Press Release

South Korea Elevator & Escalator Market is expected to grow at a 5.86 % CAGR

Rising development of high-rise commercial and residential buildings coupled with increasing capital inflow into the real-estate sector are expected to propel the South Korea Elevator and Escalator Market during the forecast period.


According to TechSci Research report, “South Korea Elevator & Escalator Market – By Region, Competition, Forecast and Opportunities, 2018-2028”, Increased urbanization, rising demand for high-rise structures, and the government's focus on infrastructure in key economic cities have propelled South Korea Elevator & Escalator business to new heights. The South Korea elevator market by the installed base is expected to reach 1 million units by 2028. The government representatives signed an agreement to boost the number of smart domestic factories, intending to have 30,000 such facilities operational nationally by 2022.

By 2030, 2,000 new AI-powered smart factories are expected to be built to keep up with the Fourth Industrial Revolution's rapid advancements in automation and full digitalization. Further, the South Korea escalator market by the installed base is expected to grow at a CAGR of 5.16%. In 2021, escalators used in the commercial sector accounted for the largest share of around 52% due to the surge in smart city projects and other infrastructure development projects in the pipeline. In the country, Digital Edge intends to expand its business substantially. Through a business partnership with local developer SK Ecoplant, the corporation will construct a 120-megawatt facility in Bupyeong-gu, Incheon. The project will start its first construction phase in 2022, and the site is anticipated to be ready for use by 2024.

In 2021, Digital Edge purchased two locations from Sejong Telcom, one each in Seoul and Busan. Also, according to the Korea Elevator Safety Agency, the freight elevators increased significantly from 2020 to 2021, around 28%. With global supply chain issues, South Korea intends to set up manufacturing plants across the country, leading to increased manufacturing and industrial structures.


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Ulsan's 'Industrial Complex Renovation' project aims to build a sophisticated cooperative complex. Over three years, starting from 2021, Ulsan City will contribute a net of USD 1.52 billion, comprising USD 1.5 billion from the government and USD 2.3 million from the metropolitan area, to generate 4,900 jobs and lure 4,000 mobility enterprises.

It will assist 27 specific initiatives, such as developing simulated autonomous welding systems based on artificial intelligence (AI), support for the technology transformation of future automotive cabinets and electric components, and demonstration projects. These combined efforts are to provide support to the South Korea elevator and escalator market.

According to the Ministry of Land, Infrastructure, Transport, and Tourism (MOLIT), as a part of the Fourth nationwide railway plan, the Jeolla Line, the Honam Line, and the Donghae Line will be upgraded to provide high-speed services. In addition, West Coast will have its high-speed line.

Another major route includes the direct route from Gwangju to Daegu; these areas have been connected by high-speed rail. A new line from Samcheok south of the East China Sea to Yongdeok in the north of Pohang on the east coast is already under construction. This will now be upgraded to a high-speed operation from Ganggen to Pohang by 2030.

The construction of a new airport on Gadeok Island, the largest island in Busan, is a massive state project costing around 13.7 trillion won (USD 10.97 billion), which is intended to meet rising air traffic demand and promote development in the nation's southeast. In the southern port city of Busan, South Korea wants to construct the nation's first 'floating airport' by 2035. The new airport development will boost the South Korea elevator & escalator market growth.


Key market players in the South Korea Elevator & Escalator Market are: -

  • Hyundai Elevator Co.
  • Fujitec Co., Ltd.
  • Mitsubishi Electric Corporation
  • Toshiba Elevator and Building Systems Corporation
  • Dover Corporation
  • Hitachi Otis Elevator Co., Ltd.
  • Shanghai Mitsubishi Elevator Co., Ltd.


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“The number of new construction licenses in Seoul, the capital of South Korea, increased by 52 percent to 50,638 in 2021. The number of new housing permits issued in the capital region, which includes the western port city of Incheon and the nearby province of Gyeonggi, increased by 20.2 percent year over year while it increased 23.1% elsewhere in the nation.

Daegu received an annual allocation for smart cities of USD 17 million as part of a national innovation program. To create 'Smart Daegu,' the City's Smart City Plan (2021-2025) lays the groundwork for increasing citizen happiness and fostering local businesses boosting the South Korea elevator market... ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“South Korea Elevator & Escalator Market Segmented By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By End User Industry (Residential, Commercial, Institutional, Infrastructural & Others), By Elevator Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator Door Type (Automatic and Manual), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of South Korea Elevator & Escalator Market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in Saudi Arabia Telehealth Market.


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