PUBLISHED DATE : Nov 2022 | Pages : 104
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South Korea Elevator and Escalator Market Size (Volume)
South Korea Elevator Market Size (Volume)
South Korea Escalator Market Size by Volume
South Korea Elevator And Escalator Size, Share, & Trends Analysis Report by
Elevator Market Segmentation
Escalator Market Segmentation
The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast 2022-2028
104 Pages
18 Tables
62 Charts
1 Regions
1 Countries
11 Companies
6 Market Segment
| Report Attribute | Details |
|---|---|
| MARKET SIZE BY NEW INSTALLATIONS (2028) | 69.4 thousand units |
| MARKET SIZE BY NEW INSTALLATIONS (2021) | 51.2 thousand units |
| CAGR (2022-2028) | 4.42% |
| MARKET SIZE BY INSTALLED BASE (2028) | 1.1 thousand units |
| MARKET SIZE BY MODERNIZATION (2028) | USD 1.8 Billion |
| BASE YEAR | 2021 |
| FORECAST YEAR | 2022-2028 |
| MARKET SEGMENTATION BY CARRAIGE TYPE | Passenger and Freight |
| MARKET SEGMENTATION BY CAPACITY | 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above |
| MARKET SEGMENTATION BY END-USER | Commercial, Residential, Industrial, and Others |
| MARKET SEGMENTATION BY TYPE | Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others |
The South Korea elevator and escalator market by new installations accounted for 51.2 thousand units in 2021, which is expected to reach 69.4 thousand units by 2028 growing at a CAGR of 4.42% during the forecast period (2022-2028). Increased urbanization, rising demand for high-rise structures, and the government's focus on infrastructure in key economic cities have propelled South Korea Elevator & Escalator business to new heights.
The South Korea elevator market by the installed base is expected to reach 1 million units by 2028. The government representatives signed an agreement to boost the number of smart domestic factories, intending to have 30,000 such facilities operational nationally by 2022. By 2030, 2,000 new AI-powered smart factories are expected to be built to keep up with the Fourth Industrial Revolution's rapid advancements in automation and full digitalization. Further, the South Korea escalator market by the installed base is expected to grow at a CAGR of 5.16%. In 2021, escalators used in the commercial sector accounted for the largest share of around 52% due to the surge in smart city projects and other infrastructure development projects in the pipeline.
In the country, Digital Edge intends to expand its business substantially. Through a business partnership with local developer SK Ecoplant, the corporation will construct a 120-megawatt facility in Bupyeong-gu, Incheon. The project will start its first construction phase in 2022, and the site is anticipated to be ready for use by 2024. In 2021, Digital Edge purchased two locations from Sejong Telcom, one each in Seoul and Busan. Also, according to the Korea Elevator Safety Agency, the freight elevators increased significantly from 2020 to 2021, around 28%. With global supply chain issues, South Korea intends to set up manufacturing plants across the country, leading to increased manufacturing and industrial structures.
Government Focus on Increasing the Housing Supply In South Korea To Boost Demand For The Installation of Elevators
Government's Efforts to Expand Infrastructure Across Nation To Increase Demand For New Installations
Increasing Older Buildings and Adoption of New Technologies to Create Demand For Maintenance And Modernization of Elevators And Escalators
Frequently Asked Questions
How big is the South Korea elevator and escalator market?
The South Korea elevator and escalator market size by new installations accounted for 51,283 thousand units in 2021 and is expected to reach 69,401 thousand units by 2028.
How many elevators and escalators were installed in South Korea in 2021?
818.4 thousand units of elevators and escalators were installed in South Korea in 2021.
Who are the key companies in the South Korea elevator and escalator market?
The key players in the South Korea elevator and escalator market are Hyundai, Otis, TK Elevator, Mitsubishi Electric, Schindler, and Fujitec.
What will be the growth rate of the South Korea elevator and escalator market?
The South Korea elevator and escalator market is expected to grow at a CAGR of 4.42% from 2022 to 2028.
What are the growth factors for the South Korea elevator and escalator market?
The significant contribution to the South Korea elevator and escalator market is made by the increased urbanization, rising demand for high-rise structures, and the government's focus on infrastructure in key economic cities.
The South Korea elevator and escalator market by new installations was estimated at 51,283 units in 2021 and is expected to reach 69,401 units by 2028 growing at a CAGR of 4.42% during the forecast period (2021-2028).
Base Year: 2021
Forecast Year: 2022-2028
The report considers the present scenario of the South Korea elevator and escalator market and market dynamics for 2022−2028. 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 South Korea elevator and escalator market.
Key Vendors
Other Prominent Vendors
Elevator Market Segmentation by
Machine Type
Carriage Type
Capacity
End-User
Escalator Market Segmentation by
Product Type
End-User
1. Introduction
1.1. Market Scope
1.2. Market Snapshot of Elevators
1.3. Market Snapshot of Escalators
1.4. Executive Summary
2. South Korea Elevators Market
2.1. Future Outlook -South Korea Elevator Market By Volume
2.2. South Korea Escalators Market- By Segments
2.2.1. South Korea Escalators Market, By Volume
2.2.1.1. South Korea Escalators Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.2. South Korea Elevators Market, By Type
2.2.1.2.1. Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2019–2028
2.2.1.2.2. Machine Room Traction, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.2.3. Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.2.4. Others, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.3. South Korea Elevators & Escalators Market by Carriage Type
2.2.1.3.1. Passenger, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.3.2. Freight, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.4. South Korea Elevators Market by Persons
2.2.1.4.1. 2-15 Persons, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.4.2. 16-24 Persons, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.4.3. 25-33 Persons, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.4.4. 34 Persons and Above, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.5. South Korea Elevators Market by End Users
2.2.1.5.1. Commercial, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.5.2. Residential, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.5.3. Industrial, Market Size and Forecast, Volume (Units), 2019–2028
2.2.1.5.4. Others, Market Size and Forecast, Volume (Units), 2019–2028
3. South Korea Escalators Market
3.1. Future Outlook - South Korea Escalators Market by Volume
3.2. South Korea Escalators Market- By Segments
3.2.1. South Korea Escalators Market, By Volume
3.2.2. South Korea Escalators Market Size and Forecast, Volume (Units), 2019–2028
3.2.2.1. South Korea Escalator Market by Type
3.2.2.1.1. Parallel, Market Size and Forecast, Volume (Units) , 2019–2028
3.2.2.1.2. Multi-parallel, Market Size and Forecast, Volume (Units) , 2019–2028
3.2.2.1.3. Walkway, Market Size and Forecast, Volume (Units) , 2019–2028
3.2.2.1.4. Crisscross, Market Size and Forecast, Volume (Units) , 2019–2028
3.2.2.2. South Korea Escalator Market by End users
3.2.2.2.1. Commercial, Market Size and Forecast, Volume (Units), 2019–2028
3.2.2.2.2. Public Transit, Market Size and Forecast, Volume (Units), 2019–2028
3.2.2.2.3. Others, Market Size and Forecast, Volume (Units), 2019–2028
4. South Korea Elevators &Escalators Market, By service (Maintenance & Modernization)
5. Geographical Analysis
5.1. Key Economic cities in South Korea
6. Market Dynamics
6.1. Market Drivers, Opportunities, Restraints, Trends
7. Technological Development
8. Competitive Landscape
8.1. Company Profile of major Vendors
8.2. Other Prominent vendors
9. Report Summary
9.1. List of Abbreviation
10. Appendix (Report Scope & Definition)
10.1. Research Methodology
10.2. Market Definition, Inclusion & Exclusion
1. New Installation Elevator Market share by city -2021
2. New Installation Escalator Market share by city -2021
3. South Korea Elevator & Escalator Installed Base by Volume 2018-2028 (Units)
4. South Korea Elevator & Escalator New Installations by Volume 2018-2028 (Units)
5. Market Share 2021: Maintenance
6. Market Share 2021: Modernization
7. Elevators and Escalators Installed Base : Volume (Units in Thousands)
8. Elevators and Escalators New Installations: Volume (Units in Thousands)
9. Global Elevators & Escalators Market: Products & Services 2021: New installations
10. Maintenance market: Global regions vs Asia Pacific Q1 2022
11. Installed base of elevators by volume (units )
12. New Installations of elevators by volume (units )
13. Maintenance & Modernization Value($Million)
14. Maintenance & Modernization 2021(%)
15. Installed base of escalators by volume (units )
16. New Installations of escalators by volume (units )
17. Maintenance & Modernization Value($Million)
18. Maintenance & Modernization 2021(%)
19. Installed base and New installations of Elevators (Units)
20. New Installations of Elevators (Units)
21. New Installation Market share by company
22. New Installation Market bifurcated by company 2021(Units)
23. Elevator Density per 1000 population
24. Percentage share of age of Building by type-2020
25. 30+year buildings by provinces 2020(% share)
26. Average life expectancy of elevator components
27. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
28. Machine Room less Traction Elevators Installed base and New Installations (Units)
29. Machine Room Traction Elevators Installed base and New Installations (Units)
30. Others Machine Elevators Installed base and New Installation (Units)
31. Installed base and new installations of Passenger Elevators (Units)
32. Installed base and new installations of Freight Elevators (Units)
33. Installed base and new installations of 2–15 persons elevators (Units)
34. Installed base and new installations of 16-24 persons elevators (Units)
35. Installed base and new installations of 25-33 persons elevators (Units)
36. Installed base and new installations of 34 persons and above elevators (Units)
37. Installed base and new installations of Commercial Elevators (Units)
38. Installed base and new installations of Residential Elevators (Units)
39. Installed base and new installations of Industrial Elevators (Units)
40. Installed base and new installations of other end-user Elevators (units)
41. Installed base and new installations of escalators (Units)
42. New installations of escalators (Units)
43. Installed base and new installations of Parallel Escalators (Units)
44. Installed base and new installations of Multi parallel Escalators (Units)
45. Installed base and new installations of Moving Walkway Escalators (Units)
46. Installed base and new installations of Criss cross Escalators (units)
47. Installed base and new installations of Public Transit Escalators (Units)
48. Installed base and new installations of Commercial Escalators (Units)
49. Installed base and new installations of Other End user Escalators (units)
50. South Korea Elevators & Escalators Maintenance Market ($ Mn)
51. Elevator and Escalator Accidents in South Korea
52. Maintenance Market Share by Company 2021(%)
53. South Korea Elevators & Escalators Modernization Market ($ Mn)
54. Elevators and Escalators market : Top state share South Korea 2021
55. Percentage share of 65+age population in South Korea
56. Global steel price index
57. Market share 2020(% share)
58. Schindler, total sales 2017-2020($billion)
59. Otis total sales 2019-2021($billion)
60. TKE total sales 2020-2021($billion)
61. Fujitec net sales 2017-2021($billion)
62. Mitsubishi, total sales by segment2020(%share)
LIST OF TABLES
1. Top 10 tall buildings in South Korea
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. By Product, New Installations, Total Incremental Opportunity, 2021-2028
7. By End User, New Installations, Total Incremental Opportunity, 2021-2028
8. Expected life span of components under regular maintenance and if equipment is manufactured by major OEMs
9. Total Housing Stock By Region
10. Housing Construction Permits by Region
11. Developments/ projects
12. Elevators market size & forecast, by type (Units)
13. Elevators by Carriage Type Market Size & Forecast (Units)
14. Elevators market size & forecast, by persons (Units)
15. Elevators by End-Users Market Size & Forecast(Units)
16. Escalators market size & forecast, by type (Units)
17. Escalators market size & forecast, by end users(Units)
18. List of abbreviations
Single User Licence
5 User Licence
Corporate Licence
Datasheet Licence
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