Southeast Asia Elevator and Escalator Market - Size & Growth Forecast 2024-2029

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7 countries

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THE SOUTHEAST ASIA ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 31.7 THOUSAND UNITS IN 2023 AND IS EXPECTED TO REACH 40.3 THOUSAND UNITS BY 2029, GROWING AT A CAGR OF 4.05% FROM 2023-2029

Southeast Asia Elevator and Escalator Market Size (Volume)

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

Southeast Asia Elevator Market Size (Volume)

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

Southeast Asia Escalator Market Size by Volume

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

Southeast Asia 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)

Geographical Segmentation

  • Region: Vietnam, Thailand, Indonesia, Singapore, Malaysia, Philippines, Cambodia

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2024-2029

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SOUTHEAST ASIA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
MARKET SIZE BY NEW INSTALLATIONS (2029)40.3 Thousand Units
MARKET SIZE BY NEW INSTALLATIONS (2023)31.7 Thousand Units
CAGR (2023-2029)4.05%
MARKET SIZE BY INSTALLED BASE (2029)487.3 Thousand Units
MARKET SIZE BY MODERNIZATION (2023)USD 2 Billion
HISTORIC YEAR2019-2022
BASE YEAR2023
FORECAST YEAR2024-2029
SEGMENTATION BY CARRIAGE TYPEPassenger and Freight
SEGMENTATION BY CAPACITY2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USERCommercial, Residential, Industrial, and Others
SEGMENTATION BY MACHINE TYPEHydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
KEY VENDORSOtis, KONE, Schindler, Hitachi, TK Elevator, Mitsubishi Electric, Fujitec, Hyundai Elevator
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MARKET INSIGHTS

The Southeast Asia elevator and escalator market by new installations accounted for 31.7 thousand units in 2023 and is expected to reach 40.3 thousand units by 2029, growing at a CAGR of 4.05% during the forecast period. Southeast Asian countries are becoming denser due to rising urbanization, which has increased the number of high-rise residential and commercial structures. Moreover, increasing urbanization is a demand driver for the Southeast Asia elevator and escalator market. Moreover, various international vertical transportation industry events are being held in various East Asian and Pacific countries to provide opportunities to companies, manufacturers, and construction enterprises and give them scope to explore various technological and engineering advances.

KEY HIGHLIGHTS

  • In Indonesia, the need for elevators is increasing as more people choose public transportation over other modes of transportation. To achieve this, the target of 60% of Jakarta residents using public transportation by 2030 will fuel the construction of public transportation. For instance, the government intends to expand the MRT network by adding 7.8 kilometers to the north-south line and 31.7 kilometers to the east-west line. JICA has suggested expanding Jakarta's rail-based public transportation system, with ten lines built by 2035.
  • In Singapore, HBD initiated a program to upgrade elevators in their buildings through a lift upgrade program. The Lift Upgrading Programme (LUP) is one of HDB’s three programs to revitalize mature housing estates and provide residents with solutions to some of their more pressing needs. A major concern in HBD blocks older than 30 years old may be the absence of lift access on every floor, as older blocks tend to have lifts that only stop at certain floors. Through the LUP, older flats can be fitted with new lift shafts and lifts to allow residents on every floor to access the lifts, thereby relieving new buyers' worries about rest. The program will contribute to Southeast Asia elevator and escalator market growth.
  • The vertical transportation market in Cambodia is divided into two segments: the low-end and high-end markets. Local and Chinese companies dominate the low-end market, whereas high-end players include brands like Hitachi, Schindler, and Mitsubishi.
  • In October 2023, a proposal for an ASEAN-GCC free trade agreement was presented, signifying a significant step toward strengthening economic ties between Southeast Asia and the Gulf region. Malaysia's Prime Minister unveiled this groundbreaking proposal at the ASEAN-GCC Summit in Saudi Arabia, showcasing a commitment to fostering economic cooperation and leveraging the strengths of both blocs for mutual growth.
  • In the province of Chonburi, the Thai government plans to develop a smart city. On July 11, 2022, a plan to develop a USD 37 billion smart metropolitan area close to Bangkok was authorized. Around 160 km southeast of Bangkok, in the Huai Yai sub-district of Chonburi province, the smart city is slated to be built near an industrial area.
  • Nusantara, the new capital of Indonesia, spanning an area of 6.6 hectares, will house 184 residential building towers. The project was expected to start in Q2 2023. These residential buildings will accommodate ministries, the State Palace, the House of Representatives, and housing for some 50,000 civil servants and 500,000 residents. The project is predicted to significantly contribute to the Southeast Asia elevator and escalator market expansion. The project relies on around 80% of private investment, with an investment of USD 32 billion.
  • Indonesia's government’s National Medium Term Development Plan 2020-2024 accelerates the development of downstream mining, oil, gas, and copper industries. Various industrial projects, such as the Teluk Bintuni Industrial Zone and Batulicin Industrial Zone, are underway. Thus, the rise in spending on these industries will drive the demand for industrial elevators.

Denser Cities Resulting in the Construction of Skyscrapers Will Likely Lead to the Growth of Southeast Asia Elevator and Escalator Market

  • 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 households) 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.
  • The Forest City project by Country Garden in Johor, neighboring Singapore, is a USD 100 billion development set to accommodate 700,000 residents by 2035. It encompasses four reclaimed islands over 30 square kilometers; the mixed-use project envisions the construction of office spaces, malls, clinics, schools, and various leisure facilities.
  • The Indonesian government plans to invest roughly USD 430 billion in infrastructure development projects by 2024–2025. The project includes housing infrastructure, services, and amenities for 500,000 units, including 50,000 apartment units, 25,000 special housing units, 1.5 million single homes, and housing infrastructure, facilities, and utilities for 1.5 million single houses. The infrastructure development in Indonesia is projected to contribute to Southeast Asia elevator and escalator market expansion.

Enhanced Monitoring Services by Major OEMs and Equipment Standard-Setting in Asian Countries Are Pushing the Service 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.
  • 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.
  • The Building and Construction Authority (BCA) revealed on November 27, 2023, that most escalator safety incidents in Singapore from January to October 2023 resulted from improper usage. Of 632 reported incidents, 97% (616 cases) were attributed to user behavior. Notably, individuals struggling with bulky items like prams, luggage, and shopping trolleys accounted for 17% of incidents, with more than half involving individuals aged 55 and older. Other causes included moving on the escalator without holding the handrail (16%), physical health conditions (12%), inattention (11%), and body parts getting trapped (9%). Per BCA, mechanical faults accounted for less than 3% of incidents.

Green Building and Certifications in the Building Sector Lead to the Adoption of Energy-Efficient Vertical Transportation Installations in Southeast Asia Elevator and Escalator Market

  • Currently, only 1% of Indonesia's new homes annually meet the criteria for green housing. The Indonesian government has undertaken some steps toward promoting green construction by mandating green certification for multi-story commercial and residential buildings that meet specific standards. However, landed houses constitute 88% of the government's Public-Private Partnership Socialized Housing (PSR) program and are exempt from the green building requirements set forth by the Green Building Certification program launched in 2021.
  • 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.

VENDOR LANDSCAPE

  • Mitsubishi Electric, Schindler, Hitachi, and KONE are the top 4 manufacturers in the Southeast Asia elevator and escalator market, with a market share of nearly 52%.
  • By the end of 2019, Hyundai Elevator Philippines had installed over 6,500 units all over the Philippines and had 4,000 units under maintenance.
  • 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.

Frequently Asked Questions

How big is the Southeast Asia elevator and escalator market?

The Southeast Asia elevator and escalator market size by new installations accounted for 31.7 thousand units in 2023 and is expected to reach 40.3 thousand units by 2029.

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

The Southeast Asia elevator and escalator market share by new installations is expected to grow at a CAGR of 4.05% during the forecast period.

What is the number of installed bases in the Southeast Asia elevator and escalator market in 2023?

The number of installed bases in the Southeast Asia elevator and escalator market accounts for approximately 416.8 thousand units in 2023.

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

Transformation of the construction sector to provide opportunities for the vertical transportation market, digitization enhancing lucrative demand for smart elevators, lift upgradation program to boost the service segment of the vertical transportation market, green building initiatives to drive energy-efficient elevators, and tourism initiatives to boost foreign investors to southeast Asian countries are some opportunities in the Southeast Asia elevator and escalator market.

What are the key Southeast Asia elevator and escalator market players?

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

The Southeast Asia elevator and escalator market size by new installations was estimated at 31.7 thousand units in 2023 and is expected to reach 40.3 thousand units by 2029, growing at a CAGR of 4.05% during the forecast period.

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

  • Affordable Housing Schemes to Ascent the Demand for New Installations
  • Building Information Modeling Transforming the Pace of the Elevator Market
  • Ensuring Accessibility of the Disabled to Mandate Installation of Home Elevators
  • High-Net-Worth Individuals on Surge in Asian Countries

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present Southeast Asia elevator and escalator market scenario and market dynamics from 2024 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 Southeast Asia elevator & escalator market.

Key Vendors

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

Other Prominent Vendors

  • Sigma Elevators
  • Toshiba Elevator and Building Systems Corporation
  • EITA Elevator
  • Stannah Lifts Holdings Ltd
  • Nippon Elevator
  • Dover Elevators
  • Kalea Elevators
  • Gylet Elevator
  • CA M&E Elevator
  • MASHIBA - Elevators & Escalators
  • Cibes Lift
  • iTEK ELEVATOR

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

Segmentation by Region

  • Vietnam
  • Thailand
  • Indonesia
  • Singapore
  • Malaysia
  • Philippines
  • Cambodia

1. Southeast Asia Elevator & Escalator Installed Base by Volume 2020-2029 (Units)
2. Southeast Asia Elevator & Escalator New Installations by Volume 2020-2029 (Units)
3. Market Share 2023: Maintenance
4. Market Share 2023: Modernization
5. Southeast Asia Installed Base: Volume (Units in Thousands)
6. Southeast Asia New Installations: Volume (Units in Thousands)
7. New Installations 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($Million)
12. Maintenance & Modernization 2023(%)
13. Installed base of escalators by volume (units in thousand )
14. New Installations of escalators by volume (units in thousand)
15. Maintenance & Modernization Value($Million)
16. Maintenance & Modernization 2023(%)
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. Southeast Asia Elevators & Escalators Maintenance Market ($ Mn)
44. Southeast Asia Elevators & Escalators Modernization Market ($ Mn)
45. Elevator: Vietnam Installed base and New Installation (Units)
46. Escalator: Vietnam Installed base and New Installation (Units)
47. Elevator: Thailand Installed base and New Installation (Units)
48. Escalator: Thailand Installed base and New Installation (Units)
49. Elevator: Indonesia Installed base and New Installation (Units)
50. Escalator: Indonesia Installed base and New Installation (Units)
51. Percentage Share by type of dwellings-2022
52. Elevator: Singapore Installed base and New Installation (Units)
53. Escalator: Singapore Installed base and New Installation (Units)
54. Elevator: Malaysia Installed base and New Installation (Units)
55. Escalator: Malaysia Installed base and New Installation (Units)
56. Approved buildings permit in Q1 2022- Philippines
57. Elevator: Philippines Installed base and New Installation (Units)
58. Escalator: Philippines Installed base and New Installation (Units)
59. Elevator: Others Installed base and New Installation (Units)
60. Escalator: Others Installed base and New Installation (Units)
61. Market share 2022(% share)
62. Otis total sales 2019-2022($billion)
63. KONE, total sales by segment 2022(%share)
64. Schindler, total sales 2018-2022($billion)
65. Hitachi , Total Sales by segment 2022(% share)
66. TKE total sales 2020-2022($billion)
67. Mitsubishi, total sales by segment2022(%share)
68. Fujitec net sales 2022($billion)

LIST OF TABLES


1. Southeast Asia Countries and Skyscrapers
2. Buildings Under Construction in Southeast Asia
3. By Machine, New Installations, Total Incremental Opportunity, 2023-2029
4. By Carriage Type, New Installations, Total Incremental Opportunity, 2023-2029
5. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2023-2029
6. By End User, New Installations, Total Incremental Opportunity, 2023-2029
7. By Product, New Installations, Total Incremental Opportunity, 2023-2029
8. By End User, New Installations, Total Incremental Opportunity, 2023-2029
9. Percentage of Urban Households by Province and Ownership status of owned houses
10. Number of Infrastructure Flagship Project as of Q1 2022- Philippines
11. Developments/ projects
12. Major projects commenced by OEMs in Singapore
13. Major projects commenced by OEMs in Indonesia
14. Major projects commenced by OEMs in Malaysia
15. Major projects commenced by OEMs in Thailand
16. Major projects commenced by OEMs in Vietnam
17. Major projects commenced by OEMs in Philippines
18. Elevators market size & forecast, by type (Units)
19. Elevators by Carriage Type Market Size & Forecast (Units)
20. Elevators market size & forecast, by persons (Units)
21. Elevators by End-Users Market Size & Forecast (Units)
22. Escalators market size & forecast, by type (Units)
23. Escalators market size & forecast, by end users (Units)
24. List of abbreviations

1. Introduction
1.1. Market Scope
1.2. Market Snapshot of Elevators
1.3. Market Snapshot of Escalators
1.4. Executive Summary

2. Southeast Asia Elevators Market
2.1. Future Outlook -SOUTHEAST ASIA Elevator Market by Volume
2.2. Southeast Asia Escalators Market- By Segments
2.2.1. Southeast Asia Escalators Market, By Volume
2.2.1.1. SOUTHEAST ASIA Escalators Market Size and Forecast, Volume (Units in Thousand), 2020–2029
2.2.2. Southeast Asia Elevators Market, By Type
2.2.2.1. Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2020–2029
2.2.2.2. Machine Room Traction, Market Size and Forecast, Volume (Units), 2020–2029
2.2.2.3. Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2020–2029
2.2.2.4. Others, Market Size and Forecast, Volume (Units), 2020–2029
2.2.3. Southeast Asia Elevators & Escalators Market by Carriage Type
2.2.3.1. Passenger, Market Size and Forecast, Volume (Units), 2020–2029
2.2.3.2. Freight, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4. Southeast Asia Elevators Market by Persons
2.2.4.1. 2-15 Persons, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4.2. 16-24 Persons, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4.3. 25-33 Persons, Market Size and Forecast, Volume (Units), 2020–2029
2.2.4.4. 34 Persons and Above, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5. Southeast Asia Elevators Market by End Users
2.2.5.1. Commercial, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5.2. Residential, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5.3. Industrial, Market Size and Forecast, Volume (Units), 2020–2029
2.2.5.4. Others, Market Size and Forecast, Volume (Units), 2020–2029

3. Southeast Asia Escalators Market
3.1. Future Outlook - SOUTHEAST ASIA Escalators Market by Volume
3.2. Southeast Asia Escalators Market- By Segments
3.2.1. Southeast Asia Escalators Market, By Volume
3.2.1.1. SOUTHEAST ASIA Escalators Market Size and Forecast, Volume (Units), 2020–2029
3.2.2. Southeast Asia Escalator Market by Type
3.2.2.1. Parallel, Market Size and Forecast, Volume (Units), 2020–2029
3.2.2.2. Multi-parallel, Market Size and Forecast, Volume (Units), 2020–2029
3.2.2.3. Walkway, Market Size and Forecast, Volume (Units), 2020–2029
3.2.2.4. Crisscross, Market Size and Forecast, Volume (Units), 2020–2029
3.2.3. Southeast Asia Escalator Market by End Users
3.2.3.1. Commercial, Market Size and Forecast, Volume (Units), 2020–2029
3.2.3.2. Public Transit, Market Size and Forecast, Volume (Units), 2020–2029
3.2.3.3. Others, Market Size and Forecast, Volume (Units), 2020–2029

4. Southeast Asia Elevators &Escalators Market, By Service (Maintenance & Modernization)
5. Geographical Analysis
5.1. Key Economic Countries in Southeast Asia

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 Abbreviations

10. Appendix (Report Scope & Definition)
10.1. Research Methodology
10.2. Market Definition, Inclusion & Exclusion

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Frequently Asked Questions

How big is the Southeast Asia elevator and escalator market?

The Southeast Asia elevator and escalator market size by new installations accounted for 31.7 thousand units in 2023 and is expected to reach 40.3 thousand units by 2029.

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

The Southeast Asia elevator and escalator market share by new installations is expected to grow at a CAGR of 4.05% during the forecast period.

What is the number of installed bases in the Southeast Asia elevator and escalator market in 2023?

The number of installed bases in the Southeast Asia elevator and escalator market accounts for approximately 416.8 thousand units in 2023.

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

Transformation of the construction sector to provide opportunities for the vertical transportation market, digitization enhancing lucrative demand for smart elevators, lift upgradation program to boost the service segment of the vertical transportation market, green building initiatives to drive energy-efficient elevators, and tourism initiatives to boost foreign investors to southeast Asian countries are some opportunities in the Southeast Asia elevator and escalator market.

What are the key Southeast Asia elevator and escalator market players?

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