        • Freight, Market Size and Forecast, Volume (Units), 2020–2029
      • Asia Pacific Elevators Market by Persons
        • 2-15 Persons, Market Size and Forecast, Volume (Units), 2020–2029
        • 16-24 Persons, Market Size and Forecast, Volume (Units), 2020–2029
        • 25-33 Persons, Market Size and Forecast, Volume (Units), 2020–2029
        • 34 Persons and Above, Market Size and Forecast, Volume (Units), 2020–2029
      • Asia Pacific Elevators Market by End Users
        • Commercial, Market Size and Forecast, Volume (Units), 2020–2029​
        • Residential, Market Size and Forecast, Volume (Units), 2020–2029​
        • Industrial, Market Size and Forecast, Volume (Units), 2020–2029​
        • Others, Market Size and Forecast, Volume (Units), 2020–2029
  1. Asia Pacific Escalators Market
    • Future Outlook - Asia Pacific Escalators Market by Volume
    • Asia Pacific Escalators Market- By Segments
      • Asia Pacific Escalators Market, By Volume
        • Asia Pacific Escalators Market Size and Forecast, Volume (Units), 2020–2029
      • Asia Pacific Escalator Market by Type
        • Parallel, Market Size and Forecast, Volume (Units), 2020–2029
        • Multi-parallel, Market Size and Forecast, Volume (Units), 2020–2029
        • Walkway, Market Size and Forecast, Volume (Units), 2020–2029
        • Crisscross, Market Size and Forecast, Volume (Units), 2020–2029
      • Asia Pacific Escalator Market by End users
        • Commercial, Market Size and Forecast, Volume (Units), 2020–2029
        • Public Transit, Market Size and Forecast, Volume (Units), 2020–2029
        • Others, Market Size and Forecast, Volume (Units), 2020–2029
  1. Asia Pacific Elevators &Escalators Market, By Service (Maintenance & Modernization)
  2. Geographical Analysis
    • Key Economic countries in Asia Pacific
  3. Market Dynamics
    • Market Drivers, Opportunities, Restraints, Trends
  4. Technological Development
  5. Competitive Landscape
    • Company Profile of Major Vendors
    • Other Prominent vendors
  6. Report Summary
    • List of Abbreviations
  7. Appendix (Report Scope & Definition)
    • Research Methodology
    • Market Definition, Inclusion & Exclusion
  1. Asia Pacific Elevator & Escalator Installed Base by Volume 2020-2029 (Units)
  2. Asia Pacific Elevator & Escalator New Installations by Volume 2020-2029 (Units)
  3. Market Share 2022: Maintenance
  4. Market Share 2022: Modernization
  5. Asia Pacific Installed Base: Volume (Units in Thousands)
  6. Asia Pacific New Installations: Volume (Units in Thousands)
  7. New Installation Market by Region-2022
  8. Maintenance and Modernization Market by Region -2022
  9. Installed base of elevators by volume (units in thousands)
  10. New Installations of elevators by volume (units in thousands)
  11. Maintenance & Modernization Value($Million)
  12. Maintenance & Modernization 2022(%)
  13. Installed base of escalators by volume (units in thousand)
  14. New Installations of escalators by volume (units in thousand)
  15. Maintenance & Modernization Value($Million)
  16. Maintenance & Modernization 2022(%)
  17. Installed base and New installations of Elevators (Units)
  18. New Installations of Elevators (Units)
  19. Average Life Expectancy Of Elevator Components
  20. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
  21. Machine Room less Traction Elevators Installed base and New Installations (Units)
  22. Machine Room Traction Elevators Installed base and New Installations (Units)
  23. Others Machine Elevators Installed base and New Installation (Units)
  24. Installed base and new installations of Passenger Elevators (Units)
  25. Installed base and new installations of Freight Elevators (Units)
  26. Installed base and new installations of 2–15 persons elevators (Units)
  27. Installed base and new installations of 16-24 persons elevators (Units)
  28. Installed base and new installations of 25-33 persons elevators (Units)
  29. Installed base and new installations of 34 persons and above elevators (Units)
  30. Installed base and new installations of Commercial Elevators (Units)
  31. Installed base and new installations of Residential Elevators (Units)
  32. Installed base and new installations of Industrial Elevators (Units)
  33. Installed base and new installations of other end-user Elevators (units)
  34. Installed base and new installations of escalators (Units)
  35. New installations of escalators (Units)
  36. Installed base and new installations of Parallel Escalators (Units)
  37. Installed base and new installations of Multi parallel Escalators (Units)
  38. Installed base and new installations of Moving Walkway Escalators (Units)
  39. Installed base and new installations of Criss cross Escalators (units)
  40. Installed base and new installations of Public Transit Escalators (Units)
  41. Installed base and new installations of Commercial Escalators (Units)
  42. Installed base and new installations of Other End user Escalators (units)
  43. Asia Pacific Elevators & Escalators Maintenance Market ($ Bn)
  44. Elevator and Escalator Accidents in South Korea
  45. Asia Pacific Elevators & Escalators Modernization Market ($ Bn)
  46. Percentage of Age of Building by Type in South Korea -2020
  47. Percentage of 30+ year buildings by Provinces in South Korea -2020
  48. Elevators and Escalators Market: Geographic Analysis
  49. Elevator and Escalator Statistics by Country -2022
  50. Elevator: China Installed base and New Installation (Units)
  51. Escalator: China Installed base and New Installation (Units)
  52. Elevator: India Installed base and New Installation (Units)
  53. Escalator: India Installed base and New Installation (Units)
  54. Elevators New Installation By Top Cities in 2020(% Share)
  55. Escalators New Installation by Top Cities in 2020( %Share)
  56. Elevator: Japan Installed base and New Installation (Units)
  57. Escalator: Japan Installed base and New Installation (Units)
  58. % Dwellings Approvals in Australia by Region 2022
  59. Elevator: Australia Installed base and New Installation (Units)
  60. Escalator: Australia Installed base and New Installation (Units)
  61. New Installation Market Share by Company: South Korea
  62. New Installation Market Bifurcated by Company 2021(units)
  63. New Installation Elevator Market Share by City -2021
  64. New Installation Escalator Market Share by City -2021
  65. Elevator: South Korea Installed base and New Installation (Units)
  66. Escalator: South Korea Installed base and New Installation (Units)
  67. Elevator: Vietnam Installed base and New Installation (Units)
  68. Escalator: Vietnam Installed base and New Installation (Units)
  69. Elevator: Thailand Installed base and New Installation (Units)
  70. Escalator: Thailand Installed base and New Installation (Units)
  71. Elevator: Indonesia Installed base and New Installation (Units)
  72. Escalator: Indonesia Installed base and New Installation (Units)
  73. Singapore: Percentage Share by Type of Dwellings -2022
  74. New Zealand: Percentage Share of Multi-Unit homes for various regions – July 2022
  75. Philippines: Approved Building Permits in Q1 2022
  76. Elevator: Others Installed base and New Installation (Units)
  77. Escalator: Others Installed base and New Installation (Units)
  78. Residential Building Permit on Surge in Asian Countries
  79. Elderly People Living in Private and Other Dwellings in Australia-2017(% Share)
  80. Market share 2020(% share)
  81. Otis total sales 2020-2022($billion)
  82. KONE, total sales by segment 2022(%share)
  83. Schindler, total sales 2017-2022($billion)
  84. Hitachi, Total Sales by Segment 2022(% share)
  85. TKE total sales 2020-2022($billion)
  86. Mitsubishi, total sales by segment2022(%share)
  87. Fujitec net sales 2017-2022($billion) 

LIST OF TABLES

  1. Asian Countries and Skyscrapers
  2. Buildings Under Construction in Asia
  3. By Machine, New Installations, Total Incremental Opportunity, 2022-2029
  4. By Carriage Type, New Installations, Total Incremental Opportunity, 2022-2029
  5. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2022-2029
  6. By End User, New Installations, Total Incremental Opportunity, 2022-2029
  7. By Product, New Installations, Total Incremental Opportunity, 2022-2029
  8. By End User, New Installations, Total Incremental Opportunity, 2022-2029
  9. Asia Pacific Safety Rules for Construction and Installation of Elevators
  10. China: Housing Indicators 2021
  11. Ultra-High Net Worth Individuals (UHNWI) Population & Wealth in Asian Countries -2021
  12. Singapore Steel Bar Price – Monthly
  13. Developments/ projects
  14. Elevators market size & forecast by type (Units)
  15. Elevators by Carriage Type Market Size & Forecast (Units)
  16. Elevators market size & forecast by persons (Units)
  17. Elevators by End-Users Market Size & Forecast (Units)
  18. Escalators market size & forecast by type (Units)
  19. Escalators market size & forecast by end users (Units)
  20. List of abbreviations

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