|
Forecast Period
|
2026-2030
|
|
Market Size (2024)
|
USD 1.55 Billion
|
|
Market Size (2030)
|
USD 2.37 Billion
|
|
CAGR (2025-2030)
|
7.2%
|
|
Fastest Growing Segment
|
Machine Room-Less Traction
|
|
Largest Market
|
China
|
Market Overview
Asia Pacific Elevator Modernization Market was valued at USD 1.55 Billion in 2024 and is expected to reach USD 2.37 Billion by 2030 with a CAGR of 7.2% during the forecast period. The rapid pace of urbanization in the Asia Pacific region is driving a
surge in the construction of high-rise buildings. As these tall structures
necessitate elevators, the demand for elevator modernization is expected to
parallel the growth in the number of high-rise buildings.
- As of 2023, India’s urban population reached over 508 million, with the UN projecting 50% urbanization by 2047. This rapid migration to urban areas fuels vertical construction, driving demand for elevators in high-rise residential and commercial buildings.
- India faces a housing shortage of over 19 million units, predominantly in urban areas. The Pradhan Mantri Awas Yojana (PMAY) aims to build 20 million affordable homes by 2025, directly increasing elevator installations in multi-storey residential developments.
- India’s commercial building stock is growing at 7-8% annually, with many aging buildings over 15 years old now mandating elevator refurbishments to meet updated BIS and safety regulations.
- Over 45% of urban households in China live in buildings over 7 stories tall, many of which were built before 2000 and require modernization to meet safety and energy efficiency standards.
Key Market Drivers
Technology
Advancement will drive Asia Pacific Elevator Modernization market.
The
Asia Pacific region is poised for a substantial surge in elevator
modernization, driven by rapid technological advancements. As economies
continue to grow and urbanization intensifies, there is an increasing need to
enhance the efficiency, safety, and sustainability of existing infrastructure.
Elevators, being a crucial component of urban mobility, are receiving
significant attention for modernization efforts. Advancements in technology are
at the forefront of this transformation. Smart technologies such as IoT
(Internet of Things), AI (Artificial Intelligence), and cloud computing are
being integrated into elevator systems to provide real-time monitoring,
predictive maintenance, and enhanced user experiences. These innovations enable
elevator operators to remotely monitor the health of their equipment, detect
potential issues before they escalate, and optimize maintenance schedules,
ultimately reducing downtime and improving passenger safety.
Furthermore,
energy efficiency is a key concern in the Asia Pacific region due to increasing
environmental awareness and regulatory pressures. Modernization offers the
opportunity to replace outdated and energy-intensive systems with more
energy-efficient models. Regenerative drive systems, LED lighting, and improved
insulation are just a few examples of technologies that can contribute to
substantial energy savings.
The
market also benefits from the demand for improved accessibility and user
convenience. Elevator modernization allows for the integration of features like
touchless controls, biometric authentication, and personalized settings,
catering to the diverse needs of a growing population. Governments and private
sector stakeholders alike are recognizing the potential of elevator
modernization to revitalize urban infrastructure. Incentive programs,
subsidies, and supportive policies are being implemented to accelerate
adoption. This support, combined with the region's technological prowess,
creates fertile ground for innovation and growth. In conclusion, the Asia
Pacific elevator modernization market is poised for significant expansion,
primarily fueled by technological advancements. These advancements not only
enhance safety and efficiency but also align with the region's goals of
sustainability and improved urban living. As economies continue to evolve, the
elevator modernization sector will play a pivotal role in shaping the future of
urban mobility in the Asia Pacific region.
Government
Initiatives will drive Asia Pacific Elevator Modernization market.
Government
initiatives are poised to play a pivotal role in propelling the Asia Pacific
elevator modernization market to new heights. As nations across the region
strive for urban development, sustainability, and enhanced infrastructure,
governments are stepping in with policies, incentives, and regulations that
foster the modernization of elevators, addressing safety, energy efficiency,
and accessibility concerns. Recognizing the importance of urban mobility and
the critical role elevators play in it, governments are rolling out initiatives
that encourage building owners and operators to upgrade their elevator systems.
These initiatives often include financial incentives, tax benefits, and grants
aimed at offsetting the costs associated with modernization. By alleviating the
financial burden, governments stimulate demand for elevator modernization
services. Moreover, regulatory frameworks are being developed to enforce safety
standards and energy efficiency requirements for elevators. This not only
ensures passenger safety but also prompts building owners to invest in
modernization to meet these new standards. Governments are also working closely
with industry stakeholders to establish certification programs that verify the
compliance of elevator modernization projects with established guidelines.
Additionally,
in pursuit of more sustainable and energy-efficient urban environments,
governments are focusing on green initiatives. Elevator modernization is a key
component of this strategy, as outdated elevator systems can consume excessive
amounts of energy. By promoting the adoption of energy-efficient technologies
and practices, governments are aligning elevator modernization efforts with
broader environmental goals. Partnerships between public and private sectors
are also being fostered to accelerate elevator modernization. Government
agencies collaborate with elevator manufacturers, technology providers, and
service companies to develop innovative solutions, share best practices, and
promote knowledge exchange. In conclusion, government initiatives are set to
drive the Asia Pacific elevator modernization market by providing financial
incentives, enforcing safety and energy efficiency regulations, and promoting
sustainability. These measures not only address pressing urban challenges but
also create a conducive environment for elevators to become smarter, safer, and
more environmentally friendly. As a result, governments are playing a pivotal
role in shaping the future of urban mobility in the region through elevator
modernization.
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Key Market
Challenges
Diverse
Regulatory Landscape
The
Asia Pacific elevator modernization market confronts a significant obstacle in
the form of a diverse regulatory landscape. The region comprises a multitude of
countries, each with distinct safety standards, building codes, and regulations
governing elevator systems. This variability complicates efforts to implement
standardized modernization practices across borders. Navigating these
regulatory intricacies can lead to project delays, increased compliance costs,
and operational uncertainties for elevator manufacturers and service providers.
The need to tailor modernization solutions to meet varying requirements within
each country further adds complexity. This lack of regulatory harmonization can
hinder seamless cross-border operations, hampering the efficiency of elevator
modernization projects and potentially deterring investment. Addressing this
challenge necessitates concerted efforts by industry associations, governments,
and stakeholders to establish common standards or agreements that streamline
regulatory processes and promote uniform safety and efficiency guidelines
across the Asia Pacific region.
Skilled
Workforce Shortages
The
Asia Pacific elevator modernization market is poised for growth, yet it faces a
significant impediment: a shortage of skilled workforce. The complex nature of
elevator systems, incorporating advanced technologies and safety protocols,
demands a specialized workforce for efficient installation, maintenance, and
repairs. However, the scarcity of trained technicians and engineers can lead to
project delays, compromised safety, and suboptimal system performance. Inadequate
skilled personnel hampers timely modernization efforts, prolongs downtime
during maintenance, and limits the industry's ability to leverage emerging
technologies. As demand for elevator modernization rises due to safety
regulations and infrastructure upgrades, the shortage exacerbates challenges
for building owners and elevator manufacturers alike.
To
mitigate this issue, collaborations between industry stakeholders, vocational
training institutions, and government bodies are necessary. Investing in
training programs, apprenticeships, and skill development initiatives can help
bridge the workforce gap, ensuring a qualified and competent workforce capable
of driving the elevator modernization market forward in the Asia Pacific
region.
Key Market Trends
Smart
Technology Integration
Smart
technology integration is set to be a prime catalyst propelling the Asia
Pacific elevator modernization market to new heights. The convergence of
cutting-edge technologies with elevator systems is revolutionizing industry,
ushering in a new era of efficiency, safety, and enhanced user experiences. One
of the pivotal factors driving the adoption of smart technology in elevator
modernization is its potential to significantly enhance operational efficiency.
Internet of Things (IoT) sensors and connected devices enable real-time
monitoring of elevator performance, allowing for proactive maintenance and
issue detection. Predictive analytics powered by artificial intelligence (AI)
algorithms anticipate maintenance needs, reducing downtime and minimizing disruptions
to building operations.
Moreover,
smart technology integration is a game-changer in terms of passenger safety.
Automated emergency response systems, remote monitoring, and data-driven safety
protocols ensure rapid response times in case of emergencies, enhancing the
overall security of elevator users. Energy efficiency is another area where
smart technology shines. Advanced control systems optimize elevator movements,
reducing energy consumption and aligning with sustainability goals.
Regenerative drive systems convert kinetic energy during descent into reusable
electricity, further contributing to energy savings. The integration of
touchless controls, destination dispatch systems, and personalized settings
transforms the user experience. Passengers benefit from a seamless, convenient,
and customizable journey within buildings, fostering higher satisfaction levels.
The
Asia Pacific region's rapid urbanization and increasing infrastructure
investments align with the capabilities of smart elevator technology.
Governments and building owners recognize the advantages of technology-driven
modernization, contributing to a conducive market environment. In conclusion,
the integration of smart technology is a driving force behind the Asia Pacific
elevator modernization market's growth. By optimizing efficiency, safety,
sustainability, and user experiences, smart technology ensures that the future
of elevators is not only smarter but also safer and more user centric. This
transformative trend is reshaping the industry landscape and setting the
trajectory for innovation and advancement in the region.
Safety
Enhancement
Safety
enhancement stands as a compelling driving force propelling the Asia Pacific
elevator modernization market. As urban centers expand vertically, the demand
for safer vertical transportation solutions is paramount. Elevator
modernization, integrating advanced safety features like emergency
communication systems, biometric access controls, and fire safety mechanisms,
not only ensures passenger security but also aligns with evolving safety
regulations. This heightened focus on safety directly addresses concerns for
both building occupants and regulatory compliance. As a result, safety-driven
elevator modernization initiatives are gaining momentum, creating a market
environment where building owners prioritize upgrading outdated systems to
ensure optimal passenger protection and adhere to stringent safety standards in
the dynamic Asia Pacific region.
Segmental Insights
Elevator Type Insights
The traction
segment has established its dominance in the Asia Pacific Elevator
Modernization market in 2024 and is projected to maintain this position
throughout the forecast period. Due to quicker form of vertical transit is
needed due to the rising number of high-rise residential structures and new
business hubs being built. Comparatively speaking, traction elevators offer a
lot more speed than hydraulic elevators. Machine room less (MRL) traction
elevators are not only more space-efficient than conventional elevator
technologies, but also more energy-efficient. Additionally, they require less
maintenance than hydraulic elevators. In addition, traction elevator rides are
smoother and more comfortable than those in other varieties of elevators.
End User Insights
The Commercial
segment has established its dominance in the Asia Pacific Elevator Modernization
market in 2024. Due to Elevators and escalators are often used in commercial
buildings including shopping malls, office buildings and co-working spaces. The
commercial sector is being driven by the rising trend towards eco-efficiency,
flexible design, and safety. Additionally, during the past several years, the
demand for numerous co-working spaces has increased due to the rise in
self-employment. Therefore, changing investments in office space are
furthermore anticipated to support market expansion.
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Country Insights
In 2024, China was the dominating segment in the Asia Pacific Elevator Modernization market due to its massive urbanization, aging infrastructure, and government-led modernization initiatives. As the world's most populous country, China has a vast number of high-rise residential and commercial buildings constructed during the late 20th century that now require upgrades to meet current safety, efficiency, and aesthetic standards. The Chinese government has implemented favorable policies and subsidies to encourage elevator modernization, especially in older residential buildings without elevators or with outdated systems. Additionally, the rapid growth of smart cities and the adoption of intelligent building technologies are driving demand for advanced elevator systems. China’s strong domestic manufacturing base, led by major players such as Hitachi, Mitsubishi Electric, and local giants like Shenyang Brilliant Elevator, further accelerates modernization efforts by ensuring availability of parts and technical expertise. This combination of demand, policy support, and industrial capability places China at the forefront of the regional market.
Recent Developments
- In March 2025, Schindler India announced the extension of its strategic partnership with HOWL Digital, signaling continued investment in digital innovation and customer experience enhancement. The collaboration aims to integrate advanced digital tools and engagement platforms, strengthening Schindler’s value proposition in the elevator and escalator market. This move supports the company’s broader goal of advancing smart mobility solutions, streamlining service delivery, and improving operational efficiencies in alignment with India’s growing urban infrastructure demands.
- In April 2025, Elite Elevators launched Elite Elevators Bespoke, India’s first fully customizable luxury home elevator. Introduced at the company’s headquarters in Chennai, the new product line blends high-end mobility technology with tailored design options to cater to premium residential clientele. This innovation marks a significant milestone in redefining home mobility standards in India, reinforcing Elite Elevators’ position as a pioneer in the domestic luxury lift segment, and addressing the rising demand for personalized, aesthetic vertical transportation solutions.
- In March 2025, BRIO Elevators, a recognized innovator in vertical mobility solutions, launched the Brio BE360—India’s first hybrid hydraulic elevator featuring a 360° panoramic view. The unveiling event in Hyderabad attracted architects, luxury developers, and industry professionals who experienced the elevator’s advanced engineering and premium design firsthand. This new offering reinforces BRIO’s commitment to technological excellence and design innovation in the residential elevator segment, targeting high-end homeowners seeking a combination of luxury aesthetics and reliable performance in vertical mobility.
- As of April 2024, KONE Elevators is seeking to expand its presence in India, which stands as the Finnish firm's second-largest market for new construction. Holding a 25% share in the elevator and escalator segment in India, the company is poised to further capitalize on the growing opportunities in the country.
- As of February 2024, the latest development in the sector comes from Hybon Elevators, which has announced a 25 Crore INR investment in R&D to double its production capacity and achieve a revenue target of 200 Crore INR. This announcement is in response to a 20% surge in demand in the elevator market.
- In April 2024, KONE Elevator India, a wholly owned subsidiary of KONE Corporation, reinforced its commitment to innovation and safety by expanding operations with the launch of a new office in Bengaluru, widely recognized as the Silicon Valley of India. This strategic move enhances the company's regional footprint and aligns with its objective to provide advanced elevator solutions to meet growing urban infrastructure needs, while strengthening customer engagement and service delivery in one of India’s most dynamic metropolitan markets.
Key Market Players
- 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
|
By Elevator Type
|
By Component
|
By End-use
|
By Modernization Type
|
By Speed
|
By Height
|
By Country
|
- Traction
- Machine Room-Less Traction
- Hydraulic
|
- Controller
- Door Equipment
- Cabin Enclosure
- Signaling Fixture
- Power Unit
- Others
|
- Residential Sector
- Industrial Sector
- Commercial Sector
- Infrastructural Sector
|
|
- <200 fpm
- 200-500 fpm
- >500 fpm
|
- >20 floors
- 20-50 floors
- <50 floors
|
- China
- India
- Vietnam
- Thailand
- Indonesia
- South Korea
- Australia
- Rest of Asia Pacific
|
Report
Scope:
In
this report, the Asia Pacific Elevator Modernization market has been
segmented into the following categories, in addition to the industry trends
which have also been detailed below:
- Asia Pacific Elevator Modernization
market, By
Elevator Type:
o Traction
o Machine Room-Less Traction
o Hydraulic
- Asia Pacific Elevator Modernization
market, By
Component:
o Controller
o Door Equipment
o Cabin Enclosure
o Signalling Fixture
o Power Unit
o Others
- Asia Pacific Elevator Modernization
market, By End-use:
o Residential Sector
o Industrial Sector
o Commercial Sector
o Infrastructural Sector
- Asia Pacific Elevator Modernization,
By Modernization Type:
o Partial
o Full
- Asia Pacific Elevator Modernization,
By Speed:
o <200 fpm
o 200-500 fpm
o >500 fpm
- Asia Pacific Elevator Modernization,
By Height:
o >20 floors
o 20-50 floors
o <50 floors
- Asia Pacific Elevator Modernization
market, By Region:
o China
o India
o Vietnam
o Thailand
o Indonesia
o South Korea
o Australia
o Rest of Asia Pacific
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Asia Pacific Elevator
Modernization market.
Available
Customizations:
Asia
Pacific Elevator Modernization market report with the given market data,
TechSci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Asia Pacific Elevator
Modernization market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
contact us at [email protected]