Latest News- Elevator And Escalator Market in Thailand: Elevators is expected to lead the Product segment during 2025-2029

The Elevator And Escalator Market in Thailand is being driven by Growing elderly population

The Elevator And Escalator Market in Thailand is expected to grow at a CAGR of 6.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 262.5 million. The Thai elevator and escalator market is undergoing a transformative phase with the integration of smart elevators, utilizing Internet of Things (IoT) technology. These advanced systems, including Otis Gen3's digitally connected elevators recently launched in Bangkok, offer real-time performance monitoring, predictive maintenance, and remote control functionalities. Equipped with sensors, AI, and IoT connectivity, these smart elevators ensure optimal performance, minimize downtime, and reduce maintenance costs, signifying a significant shift towards efficient vertical transportation solutions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Elevators
  • Escalators
• Application
  • Commercial
  • Residential
  • Industrial
• Geography
  • Thailand

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing elderly population
• Expansion of commercial spaces
• Expansion of public infrastructure

However, the market also witnesses some limitations, which are as follows:

• High initial cost
• Rising elevator casualties
• Compliance with rules and regulations

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Market Scope in Elevator And Escalator Market in Thailand Research Report

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Research Analysis Overview

The Elevator and Escalator Market in Thailand encompasses various vertical transportation systems including elevators, escalators, moving walkways, pneumatic lifts, wheelchair lifts, and glass lifts. This market caters to both residential and commercial sectors, with a focus on high-rise buildings, skyscrapers, and smart city investments. Demand is driven by residential and commercial construction, online shopping, warehouses, and logistics centers. Advanced technologies like smart systems, IoT, AI, and energy efficiency are shaping the market, enhancing vertical mobility and traffic flow in megacities.

Market Research Overview

The Elevator and Escalator market in Thailand is a significant segment of the larger Industrial Machinery and Supplies and Components market. This market caters to companies manufacturing elevators and escalators for commercial and industrial applications. The market's growth is driven by several factors, including the increasing demand for quicker healing and shorter hospital stays leading to a rise in the construction of healthcare facilities. Additionally, the prevalence of spinal trauma, spinal cord injuries, and accidents necessitates the use of biocompatible devices for bone fusion and stabilization, further fueling market growth. Despite these opportunities, challenges such as improper healing, infections, and spinal wounds pose risks to market expansion. The global Industrial Machinery and Supplies and Components market's size is determined by the combined revenue generated by manufacturers of machinery and components used in industrial settings. The market's growth is anticipated to be driven by the increasing global demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages due to the economic expansion of developing countries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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