Press Release

Asia-Pacific Elevator & Escalator Market is expected to grow at a CAGR of 6.67% Through 2029

Increasing commercial/residential infrastructure development and advancement in technology to propel the Asia-Pacific Elevator & Escalator Market in the forecast period 2025- 2029.

 

According to TechSci Research report, “Asia-Pacific Elevator & Escalator Market- By Country, Competition Forecast & Opportunities, 2029,” the Asia-Pacific Elevator & Escalator Market will grow during the projection period. The growing number of high-net-worth individuals (HNWIs) has attracted multinational enterprises (MNEs) and speculations to the Asia Pacific area. According to this philosophy, Singapore has established the Southeast Asia Fabricating Union to encourage manufacturers to contribute both within Singapore and to the other ASEAN nations. At the national level, China has mandated the utilization of the Internet of Things (IoT) in lifts and elevators through regulation GB/T 24476-2017. Moreover, local government regulations in cities like Shanghai, Hangzhou, and Shenzhen provide more specific guidelines on data and services related to IoT-enabled lifts. Compliance with these regulations is becoming increasingly necessary in certain cases, underscoring the growing significance of IoT in the lift industry.

 

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Based on Type, Escalator segment dominates the market in the forecast period, Based on type, the escalator segment holds a dominant position in the Asia-Pacific Elevator & Escalator Market. Escalators are integral to modern urban infrastructure, facilitating efficient movement within high-traffic areas such as shopping malls, airports, metro stations, and commercial buildings. The segment's dominance can be attributed to several key factors.

Rapid urbanization and increasing population densities in major cities across Asia-Pacific have spurred the construction of large-scale commercial and public spaces. Escalators are essential in these environments to manage pedestrian flow effectively and provide convenient vertical transportation. As urbanization continues to accelerate, particularly in countries like China and India, the demand for escalators in new construction projects remains robust. Technological advancements have enhanced the functionality and reliability of escalators, further boosting their adoption. Modern escalators feature advanced safety mechanisms, energy-efficient designs, and smart controls that optimize performance and minimize downtime. These innovations cater to the evolving needs of building developers and operators who prioritize safety, efficiency, and sustainability in their infrastructure investments.

The retrofitting and modernization of existing escalators play a significant role in the segment's dominance. Many older escalators in Asia-Pacific countries are being upgraded to comply with current safety standards and incorporate energy-saving technologies. This modernization effort not only extends the lifespan of escalators but also enhances their operational efficiency and reduces maintenance costs over time. Governments and building owners increasingly recognize the importance of upgrading aging infrastructure to improve overall safety and user experience, driving the demand for modernized escalator solutions.

The escalation of commercial activities and tourism in Asia-Pacific nations has heightened the need for reliable and aesthetically pleasing escalators. Retail centers, transportation hubs, and hospitality venues require escalators that can handle high volumes of foot traffic while providing a seamless and enjoyable user experience. As consumer expectations for convenience and comfort rise, escalators continue to be a preferred choice for vertical transportation solutions in diverse urban settings. Driven by urbanization, technological advancements, retrofitting initiatives, and increased commercial activities, the escalator segment maintains its dominance in the Asia-Pacific Elevator & Escalator Market. It remains pivotal in facilitating efficient mobility and enhancing the overall functionality of modern urban infrastructure across the region.

Key market players in the Asia-Pacific Elevator & Escalator Market include:

  • 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


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The elevator and escalator market have benefited from increased public awareness of elevator safety. Modernizing elevators can increase its lifespan and reduce the need for pricey elevator replacements. Technology developments also greatly enhance the quality, functionality, and safety of elevator rises. These elements have accelerated the upgrading of elevators in residential and commercial buildings as well as in airports and public transportation systems. Additionally, benefits like decreased vibration and noise levels increase demand for elevator modernization systems. Companies are now installing appealing technology like Wi-Fi, HVAC systems, music players, etc. in elevators because of technical improvements. Additionally, the efficiency of elevator hoisting machinery has improved with the use of AC and permanent magnet gearless motor technologies, allowing for fewer elevator trips and better elevator balancing, both of which can result in energy savings. 
“During the projected period, the Asia-Pacific Elevator & Escalator Market is expected to witness growth. This can be attributed to industry mergers and acquisitions, as well as the implementation of data synchronization systems using various technologies by elevator and escalator companies. The market exhibits resilience and is poised for further expansion.” according to Mr. Karan Chechi, Research Director at TechSci Research, a research-focused global management consulting firm.

Asia-Pacific Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By Service (Maintenance & Repair, New Installation and Modernization), By End User (Residential, Commercial, Institutional, Infrastructural, and Others), By Country, Competition Forecast & Opportunities, 2029F,” has evaluated the future growth potential of Asia-Pacific Elevator & Escalator Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Asia-Pacific Elevator & Escalator market.

 

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