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China Elevator and Escalator - Market Size & Growth Forecast 2022-2028

PUBLISHED DATE : Apr 2022 | Pages : 114

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CHINA ELEVATOR AND ESCALATOR MARKET WAS VALUED AT 677.6 THOUSAND UNITS IN 2021 AND IS EXPECTED TO REACH 982.7 THOUSAND UNITS BY 2028 GROWING AT A CAGR OF 5.45%.

China Elevator and Escalator Market Size (Volume)

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

China Elevator Market Size (Volume)

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

China Escalator Market Size (Volume)

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

The China elevator and escalator market research report includes in-depth coverage of industry analysis with volume and forecast insights for the following:

  • Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
  • Carriage Type: Passenger and Freight
  • Capacity: 16-24 Persons, 25-33 Persons, and 34 Persons and Above
  • End-User: Commercial, Residential, Industrial and Others

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2028.

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Most Exhaustive Report

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114 Pages

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12 Tables

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73 Charts

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1 Regions

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1 Countries

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15 Companies

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4 Market Segment

CHINA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute Details
ELEVATORS & ESCALATORS MARKET SIZE - NEW INSTALLATION (2021) 677 THOUSAND UNITS
ELEVATORS & ESCALATORS MARKET SIZE - NEW INSTALLATION (2028) 982.7 THOUSAND UNITS
ELEVATORS & ESCALATORS MARKET SIZE - INSTALLED BASE (2028) 7382 THOUSAND UNITS
CAGR (2022-2028) 5.45%
ELEVATOR & ESCALATOR MARKET SIZE - MORDERNIZATION (2028) USD 20.3 BILLION (2028)
HISTORIC YEAR 2019-2020
BASE YEAR 2021
END-USER Commercial, Residential, Industrial and Others
MACHINE TYPE Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
CARRAIGE TYPE Passenger and Freight
CAPACITY Persons (16-24 Persons, 25-33 Persons, and 34 Persons and Above)

MARKET INSIGHTS

China Elevator and Escalator market by new installations sales were 677.6 thousand units in 2021, which is expected to reach 982.7 thousand units by 2028 growing at a CAGR of 5.45% during the forecast period (2022-2028). The absence of elevators in old residential buildings and the renovation of aging infrastructure offer lucrative growth for China's elevator and escalator market.

China Elevators Market

KEY HIGHLIGHTS IN THE REPORT

  • In 2019, over 82% of all elevators installed in China were less than or equal to ten years old. 
  • According to KONE, by 2025, 65% of all elevators installed would be less than ten years old, resulting in increased demand for new installations of elevators.
  • According to the World Economic Forum, more than 500 smart cities are built around China. For instance, the Cloud Valley project launched in April 2021 with a 13 million square feet area that uses Wi-Fi-connected devices and sensors to gather data on everything from people's food habits to pollution.
  • China remains a net exporter despite increasing domestic demand. China accounted for 63% of the total elevator new installations market in 2020, followed by Europe, Middle East & Africa.
  • Major regions in terms of residential development plus new rail lines & subways are three urban mega-clusters with a lot of growth in the satellite cities around the Beijing-Hebei region and the regions around Shanghai and the Pearl River Delta. Most Chinese provinces still have a very low elevator & escalator density ratio, including several relatively wealthy areas with dense populations. Hence, the pacing regions offer scope for overall density growth in the country.

REPORT COVERAGE 

Largest New Installations Market

  • The COVID-19 outbreak has slowed the construction development in China, but the sector has shown signs of a slow recovery since May 2020. According to the International Trade Administration, China is the world's largest construction market, with the industry forecasted to grow at an annual average of 5.2% between 2021 and 2029. This will eventually translate into increasing new installations for elevators & escalators.
  • China continues to lead the global recovery from the adverse economic effects of COVID-19. The business environment for foreign firms in China is also improving. As a result, foreign multinationals are doubling down on their investments in China, establishing thousands of new businesses, and expanding existing ones.
  • While globally, FDI fell by about a fifth last year, China's inward direct investment increased by more than 10% to USD 212 billion. As a result, China will account for 1/4th of the global FDI in 2020, almost twice its share in 2019.
  • Per the World Bank Group's 2020 Doing Business report, China was 31st of 190 nations, a significant increase from its ranking of 46th in 2019.
  • The country's continued urbanization and expansion of the commercial sector are anticipated to drive the China elevator and escalator market growth over the next five years. The government is projected to strengthen policies regulating real estate over the next five years. Consequently, property prices are forecast to become more affordable, and land distribution will likely be more balanced.
  • Technology adoption, such as smart elevators connected to the internet, is becoming widespread. Elevator suppliers have already begun installing them in smart buildings.
  • As high-rise buildings grow, so does the demand for the construction of new elevators and escalators. However, The National Development and Reform Commission of China has issued new guidelines prohibiting the approval of any new buildings taller than 500 meters (1,640 feet) and rigorously limiting buildings taller than 250 meters (820 feet) will impact the elevator and escalator market.

Chine Escalator Market

Expanding Transport Infrastructure & Commercial Construction to hike Escalators demand

  • In 2019, China approved 26 infrastructure projects with an expected investment of USD 142 billion. Rail projects in Kunming, Chongqing, Zhengzhou, Chengdu, Xian, and the expansion of Xianyang International Airport will help boost the elevator and escalator market.
  • China's 31 provinces, municipalities, and autonomous regions announced major infrastructure investment plans over the next 5-7 years, totaling USD 6.6 trillion and including 24,515 projects, with transportation projects accounting for almost 25% of the total.
  • Because of rising passenger, freight demand, and urbanization, the government plans to increase infrastructure spending from 61% in 2019 to 70% to 75% by 2035. Over the forecast period, the infrastructure investments in the transportation sector (including intercity rail and high-speed rail, highways, and passenger airports) are expected to increase.
  • China's government is focusing on improving infrastructure by investing USD 573 billion and approving various projects, which will also support the increase in the sale of Elevators & escalators equipment.
  • The government has already issued 97% of the funds (USD 555.81) and announced several projects, including a 19,000-kilometer railway expansion, with 12,000 kilometers of high-speed rail, a 302,000-kilometer public road expansion with 29 thousand kilometers of expressways, the construction of at least 29 new passenger airports, and a 3,400-kilometer development of urban transit rail operating mileage.
  • These projects also include access rail links to coastal ports to at least 70% and airport hubs to at least 80% and increase express delivery access to rural villages to at least 90%.
  • Projects such as Liuzhou-Wuzhou Railway Line (USD 4,793 million), Zengcheng-Foshan Expressway (USD 2,376 million), etc., are expected to surge the demand for Elevators & Escalators.

Residential Construction to Boost Demand for Elevators

  • Due to rapid urbanization, the demand for housing is bound to increase over the forecast period. Governmental initiatives of collaborating with financial institutions to roll out a rent-to-own program are one of the driving forces in demand for housing in the future.
  • The government started a "build, reconstruct, renovate, and revitalize" program to support lower-income class buyers. Government plans to build 300,000 affordable rental homes by 2025, with around 60,000 completed by 2022. The China government allocated USD 23.6 billion for housing development in the 2021 budget plan.

Increased New Installations

  • Despite the infrastructure investment push by the Government, China is currently showing low new construction starts and a poor real estate investment outlook, as is witnessed by new residential property prices that declined by 0.08% in September 2021. However, aged buildings will witness new installations resulting due to replacement of old elevators or through Government policies insuring old buildings (with the absence of elevators) to get new installations for the safety of the residents
  • China's government rolled out policies in 2017 to give preference to installing elevators in older housing developments and residential buildings. In October 2019, Anju Community in Qinhuangdao focused on renovation as a part of the city's plan to renovate residential areas. People only paid for window renovation costs, while government subsidies covered the rest. In addition, with the subsidies family saved 30% of the price of these windows. More than 330 old residential areas in Qinhuangdao have been renovated, benefiting over 150,000 households.

Maintenance & Modernization

  • The high number of old buildings in China entails maintenance & modernization of the equipment to ensure safety. Less focus of OEMs on services, and therefore China Market is dominated by a lot of small independent competitors.
  • The long-term growth potential of the market in China is driven by regulations and the upside of conversions ratios of OEMs. 

VENDOR LANDSCAPE

China Escalator & Elevators Market

  • The key players in China Elevator & Escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, Fujitec, and CANNY Elevator Co.
  • KONE, Otis, Mitsubishi Electric, and Hitachi are market leaders, accounting for nearly ~57% of the overall China elevator and escalator market share in 2021.
  • The market is fragmented in China as both the big OEMs and smaller competitors are active.
  • In 2020, large OEMs such as Kone, Hitachi, and Schneider's sales accounted for two-thirds of the elevator service market and one-third of the new equipment market.

China Elevator and Escalator - Market Size & Growth Forecast 2022-2028

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Frequently Asked Questions

HOW BIG IS THE CHINA ELEVATOR AND ESCALATOR MARKET?

China Elevator & Escalator market by new installations sales were 677.6 thousand units in 2021, which is expected to reach 982 thousand units by 2028.

WHAT ARE THE GROWTH FACTORS DRIVING THE ELEVATOR AND ESCALATOR MARKET IN CHINA?

Rising Urbanization and infrastructural activities, the demand of the elderly population, and the increasing demand for smart elevators are the major growth factors driving the elevators & escalators market in China.

WHO ARE THE KEY COMPANIES IN THE CHINA ELEVATOR AND ESCALATOR MARKET?

Key companies include KONE, Mitsubishi Electric, TK Elevator, Hitachi, Hyundai Elevator, Otis, Fujitec, Schindler, and CANNY Elevator Co., Ltd.

HOW MANY ELEVATORS AND ESCALATORS HAVE BEEN INSTALLED IN CHINA?

Around 5 thousand units of elevators and escalators have been installed in 2021 across China.

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China is home to nearly 30 metros, including four among the ten busiest systems in the world. Seven more metros are under construction, and 18 are in the planning stages. Shanghai and Beijing's metro systems, each spanning more than 500 km, are the longest and second-longest. All these developments are likely to boost the market of escalators in the public transit segment.

Base Year: 2021

Forecast Year: 2022-2027

Scope: The report considers the present scenario of the China elevators & escalators market and market dynamics for the forecast period 2022−2028. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the UAE construction equipment market.

Key Vendors

  • KONE
  • Mitsubishi Electric
  • TK Elevator
  • Hitachi
  • Hyundai Elevator
  • Otis
  • Fujitec
  • Schindler
  • CANNY Elevator Co., Ltd. 

Other Prominent Vendors

  • Kunshan Hualong Elevator
  • SJEC
  • Analogue Holdings (ATAL)
  • SUZHOU JIUDE ELECTRICAL & MECHANIC TECHNOLOGY
  • SHENYANG YUANDA INTELLECTUAL INDUSTRY
  • IFE ELEVATORS 

Segmentation by Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others

Segmentation by carriage Type

  • Passenger
  • Freight

Segmentation by Person

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

Segmentation by End-User

  • Commercial
  • Residential
  • Industrial and Others

Section 1 Introduction
• Market Scope

Market Snapshot of Elevators

Market Snapshot of Escalators
• Executive Summary
Section 2 China Elevators Market

Future Outlook: China Elevators Market, By Volume
Section 2.1 China Elevators Market, By Volume

China Elevators Market Size and Forecast, Volume (Units in Thousands)

Section 2.1.1 China Elevators Market- By Segments

2.1.1.1. China Elevators Market, By Type

  • Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units), 2019–2028
  • Machine Room Traction, Market Size and Forecast, Volume (Units), 2019–2028
  • Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019–2028
  • Others, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.2. China Elevators & Escalators Market by Carriage Type

  • Passenger, Market Size and Forecast, Volume (Units), 2019–2028
  • Freight, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.3. China Elevators Market by Persons

  • 2-15 Persons, Market Size and Forecast, Volume (Units), 2019–2028
  • 16-24 Persons, Market Size and Forecast, Volume (Units), 2019–2028
  • 25-33 Persons, Market Size and Forecast, Volume (Units), 2019–2028
  • 34 Persons and Above, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.4. China Elevators Market by End Users

  • Commercial, Market Size and Forecast, Volume (Units), 2019–2028​
  • Residential, Market Size and Forecast, Volume (Units), 2019–2028​
  • Industrial, Market Size and Forecast, Volume (Units), 2019–2028​
  • Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 3 China Escalators Market

Future Outlook: China Escalators Market, By Volume

Section 3.1 China Escalators Market, By Volume

China Escalators Market Size and Forecast, Volume (Units), 2019–2028

Section 3.1.1 China Escalators Market- By Segments

3.1.1.1 China Escalator Market by Type

  • Parallel, Market Size and Forecast, Volume (Units), 2019–2028
  • Multi-Parallel, Market Size and Forecast, Volume (Units), 2019–2028
  • Walkway, Market Size and Forecast, Volume (Units), 2019–2028
  • Crisscross, Market Size and Forecast, Volume (Units), 2019–2028

3.1.1.2 China Escalator Market by End users

  • Commercial, Market Size and Forecast, Volume (Units), 2019–2028
  • Public Transit, Market Size and Forecast, Volume (Units) , 2019–2028
  • Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 4 China Elevators & Escalators Market, by Service (Maintenance & Modernization)

Section 5 Geographic Analysis

Section 6 Advantages, Policies, Export & Import

Section 7 Market Dynamics

Section 8 Technological Development
Section 9 Competitive Landscape
1. Major Vendors
2. Other Prominent vendors

Section 10 Report Summary

  1. Key Insights
  2. List of Abbreviations

Section 11 Appendix (Definition, Inclusions & Exclusions)
1. Research Methodology
2. Market Definition, Inclusion & Exclusion

LIST OF EXHIBITS

  1. China constitutes largest new installations market in 2021
  2. Exponential infrastructure investments vs emerging markets 2021-2040
  3. China’s increasing elevator density to show promising new installations market
  4. Business mix sales 2021
  5. Elevators & escalators, installed base 2021-2028 (units in TH)
  6. Elevators & escalators, new installations 2021-2028 (units in TH)
  7. Market share 2021, maintenance
  8. Market share 2021, modernization
  9. Total installed base, volume (units in TH)
  10. Total new installations, volume (units in TH)
  11. Global elevator & escalator market, product & service, 2021
  12. Region vs china maintenance market 2021
  13. Elevators installed base, volume (units in TH)
  14. Elevators new installations, volume (units in TH)
  15. Elevators, maintenance & modernization, value ($ billion)
  16. Elevators, maintenance & modernization, 2021 (%)
  17. Elevators - new installations, by machine, 2021 (%)
  18. Elevators - new installations, by capacity (persons), 2021 (%)
  19. Escalators installed base, volume (units in TH)
  20. Escalators new installations, volume (units in TH)
  21. Escalators, maintenance & modernization, value ($ billion)
  22. Escalators, maintenance & modernization, 2021 (%)
  23. Escalators - new installations, by type, 2021 (%)
  24. Escalators - new installations, by end users, 2021 (%)
  25. Elevators installed base and new installations (units in TH)
  26. Elevators new installations (units in TH)
  27. Number of buildings completed in 2020 with a height of 200 m or greater
  28. Age of elevator leads to surge in maintenance and modernization
  29. Average life expectancy of an elevator component
  30. Key focus area
  31. New installation by machine, 2021 vs 2028
  32. Hydraulic & pneumatic elevators, installed base and new installations (units in TH)
  33. Machine room-less traction elevators, installed base and new installations (units in TH)
  34. Machine room traction elevators, installed base and new installations (units in TH)
  35. Other machine elevators, installed base and new installations (units in TH)
  36. Carriage, new installation 2021 vs 2028
  37. Passenger elevators, installed base and new installations (units in TH)
  38. Freight elevators, installed base and new installations (units in TH)
  39. Capacity (persons), new installation 2021 vs 2028
  40. 2-15 persons elevators, installed base and new installations (units in TH)
  41. 16-24 persons elevators, installed base and new installations (units in TH)
  42. 25-33 persons elevators, installed base and new installations (units in TH)
  43. 34 persons and above elevators, installed base and new installations (units in TH)
  44. End user, new installation 2021 vs 2028
  45. China real estate development peaks
  46. Commercial elevators, installed base and new installations (units in TH)
  47. Residential elevators, installed base and new installations (units in TH)
  48. Industrial elevators, installed base and new installations (units in TH)
  49. Other end-user elevators, installed base and new installations (units in TH)
  50. Escalators, installed base and new installations (units in TH)
  51. Escalators, new installations (units in TH)
  52. By product, new installation 2021 vs 2028
  53. Parallel escalators, installed base and new installations (units in TH)
  54. Multi parallel escalators, installed base and new installations (units in TH)
  55. Moving walkways escalators, installed base and new installations (units in TH)
  56. Crisscross escalators, installed base and new installations (units in TH)
  57. By end user, new installation 2021 vs 2028
  58. Public transit escalators, installed base and new installations (units in TH)
  59. Commercial escalators, installed base and new installations (units in TH)
  60. Other end user escalators, installed base and new installations (units in TH)
  61. Maintenance market by elevators & escalators ($ bn)
  62. China maintenance value vs row, 2021
  63. Maintenance market share, units 2018
  64. Modernization market by elevators & escalators ($ bn)
  65. Modernization provides opportunities for upgrading buildings
  66. Increasing investments leads to rise in lower tier cities
  67. Top city cluster share 2021
  68. Chinese urban population 2015-2020 (% of total population)
  69. Sales growth rate of commercial buildings sold
  70. Market share 2020 (% share)
  71. Kone, total sales by segment 2020 (% share)
  72. Mitsubishi electric, total sales by segment 2020 (% share)
  73. Hitachi, total sales by segment 2020 (% share)
  74. Schindler, total sales 2017-2020

LIST OF TABLES

  1. Number of Skyscraper in China
  2. By Machine, New Installations, Total Incremental Opportunity, 2021-2028
  3. By Carriage Type, New Installations, Total Incremental Opportunity, 2021-2028
  4. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2021-2028
  5. By End User, New Installations, Total Incremental Opportunity, 2021-2028
  6. Standard Commercial Lift Sizes
  7. By Product, New Installations, Total Incremental Opportunity, 2021-2028
  8. By End User, New Installations, Total Incremental Opportunity, 2021-2028
  9. Top city cluster share 2021
  10. Increasing infrastructural project in residential and commercial sectors
  11. Real Estate & Construction Investment Policies
  12. Recent developments

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