Asia-Pacific Elevators Market is Expected to grow at a robust CAGR of 6.29% through 2030F
The
increasing Asia-Pacific elevators market is driven by surge in smart elevator
adoption, growth in green and energy-efficient elevators during the forecast
period 2026-2030F.
According
to TechSci Research report, “Asia-Pacific
Elevators Market – By Country, Competition, Forecast and Opportunities, 2020-2030F”, The Asia-Pacific Elevators Market was
valued at USD 48.15 Billion in 2024 and is expected to reach USD 70.06 Billion
by 2030 with a CAGR of 6.29% during the forecast period. The Asia-Pacific
elevator market is experiencing a pronounced shift towards smart elevator
technologies, driven by the integration of IoT, AI, and machine learning into
building management systems. These elevators are designed to enhance passenger
experience, improve operational efficiency, and optimize energy consumption.
Smart
elevators use destination control systems to group passengers traveling to the
same floor, reducing waiting times and congestion—especially critical in
high-density urban centers such as Tokyo, Singapore, and Hong Kong.
Additionally, AI-powered predictive maintenance alerts building managers to
mechanical issues before breakdowns occur, helping reduce downtime and extend
equipment life.
Rapid
digitalization in countries like China, South Korea, and India is pushing
property developers to integrate these solutions as standard offerings in
premium and commercial real estate projects. For instance, facial recognition
and mobile app-based access are increasingly being deployed in residential
complexes and office buildings to enhance security and convenience.
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Asia-Pacific Elevators Market"
Based
on type, Home Elevators is the fastest growing segment in the Asia-Pacific Elevators
market during the forecast period, due to several key factors driving its
adoption in the region. First, the rising trend of multi-story residential
buildings, particularly in urban areas, is significantly boosting demand for
home elevators. With the growing urbanization, space constraints are common,
and elevators provide an efficient and convenient means of vertical mobility in
homes, especially in high-rise apartments and luxury residences.
Another
driver is the aging population in many Asia-Pacific countries. As the elderly
population increases, there is a heightened demand for home elevators to
provide easy access to different levels of a house. Elevators offer a practical
solution for those with mobility issues, ensuring independence and
accessibility, which is particularly relevant in countries like Japan and South
Korea, where the aging population is growing rapidly.
Moreover,
rising disposable incomes, particularly in countries like China and India, are
enabling more homeowners to invest in premium residential solutions. Home
elevators are no longer considered a luxury item but a desirable convenience
that enhances the value and comfort of a property. The availability of more
affordable, compact elevator models is also contributing to the growth of this
segment, making them accessible to a broader consumer base.
Additionally,
the focus on smart home integration is another contributing factor. Many home
elevators are now being designed with advanced technology features, such as
remote controls, touchless operation, and energy-efficient systems, aligning
with the broader trend of smart home development in the region.
Based
on country, India is the fastest growing country in the Asia-Pacific Elevators
Market during the forecast period due to several key factors that make the
country a significant player in the elevator industry. India’s rapid
urbanization is a primary driver. With a growing population and the expansion
of urban areas, the demand for high-rise buildings, residential complexes, and
commercial spaces has surged. These developments require elevators to
accommodate the increasing number of people and facilitate vertical
transportation within multi-story buildings. As more urban centers develop, the
need for elevators continues to rise, driving market growth.
India's
booming construction industry is another critical factor contributing to the
growth of the elevator market. India’s government has been heavily investing in
infrastructure projects, such as metro systems, airports, and commercial
buildings, all of which require advanced vertical transportation solutions.
Furthermore, there is a growing trend of modernization and redevelopment of
older buildings, which requires the installation of new, modern elevator
systems.
The
increasing middle-class population and rising disposable incomes are also
playing a significant role. With greater economic prosperity, more individuals
can afford residential properties with elevators, especially in luxury and
high-end residential projects. Additionally, the demand for elevators is not
limited to urban areas alone but is expanding into smaller cities and towns,
further expanding the market base.
Moreover,
India’s rapidly aging population is a factor that supports the growth of
elevators in homes. As mobility becomes an issue for the elderly, home
elevators are becoming more common in residential properties, particularly in
multi-story homes. The government’s focus on affordable housing, along with
initiatives aimed at improving infrastructure and smart city development, is
creating opportunities for the elevator market. The combination of these
factors is driving the substantial growth of India’s elevator market during the
forecast period.
Key
market players in the Asia-Pacific Elevators 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
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“The
Asia-Pacific Elevators market offers significant opportunities driven by rapid
urbanization, infrastructure development, and increasing demand for high-rise
buildings. Growing investments in smart cities, modernized transportation
systems, and construction of commercial and residential complexes create a
strong need for advanced elevator solutions. Additionally, the rising demand
for home elevators, driven by higher disposable incomes and aging populations,
provides new growth avenues. Furthermore, advancements in elevator technology,
such as energy-efficient systems, automation, and smart features, offer a
competitive edge in the market, creating prospects for innovation and expansion
in both residential and commercial sectors across the region.Top of Form” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management
consulting firm.
“Asia-Pacific Elevators Market By Type
(Passenger Elevators, Freight Elevators, Home Elevators, Service Elevators,
Others), By Service (New Installation, Maintenance & Repair,
Modernization), By Technology (Hydraulic Elevators, Traction Elevators, Machine
Room-Less (MRL) Elevators, Pneumatic Elevators), By End-Use Industry
(Residential, Commercial, Industrial, Institutional, Infrastructure), By
Country, Competition, Forecast and Opportunities, 2020-2030F,” has evaluated the future growth
potential of Asia-Pacific Elevators 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 Asia-Pacific Elevators Market.
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