Authored By: Sarah
14 Aug 2024

 Elevator And Escalator Market in APAC Size to grow by USD 11.1 billion between 2024-2028

According to a research report “ Elevator And Escalator Market in APAC” by End-user (Residential, Non-residential) Product (Elevator, Escalator) Geography (APAC)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11.1 billion, at a CAGR of 2.48% during the forecast period. In the Asia Pacific (APAC) region, there are currently 23 megacities with populations exceeding 10 million inhabitants as of January 2021. The region's population growth and urbanization trend are expected to continue, leading to an increased demand for efficient public infrastructure. To mitigate traffic congestion and enhance transportation facilities, several Asian countries are planning metro rail projects in urban areas. These upcoming metro rail initiatives will significantly contribute to the demand for elevators and escalators in the APAC region during the forecast period, making mass transit more accessible and convenient for the growing population..

Browse market data tables, figures, and in-depth TOC on “Elevator And Escalator Market in APAC” by End-user (Residential, Non-residential) Product (Elevator, Escalator) Geography (APAC) Global Forecast to 2028. Download Free Sample

By End-user, the Residential segment is projected to dominate the market size in 2024

The residential market segment in APAC's elevator and escalator industry experiences significant growth due to the increasing construction of high-rise residential buildings. Urban population expansion in Asian nations, including India, China, Indonesia, Cambodia, and Vietnam, fuels this trend. In response to the rising population, certain governments have initiated affordable public housing programs. These initiatives cater to citizens with monthly household incomes ranging from USD600 to USD3,600, enabling them to purchase houses priced between USD24,000 and USD96,000. Similar affordable housing projects are underway in India, Cambodia, Myanmar, Indonesia, and Thailand. This surge in residential construction projects presents a substantial opportunity for the elevator and escalator market in APAC.

By Product, Elevator  segment is expected to hold the largest market size for the year 2024

In the Asia Pacific (APAC) region, the demand for vertical transportation solutions, specifically elevators and escalators, has surged due to population growth and urbanization. Elevators, which transport people and goods between floors, can be categorized into two main segments: personal elevators for human transportation and load elevators for moving goods. The increasing number of high-rise buildings in APAC, necessitated by population density and limited horizontal space, has fueled the need for efficient vertical transportation systems. With more than four floors in a building, the use of elevators becomes essential to facilitate seamless mobility within structures, enhancing overall productivity and convenience.

APAC is forecasted to hold the largest market size by region in 2024

The APAC Elevator and Escalator Market represents a significant growth opportunity, driven by urbanization, infrastructure development, and increasing focus on energy efficiency. Key players in this market include ThyssenKrupp, Otis, and Schindler. The region's economic expansion, particularly in China and India, is fueling demand for modern transportation systems, making it an attractive investment destination. Smart technologies, such as destination dispatch and energy management systems, are also gaining traction, enhancing the market's competitive landscape.

The Elevator And Escalator Market in APAC growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Doppelmayr Seilbahnen GmbH
  • EITA Elevator M Sdn. Bhd
  • Fujitec Co. Ltd.
  • Glarie Elevator Co. Ltd.
  • Hitachi Ltd.
  • Hyundai Elevator Co. Ltd.
  • IFE Elevators Co. Ltd
  • KONE Corp.
  • Mitsubishi Electric Corp.
  • Otis Worldwide Corp.
  • Schindler Holding Ltd.
  • Sicher Elevator Co. Ltd.
  • Sigma Elevator Co.
  • Stannah Group of Co.
  • Sunlong Elevator Co. Ltd.
  • Suzhou Diao Elevator Co. Ltd.
  • Syney Electric Co. Ltd.
  • thyssenkrupp AG
  • Toshiba Corp.
  • Yuanda China Holdings Ltd.
.

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Research Analysis Overview

The elevator and escalator market in APAC is witnessing significant growth due to the modernization and retrofitting of aging infrastructure in various sectors. With a focus on sustainability, technology such as IoT and AI is being integrated into smart systems for vertical transportation solutions. Construction activities, particularly in the development of skyscrapers, railway stations, metro stations, airports, industrial spaces, commercial spaces, and residential spaces, are driving the demand for new installations and maintenance and repair services. Glass lifts, wheelchair lifts, pneumatic lifts, escalators, and elevators, including traction elevators, are in high demand. Modernization is a key trend, with the Elevator Advisory Board reporting that over 50% of elevators in APAC are over 25 years old. New installations are also increasing, with a focus on energy efficiency and safety features. Moving walkways and escalators are also gaining popularity in busy public spaces. Overall, the market is expected to continue growing, driven by the need for efficient and sustainable vertical transportation solutions.

Market Research Overview

The elevator and escalator market in APAC is witnessing significant growth due to the increasing demand for building automation systems in various sectors. Metro systems, retail sector, tourism industry, and the aging infrastructure of institutional, commercial, and residential spaces are major drivers for this market. In the retail sector, escalators and moving walkways are becoming essential components of shopping malls and large retail stores. The tourism industry is also investing heavily in vertical transportation solutions, such as glass lifts and wheelchair lifts, to make cultural and architectural sites more accessible. The affordable housing sector is another significant market for home elevators and pneumatic lifts. The healthcare facilities and educational institutions sectors are also adopting smart systems, including access control, surveillance systems, and predictive maintenance solutions, to ensure safety and efficiency. The green building market, including skyscrapers and modernization and retrofitting projects, is a significant contributor to the market's growth. The use of technology such as IoT, AI, and touchless controls is becoming increasingly popular in vertical transportation solutions. The transportation infrastructure sector, including railway stations, metro stations, and airports, is also investing in elevator and escalator modernization and maintenance and repair. The industrial and commercial spaces sector is also adopting smart vertical transportation solutions, such as hydraulic and traction elevators, to increase productivity and reduce maintenance costs. The eCommerce sector is also investing in conveyor belts and other automated material handling systems to optimize supply chain logistics. Overall, the market for elevator and escalator in APAC is expected to grow significantly due to the increasing demand for sustainable and smart vertical transportation solutions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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