The Asia-Pacific Elevator & Escalator Market is expected to exhibit steady growth during the forecast period of 2024-2028. The primary drivers of market expansion are the increasing investments in commercial and residential infrastructure projects in developing nations.
An escalator is a moving staircase that consists of continuously circulating steps driven by a motor, which transports people between the floors of a public building. On the other hand, elevators are platforms or compartments housed in a shaft that raise and lower people or objects to different levels.
The region’s growing infrastructure projects will contribute to the market’s growth. As countries in the Asia-Pacific region continue to undergo rapid urbanization and economic development, there is a rising demand for efficient and reliable vertical transportation systems to accommodate the expanding urban population. One of the key factors driving market growth is the surge in infrastructure projects across the region. Governments and private entities are heavily investing in the development of modern airports, railway stations, commercial complexes, shopping malls, and high-rise buildings. These large-scale projects require state-of-the-art vertical transportation solutions, including elevators and escalators, to ensure seamless mobility and accessibility for the growing number of travelers and visitors.
As urban centers become more densely populated, the need for advanced transportation systems becomes even more critical. Elevators and escalators are not only essential for high-rise buildings but also for public spaces such as metro stations, airports, and transportation hubs. These vertical mobility solutions help decongest crowded areas, improve passenger flow, and enhance overall safety and comfort. Additionally, with rising incomes and changing lifestyles in the region, there is an increased preference for convenience and cutting-edge amenities.
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As a result, property developers and building owners are incorporating high-quality lift and elevator systems in their projects to attract potential buyers and tenants. Moreover, the integration of smart and energy-efficient technologies in these systems aligns with the region’s growing focus on sustainability and eco-friendly practices. Furthermore, the Asia-Pacific region is witnessing a surge in retrofitting and modernization activities. Many existing buildings with outdated lift and elevator systems are seeking upgrades to comply with safety regulations, improve energy efficiency, and enhance user experience. The demand for renovation and modernization services is expected to further fuel the market’s growth.
In conclusion, the Asia-Pacific elevator and escalator market is on an upward trajectory, driven by the region’s robust infrastructure development. The increasing urbanization, growing population, and the need for advanced transportation systems in commercial and public spaces create significant demand for lifts and elevators. As technology continues to advance and sustainable practices gain importance, the market is likely to witness even more innovative solutions that will shape the future of vertical mobility in the Asia-Pacific region.
Aging Infrastructure in the Region Will Drive the Market
The elevator and escalator market in the Asia Pacific region is poised for significant growth due to the impact of aging infrastructure. With many Asian countries experiencing rapid urbanization and economic development, the need to address aging buildings and outdated vertical transportation systems becomes increasingly apparent. This presents a significant opportunity for the lift and elevator industry to meet the demand for renovation, modernization, and replacement of existing systems.
One of the key drivers for market growth is the aging infrastructure in various urban centers across the Asia Pacific region. Many buildings constructed decades ago are equipped with outdated elevator and escalator systems that do not meet current safety standards, energy efficiency requirements, or the demands of a growing population. Consequently, there is a pressing need to modernize these aging vertical transportation systems to ensure their reliability, security, and efficiency.
Another contributing factor to market expansion is the increasing awareness among building owners and property managers about the importance of maintaining and upgrading their elevator and escalator assets. As buildings age, their transportation systems are more prone to breakdowns and operational inefficiencies. By investing in renovation and modernization, building owners can improve the overall performance of their elevators and escalators, reduce downtime, and extend the lifespan of these critical components.
Moreover, government regulations and safety measures are continuously evolving to address the challenges posed by aging systems. Experts are increasingly emphasizing the need for periodic inspections, maintenance, and upgrades to ensure passenger safety and compliance with current codes. As a result, building owners are compelled to invest in elevator and escalator modernization to meet the stringent requirements set by regulatory bodies.
In addition, as urban areas face space constraints and higher land costs, it becomes more cost-effective to upgrade existing buildings rather than construct new ones. Retrofitting lifts and elevators into older structures allows for improved space utilization and enhances the overall value and appeal of the property.
In conclusion, the elevator and escalator market in the Asia Pacific region is poised for significant growth due to the impact of aging infrastructure. The increasing awareness of the importance of modernizing and maintaining vertical transportation systems, coupled with evolving safety regulations and urban development challenges, drives the demand for elevator and escalator renovation and modernization. As the region continues to evolve, the elevator and escalator industry will play a crucial role in ensuring efficient and secure vertical mobility for the growing urban population.
Recent Developments
- Otis China is set to enhance the Tianjin Metro by installing over 100 digitally connected elevators, along with more than 120 escalators and Gen3 lifts. These brand-new Gen3 lifts will be integrated with Otis ONE, an IoT-based technology that enables real-time monitoring and preventive maintenance for the Tianjin Metro. With the support of the digital ecosystem, on-site service engineers will provide round-the-clock service to ensure passenger safety and minimize inconvenience. The 22-kilometer Line 4 extension, which adds 17 stations to the southern segment, will feature these new installations, bringing the total number of Otis units on the growing tube system of the port city to over 1,500.
- Chevalier Singapore Holdings Pte. Ltd. has recently obtained ISO 9001:2015 certification for the design, installation, and maintenance of elevators and escalators, as well as ISO 45001:2018 for the supply, design, installation, and maintenance of various equipment including elevators, escalators, and other vertical and horizontal transportation systems such as walkways.
- TK Elevator Singapore Pte. Ltd. utilizes innovative technologies such as TWIN elevators, which consist of two independently operating cabs in the same shaft. These elevators can reduce energy consumption by up to 27% and cut electrical power requirements in half, while also increasing usable floor space by as much as 30%.
- Toshiba Corporation has developed Double deck technology, allowing elevators to accommodate higher passenger capacity without compromising building space.
- Schindler Group has implemented the robotic installation system for elevators (R.I.S.E), the world’s first self-climbing, autonomous robotic system capable of performing installation work in elevator shafts, in various client projects.
Market Segmentation
The Pacific Elevator & Escalator Market can be categorized by type, service, elevator technology, elevator door type, end user, and region. Type-wise, the market is classified into Elevator, Escalator, and Moving Walkways. Elevator Technology is segmented into Traction & Machine Room-Less Traction and Hydraulic. Elevator Door Type is divided into Automatic and Manual. Service-wise, the market is categorized into Modernization, Maintenance & Repair, and New Installation. End-User categories include Residential, Commercial, Institutional, Infrastructural, and Others. Country-wise, the market is segmented into China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, and Malaysia.
Market Players
Major market players in the Asia-Pacific Elevator & Escalator Market are OTIS INTERNATIONAL ASIA PACIFIC PTE. LTD., KONE Asia Pacific, Schindler Lifts (S) Pte Ltd, Hitachi, Ltd., Thyssenkrupp Elevator Asia Pacific Limited, Mitsubishi Electric Asia Pte Ltd, Fujitec Co., Ltd, Hyundai Elevator Co, Ltd, Shanghai SANEI Elevator Co., Ltd., SANYO YUSOKI KOGYO
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, Volume, and CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, company share, growth factors, and trends |
| Segments Covered | Type
Service End-User |
| Country Scope | China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia |
| Key Companies Profiled | OTIS INTERNATIONAL ASIA PACIFIC PTE. LTD., KONE Asia Pacific, Schindler Lifts (S) Pte Ltd, Hitachi, Ltd., Thyssenkrupp Elevator Asia Pacific Limited, Mitsubishi Electric Asia Pte Ltd, Fujitec Co., Ltd, Hyundai Elevator Co., Ltd, Shanghai SANEI Elevator Co., Ltd., SANYO YUSOKI KOGYO |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope:
In this report, the Asia-Pacific Elevator & Escalator Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Asia-Pacific Elevator & Escalator Market, By Type:
- Elevator
- Escalator
- Moving Walkways
- Asia-Pacific Elevator & Escalator Market, By Elevator Technology:
- Traction
- Machine Room-Less Traction
- Hydraulic
- Asia-Pacific Elevator & Escalator Market, By Elevator Door Type:
- Automatic
- Manual
- Asia-Pacific Elevator & Escalator Market, By Service:
- Modernization
- Maintenance & Repair
- New Installation
- Asia-Pacific Elevator & Escalator, By End-User:
- Residential
- Commercial
- Institutional
- Infrastructural
- Others
- Asia-Pacific Elevator & Escalator Market, By Country:
- China
- Japan
- India
- South Korea
- Australia
- Vietnam
- Indonesia
- Singapore
- Philippines
- Malaysia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific Elevator & Escalator Market.
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Table of Content-Asia-Pacific Elevator & Escalator Market
- Product Overview
- Research Methodology
2.1. Baseline Methodology
2.2. Key Industry Partners
2.3. Major Association and Secondary Sources
2.4. Forecasting Methodology
2.5. Data Triangulation & Validation
2.6. Assumptions and Limitations
- Executive Summary
- Voice of Customers
- Asia-Pacific Elevator & Escalator Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Type (Elevator, Escalator, Moving Walkways)
5.2.1.1. By Elevator Technology (Traction & Machine Room-Less Traction, Hydraulic)
5.2.1.2. By Elevator Door Type (Automatic, Manual)
5.2.2. By Service (New Installation, Maintenance & Repair, Modernization)
5.2.3. By End User (Residential, Commercial, Institutional, Infrastructural, Others)
5.2.4. By Country
5.3. By Company (2022)
5.4. Market Map
- China Elevator & Escalator Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Type
6.2.1.1. By Elevator Technology
6.2.1.2. By Elevator Door Type
6.2.2. By End User
- Japan Elevator & Escalator Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Type
7.2.1.1. By Elevator Technology
7.2.1.2. By Elevator Door Type
7.2.2. By End User
- India Elevator & Escalator Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Type
8.2.1.1. By Elevator Technology
8.2.1.2. By Elevator Door Type
8.2.2. By End User
- South Korea Elevator & Escalator Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value & Volume
9.2. Market Share & Forecast
9.2.1. By Type
9.2.1.1. By Elevator Technology
9.2.1.2. By Elevator Door Type
9.2.2. By End User
- Australia Elevator & Escalator Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value & Volume
10.2. Market Share & Forecast
10.2.1. By Type
10.2.1.1. By Elevator Technology
10.2.1.2. By Elevator Door Type
10.2.2. By End User
- Vietnam Elevator & Escalator Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value & Volume
11.2. Market Share & Forecast
11.2.1. By Type
11.2.1.1. By Elevator Technology
11.2.1.2. By Elevator Door Type
11.2.2. By End User
- Indonesia Elevator & Escalator Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value & Volume
12.2. Market Share & Forecast
12.2.1. By Type
12.2.1.1. By Elevator Technology
12.2.1.2. By Elevator Door Type
12.2.2. By End User
- Singapore Elevator & Escalator Market Outlook
13.1. Market Size & Forecast
13.1.1. By Value & Volume
13.2. Market Share & Forecast
13.2.1. By Type
13.2.1.1. By Elevator Technology
13.2.1.2. By Elevator Door Type
13.2.2. By End User