|
Forecast
Period
|
2026-2030
|
|
Market
Size (2024)
|
USD
48.15 Billion
|
|
Market
Size (2030)
|
USD
70.06 Billion
|
|
CAGR
(2025-2030)
|
6.29%
|
|
Fastest
Growing Segment
|
Home Elevators
|
|
Largest
Market
|
China
|
Market Overview
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
undergoing rapid transformation, fueled by rising urbanization, expanding
infrastructure development, and the increasing demand for high-rise buildings
across both developed and emerging economies. As one of the world’s most
dynamic construction markets, the region is seeing a surge in the construction
of residential complexes, commercial buildings, and large-scale urban transport
projects—all of which require efficient vertical mobility solutions. Countries
like China, India, Japan, and South Korea are leading the charge, with
significant government investments in smart cities and urban transit systems
that directly drive demand for elevators. Moreover, as urban land becomes
scarcer, vertical expansion has become a necessity rather than a choice,
especially in metropolitan areas, further propelling elevator installations.
In addition to new installations, the
modernization of aging elevator systems is emerging as a major growth driver.
With a large number of buildings in Japan and South Korea reaching maturity,
there is increasing demand for technologically advanced and energy-efficient
elevator solutions. This trend is particularly significant as building codes
and safety standards evolve, prompting property owners to upgrade outdated
systems. Green building regulations and environmental concerns are also pushing
manufacturers to develop energy-efficient and sustainable elevator
technologies. Regenerative drives, machine-room-less (MRL) elevators, and smart
elevator systems integrated with IoT are gaining traction due to their ability
to enhance energy efficiency and operational performance.
Furthermore, the region is witnessing a
shift in consumer preferences toward intelligent building management systems,
where elevators are connected with access control, fire safety, and remote
monitoring technologies. This has opened up new business avenues for global
elevator companies, fostering competition and innovation. Strategic
partnerships, joint ventures, and local production capabilities are becoming
key to success in the Asia-Pacific market, where customization, after-sales
service, and cost-effectiveness are vital. As the region continues to urbanize
and digitize, the elevator market is poised to remain a critical component of
its architectural and infrastructure evolution.
Key Market Drivers
Rapid Urbanization and Infrastructure Development
The Asia-Pacific region is witnessing swift urban
expansion, especially in developing nations such as India, Vietnam, the
Philippines, and Indonesia. This rapid urbanization is driving the need for
vertical space optimization due to limited land availability in urban centers.
As high-rise buildings become more common in both residential and commercial
real estate, elevators are no longer a luxury but a basic necessity.
Governments across the region are investing heavily
in infrastructure projects such as smart cities, metro stations, airports, and
public housing. These infrastructure developments demand advanced elevator
systems to ensure smooth movement of people. Moreover, urban migration is
significantly contributing to population growth in city centers, increasing
pressure on developers to build taller buildings with efficient vertical
transport solutions.
Additionally, urban redevelopment initiatives,
including the renovation of old buildings and the construction of mixed-use
developments, are supporting the demand for elevator installations. In rapidly
growing cities, building codes are also being updated to mandate elevator
inclusion in certain types of structures. This regulatory support, combined
with population density and vertical construction trends, creates strong,
sustained demand for elevator systems throughout the forecast period.
Aging Population and Accessibility Requirements
An aging population in several Asia-Pacific
countries, including Japan, South Korea, and China, is driving the demand for
elevators that enhance accessibility. As mobility declines with age, the need
for reliable and safe vertical transportation in residential complexes,
healthcare facilities, and public buildings becomes more prominent.
Governments and local authorities are placing
increasing emphasis on age-friendly urban planning. Retrofitting existing
low-rise residential buildings with elevators is becoming a priority to improve
accessibility for elderly residents. In cities with large numbers of older
apartment complexes, there are growing incentives and funding schemes to
support lift installations.
Moreover, the rise in chronic health conditions
among the elderly also contributes to increased usage of elevators in
hospitals, rehabilitation centers, and senior housing. As awareness about
accessibility rights increases, building owners are motivated to modernize
existing structures to meet evolving needs. This trend is expected to grow
further, particularly in countries with rapidly aging demographics.
Integration of Smart Technologies
The increasing adoption of smart technologies in
buildings is reshaping the elevator industry in Asia-Pacific. Elevators are now
being equipped with artificial intelligence, IoT sensors, and predictive
maintenance systems that enhance efficiency, user experience, and safety.
Smart elevators can analyze traffic patterns,
reduce wait times, and provide touchless operation, aligning with the growing
preference for seamless and hygienic user interfaces. These features are
particularly attractive in commercial and high-end residential properties.
Touchless control panels, mobile app-based calling systems, and voice-activated
operations are gaining popularity post-pandemic.
Furthermore, real-time performance monitoring and
remote diagnostics reduce downtime and lower maintenance costs for building
managers. With the emergence of smart cities and digital infrastructure, the integration
of elevators into building management systems is becoming standard practice.
The shift toward intelligent vertical
transportation systems is driving demand for both new smart elevators and
modernization of older models, providing a significant boost to the market
during the forecast period.
Focus on Energy Efficiency and Sustainability
Environmental sustainability is becoming a key
consideration in elevator manufacturing and design. With the rising focus on
green construction practices, energy-efficient elevators are increasingly in
demand across the Asia-Pacific region. Developers are opting for elevators that
consume less energy, have regenerative drives, and use sustainable materials.
In response to these needs, manufacturers are
introducing elevators with variable voltage and frequency systems,
energy-saving LED lighting, and standby modes. These features help reduce the
overall energy footprint of a building and contribute to achieving green
building certifications.
Additionally, some governments are offering
incentives for adopting eco-friendly building technologies. The inclusion of
energy-efficient elevators not only enhances a project's environmental
credentials but also appeals to environmentally conscious buyers and tenants.
This push toward sustainable infrastructure is significantly shaping the
elevator market's future direction.
Government Policies and Urban Planning Initiatives
Supportive government policies, building
regulations, and urban planning initiatives are major drivers of the
Asia-Pacific elevator market. As countries in the region prioritize smart city
development and improved infrastructure, elevators are becoming a strategic
component of urban mobility.
National urban housing schemes, metro rail
expansions, and airport modernization plans often include elevators as part of
their essential infrastructure. Regulations mandating elevators in buildings
exceeding a certain height have become standard across many urban centers.
Moreover, public-private partnerships in
infrastructure and real estate are creating an influx of capital and
technological expertise, accelerating elevator adoption. Governments are also
promoting elevator installations in old residential buildings through grants
and subsidies, particularly in densely populated areas.
As a result, these initiatives are ensuring that
elevator deployment is not just limited to commercial skyscrapers but also
integrated into social housing, public transit hubs, and healthcare
facilities—broadening the market's scope across multiple sectors.
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Key Market Challenges
High Installation and Modernization Costs
One of the primary challenges restraining the
Asia-Pacific elevator market is the high cost associated with elevator
installation and modernization. While demand is growing due to urbanization and
real estate development, many small- and mid-sized builders in developing
countries hesitate to invest in premium or smart elevator systems due to budget
constraints.
The cost of installing an elevator can vary
significantly based on the number of stops, building height, customization, and
safety features. In countries like India, Indonesia, and the Philippines, low-
and middle-income housing developers often prioritize cost-saving over advanced
elevator solutions. Additionally, retrofitting old buildings with
elevators—especially in dense, space-constrained urban environments—is not only
expensive but also technically complex. Civil modifications, electrical upgrades,
and compliance with safety codes significantly increase project costs.
Modernization, while necessary for energy
efficiency and safety, also involves substantial capital. Updating control
systems, motors, interiors, and communication panels is not always economically
feasible for owners of older buildings, particularly in non-premium markets.
This financial burden limits the penetration of modern elevators in aging
structures.
Despite government support in some regions, such as
Japan and China, subsidies are often insufficient to make a sizable impact on
the lower end of the market. The high upfront cost remains a key hurdle to
widespread adoption, particularly in less urbanized or economically weaker
areas of the Asia-Pacific region.
Shortage of Skilled Technicians and Maintenance
Workforce
As the Asia-Pacific elevator market expands, a
significant operational challenge is the lack of trained installation and
maintenance personnel. Elevators, particularly modern and smart systems,
require technically skilled professionals for installation, calibration, safety
checks, and ongoing servicing. However, many countries in the region face an
acute shortage of qualified elevator technicians.
In emerging economies such as Vietnam, Bangladesh,
and parts of Southeast Asia, the vocational training infrastructure for
elevator technicians is underdeveloped. Many workers receive informal training
or are cross-trained from other fields like electrical or mechanical work,
leading to inconsistent service quality and a higher risk of malfunction or
accidents.
The issue becomes more complex with the rising
demand for smart and connected elevators, which integrate IoT, AI-based
diagnostics, and advanced software systems. Maintaining these systems requires
a hybrid skill set that includes mechanical, electrical, and IT
knowledge—skills that are not yet widely available across all markets in the
region.
Furthermore, the problem is exacerbated in rural
and semi-urban areas where service networks are limited. Delays in maintenance
and repair due to staff shortages can reduce operational efficiency and elevate
safety concerns. This negatively impacts end-user confidence and could slow
market growth in less developed regions.
Efforts are being made to bridge this skill gap
through vocational training programs and company-specific technician
certifications. However, unless the workforce challenge is addressed at scale,
it may continue to hinder both quality of service and expansion of the elevator
market in Asia-Pacific.
Regulatory Complexity and Fragmented Standards
The Asia-Pacific elevator market is affected by
inconsistent and fragmented safety regulations and compliance standards across
countries and even within states or provinces of larger nations. While elevator
safety and certification are critical to ensuring user protection, the lack of
harmonized regulations complicates manufacturing, distribution, and
implementation for industry players.
In highly regulated markets like Japan and South
Korea, elevators must adhere to stringent national standards, including fire
resistance, earthquake resilience, and disability access. Meanwhile, in
developing countries like Myanmar, Laos, or Cambodia, safety enforcement and
inspection systems are often outdated or inconsistently applied.
This regulatory fragmentation makes it difficult
for elevator manufacturers to adopt a unified product strategy across the
region. Companies must frequently customize their designs, components, and
installation practices to align with local codes, resulting in increased
R&D and production costs. Even in large markets such as India and China,
different states or municipalities can impose varying guidelines, causing
delays and confusion.
The challenge extends to modernization and
retrofitting, where older elevators may not meet current safety standards but
are still in use due to lax enforcement or cost barriers. This regulatory
inconsistency undermines market transparency and makes it difficult for
end-users to judge the reliability and quality of service providers.
Efforts by regional trade groups to promote
standardization are ongoing, but progress is slow. Without a more harmonized
and enforceable regulatory environment, the elevator market in Asia-Pacific
will continue to face structural inefficiencies and compliance-related
obstacles that hinder scalability.
Price Sensitivity and Market Competition
The Asia-Pacific elevator market is extremely
price-sensitive, particularly in developing countries where cost is often the
dominant factor in purchasing decisions. This dynamic creates intense
competition among global, regional, and local elevator manufacturers, many of
whom compete primarily on price rather than quality or innovation.
Smaller and mid-tier developers frequently opt for
low-cost elevator systems, sometimes compromising on advanced safety features,
energy efficiency, or durability. This preference has created a market for
low-margin products and fueled the growth of unorganized players offering
cheaper alternatives. Such conditions pressure established companies to reduce
costs, often by cutting back on premium features or using lower-cost
components, which can affect overall quality.
Price competition also affects after-sales service
and maintenance contracts. Customers in price-sensitive markets may delay
maintenance renewals or choose less qualified service providers to save money.
This practice increases the risk of breakdowns, safety issues, and regulatory
non-compliance.
Furthermore, government-funded projects such as
public housing or rural infrastructure often go to the lowest bidder, limiting
scope for high-end solutions. Even within urban projects, budget allocations
for vertical transportation are frequently squeezed, reducing opportunities for
innovation.
This pricing pressure leads to reduced profit
margins for manufacturers and slows innovation adoption. Unless consumers
become more quality-conscious or regulations mandate higher standards, the race
to the bottom on pricing may continue to pose a serious challenge for
sustainable growth in the Asia-Pacific elevator market.
Disruption in Global Supply Chains
The Asia-Pacific elevator market is highly
dependent on global supply chains for essential components, including motors,
control systems, safety gear, and smart sensors. Any disruption in the global
logistics network—whether due to geopolitical tensions, raw material shortages,
or transportation bottlenecks, can directly affect production timelines and
project delivery.
The COVID-19 pandemic exposed the vulnerability of
this supply chain. Factories in China, which supplies a significant portion of
elevator components, faced shutdowns and port congestion, causing long delays
in delivery across the region. Similarly, escalated trade conflicts or
increased tariffs between major economies can raise import costs and affect the
competitiveness of elevator solutions.
In addition to delays, fluctuating prices of
critical materials like steel, aluminum, and semiconductors significantly
impact manufacturing costs. These raw materials are subject to global
demand-supply dynamics and currency fluctuations, making cost planning
difficult for elevator manufacturers.
Localizing production to mitigate these risks is a
potential solution, but setting up component manufacturing and assembly
facilities in smaller economies is not always financially viable. As a result,
companies are often forced to carry large inventories or expedite shipments at
higher costs, affecting profitability.
Until supply chain resilience improves through
regional diversification or local manufacturing scale-up, the elevator industry
in Asia-Pacific will remain exposed to external shocks. This persistent
uncertainty poses a structural challenge for long-term planning and delivery
reliability in the market.
Key Market Trends
Growth in Green and Energy-Efficient Elevators
Environmental sustainability is becoming a major
concern across the Asia-Pacific region, leading to a growing demand for green
and energy-efficient elevators. Developers and facility managers are under
increasing pressure to reduce the carbon footprint of buildings and meet
evolving green building regulations and certifications such as LEED, BREEAM, or
India’s GRIHA.
Green elevators are designed to consume less energy
during operation and stand-by periods. Technologies such as regenerative
drives, LED lighting, sleep mode systems, and gearless traction motors are
being widely adopted. These innovations can reduce energy consumption by 20% to
40% compared to conventional systems, delivering significant long-term cost
savings.
Major cities like Shanghai, Seoul, and Melbourne
are prioritizing energy efficiency in building codes, prompting builders to opt
for elevator systems that align with sustainability goals. Government
incentives and mandatory environmental norms in markets like Singapore and
Japan also encourage the use of eco-friendly solutions in both public and
private sector projects.
In addition, consumers, especially in high-end
residential and commercial sectors—are increasingly aware of the environmental
impact of building systems. Green elevators are now seen as a premium feature
and a branding tool for environmentally conscious developers.
This growing preference is driving R&D
investment by elevator manufacturers to develop products with low lifecycle
emissions and enhanced recyclability. As sustainability becomes integral to
real estate value, green elevators will continue to play a key role in the
market landscape of Asia-Pacific.
Urban High-Rise Boom Fueling High-Speed Elevator
Demand
The Asia-Pacific region is witnessing a surge in
high-rise and supertall building developments, especially in rapidly urbanizing
countries such as China, India, Vietnam, and Indonesia. This vertical expansion
of cities is creating a strong demand for high-speed elevators, capable of
moving passengers swiftly and comfortably across dozens of floors.
High-speed elevators, which can travel at speeds of
over 7 m/s, are becoming essential in commercial hubs, luxury hotels, and
mixed-use skyscrapers. Cities like Shenzhen, Mumbai, and Jakarta are embracing
tall building projects due to limited horizontal space and soaring real estate
values. These structures require sophisticated elevator systems to maintain
passenger flow and reduce waiting time.
Advanced elevator technologies—such as double-deck
elevators, sky lobbies, and artificial intelligence-driven dispatching—are now
integrated into skyscraper design from the planning stage. These systems not
only enhance efficiency but also optimize core space usage, allowing for more
leasable areas in premium properties.
Japan and South Korea, known for their
technological prowess, are leading in deploying ultra-high-speed elevators that
use aerodynamic design, vibration control, and pressure regulation to ensure a
smooth ride experience. Meanwhile, Chinese cities continue to set new records
in elevator speed and innovation, as domestic players rapidly innovate to meet
evolving infrastructure demands.
This trend is also supported by government-backed
urban renewal initiatives and smart infrastructure programs. As urban density
continues to rise, particularly in tier-1 and tier-2 cities, the need for
faster, more intelligent vertical mobility will accelerate the deployment of
high-speed elevators across the Asia-Pacific region.
Rapid Growth in Modernization Projects
The Asia-Pacific elevator market is witnessing a
strong upswing in modernization and refurbishment activities, particularly in
mature markets like Japan, South Korea, and Australia, where a large stock of
elevators installed in the 1980s and 1990s is nearing obsolescence.
Modernization involves upgrading old elevators with
new components, including control systems, motors, doors, and safety features.
This trend is driven by increasing safety standards, the demand for energy
efficiency, and user expectations for better performance and aesthetics.
In countries like Japan, over 40% of elevators are
more than 25 years old, prompting government-supported programs to encourage
timely modernization.
Similarly, in Singapore and Hong Kong, aging infrastructure combined with
updated building codes is leading property managers to retrofit elevators to
meet current safety and accessibility standards.
Another factor driving modernization is the need to
integrate digital features into existing systems—such as touchless controls,
real-time monitoring, and predictive maintenance platforms. These upgrades
improve not only safety and energy performance but also building value and user
experience.
Cost-sensitive markets like India and Thailand are
also beginning to adopt phased modernization strategies, targeting core
components first and gradually upgrading entire systems. This allows property
owners to extend the life of elevator assets without committing to full
replacements.
With the average elevator lifespan being 20–25
years, and hundreds of thousands of units across Asia-Pacific approaching this
mark, the modernization segment is expected to remain one of the most lucrative
sub-segments of the elevator industry in the coming years.
Expansion of Affordable Housing and Infrastructure
Projects
The rapid growth of affordable housing schemes and
infrastructure investments across Asia-Pacific is significantly influencing the
elevator market, creating demand beyond high-end urban developments.
Governments in India, Indonesia, Vietnam, and the Philippines are launching
large-scale initiatives to provide housing for low- and middle-income
populations, many of which require basic elevator solutions for multi-story
buildings.
For example, India’s “Pradhan Mantri Awas Yojana”
(PMAY) and Indonesia’s “One Million Houses” program are pushing vertical
construction in urban and peri-urban areas. These projects include mid-rise
buildings—typically 4 to 10 stories—that now require elevators to comply with
evolving building norms and accessibility guidelines.
Simultaneously, infrastructure development—such as
metro stations, airports, hospitals, and railway terminals—is driving the
installation of elevators in public spaces. These facilities require robust,
vandal-resistant systems with high uptime and ease of maintenance, offering a
stable growth stream for manufacturers.
What’s noteworthy is the shift in market focus from
premium to volume segments. Companies are now designing cost-effective elevator
models tailored for budget housing and public infrastructure projects, with
simplified features, compact designs, and easy maintenance protocols.
While margins in this segment are lower, the sheer
volume of demand offers significant opportunities. Moreover, public-private
partnerships (PPPs) in infrastructure development are ensuring long-term
service contracts, benefiting maintenance and modernization players as well.
As socio-economic development continues across the
region, the expansion of affordable and public infrastructure will remain a key
pillar supporting the Asia-Pacific elevator market’s long-term growth.
Segmental Insights
Type Insights
Passenger Elevators segment
dominatesd in the Asia-Pacific Elevators
market in 2024 primarily
due to the rapid pace of urbanization, population growth, and the increasing
need for vertical transportation in both residential and commercial
infrastructure. The region is home to some of the world’s most densely
populated cities such as Mumbai, Tokyo, Seoul, Shanghai, and Jakarta, where
vertical construction is a necessity rather than a choice. High-rise
apartments, office towers, shopping malls, hospitals, and metro stations are
all being developed or modernized at a fast pace, each requiring safe and
efficient passenger mobility systems.
The residential sector accounts for a
substantial portion of this demand. Countries like India and China, with
burgeoning middle-class populations and government-supported affordable housing
schemes, are witnessing a surge in mid- to high-rise buildings that mandate
elevator installations. Simultaneously, governments are enforcing building
codes that emphasize accessibility and safety, further reinforcing the need for
passenger elevators, especially in public buildings and aging infrastructure
undergoing retrofitting.
In the commercial sector, premium office
spaces, malls, hotels, and mixed-use developments are increasingly integrating
advanced passenger elevator systems with features like destination control,
touchless access, and smart sensors for enhanced user experience and energy
efficiency. Moreover, aging elevator infrastructure in countries like Japan,
Singapore, and South Korea is being replaced with modern passenger elevators
that meet new performance and sustainability standards.
Technological advancements have also
made passenger elevators more versatile, compact, and cost-effective, making
them suitable for low- to mid-rise buildings in suburban and rural areas as
well. The rise of smart cities and transit-oriented development projects across
Asia-Pacific has amplified the integration of modern passenger elevators into
new urban infrastructure.
Service Insights
Maintenance & Repair
segment dominated the Asia-Pacific Elevators
market in 2024 due to the region’s expanding base of installed elevators, aging
infrastructure, and stringent safety regulations. With millions of elevators
operating in urban centers across China, Japan, India, and Southeast Asia,
regular maintenance has become crucial to ensure reliability, compliance, and
passenger safety. Governments and building authorities are mandating frequent
inspections and timely repairs, particularly in high-traffic public and
commercial buildings. Additionally, the rise in service contracts and
predictive maintenance technologies has boosted demand for professional upkeep
services, making maintenance and repair the leading service category in the
market.
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Country Insights
Largest Country
China dominated the Asia-Pacific Elevators market in
2024 due to a combination
of rapid urbanization, large-scale infrastructure projects, and
government-driven modernization initiatives. As the most populous country in
the region, China has seen explosive growth in urban housing and commercial
developments, which has significantly driven demand for vertical transportation
solutions like elevators. The continued expansion of high-rise buildings in
Tier 1 and Tier 2 cities—such as Beijing, Shanghai, Guangzhou, and Shenzhen—has
reinforced the need for advanced, high-capacity passenger elevators.
Furthermore, China’s “New Urbanization
Plan” has encouraged the development of smart cities and upgraded public
infrastructure, including hospitals, schools, metro stations, and airports—all
requiring elevators with modern features and compliance with safety standards.
Government policies also promote elevator installation in existing low-rise
buildings and aging residential complexes through retrofitting programs. This
has opened up opportunities not only in new installations but also in the
modernization and replacement segments.
China is also a global manufacturing hub
for elevator components and complete systems, with domestic giants like Hitachi
China, Mitsubishi Electric, and domestic players such as Canny Elevator and
SJEC maintaining strong production capabilities. The presence of these
manufacturers within China significantly reduces lead time and logistics costs,
allowing for greater market penetration and price competitiveness.
Additionally, China's growing elderly
population has created heightened demand for barrier-free accessibility in
residential and public buildings, further reinforcing the necessity of
elevators. The integration of Internet of Things (IoT), energy-efficient
solutions, and AI-based predictive maintenance by local and international
players also adds to the appeal of elevators in the country.
With supportive policy frameworks,
domestic manufacturing strengths, and continuous infrastructure development,
China remains the largest and most dominant contributor to the Asia-Pacific
elevator market in 2024, accounting for a significant portion of total
installations and maintenance contracts in the region.
Emerging Country
Japan was the emerging country in the Asia-Pacific Elevators
market in the coming period due
to its growing focus on smart buildings, aging population, and infrastructure
renewal. With over 28% of its population aged 65 and older, demand for
barrier-free access in public and residential spaces is rising. Additionally,
the government is investing in upgrading aging building stock and transit
systems, which boosts elevator modernization. Japan’s advanced technological
base supports innovation in energy-efficient, IoT-enabled elevators, aligning
with green building goals. The Tokyo metropolitan area, in particular, is
witnessing increased installation activity, making Japan a key growth
contributor in the region's evolving elevator landscape.
Recent Developments
- In February 2025, BOCA Group, a prominent vertical
transportation consultancy, announced a strategic partnership with AuditMate, a
pioneering elevator auditing and management platform. This collaboration
integrates BOCA’s consulting expertise with AuditMate’s advanced technology,
aiming to streamline elevator and escalator oversight. The joint offering is
set to enhance service quality, reduce operational inefficiencies, and provide
building owners and managers with comprehensive transparency and performance
insights across their vertical transportation assets.
- TK Elevator (TKE), a global vertical mobility
leader, and Alat, a Public Investment Fund-backed Saudi company, established a
euro 160 million (USD 181.71 million) joint venture in February 2025. The
initiative aims to localize the development, manufacturing, and deployment of
advanced mobility solutions in Saudi Arabia. This partnership will include the
establishment of a domestic product development center, supporting national
industrialization efforts and aligning with Vision 2030’s localization and infrastructure
goals.
- In March 2024, Chennai Metro Rail Limited (CMRL)
awarded a Letter of Acceptance to Johnson Lifts Private Limited for escalator
enhancement works in Phase-1 and its extension. The project aims to improve
commuter convenience and operational efficiency in Chennai’s mass transit
system. Johnson Lifts will deliver upgraded escalator systems as part of a
broader strategy to modernize urban mobility infrastructure in South India.
- In April 2025, Schindler Elevator Corporation
unveiled the Schindler 5000, a machine-room-less (MRL) elevator tailored for
low- to mid-rise buildings. Engineered for efficiency and space optimization,
it offers increased load capacity (up to 5,000 lbs), higher speeds (up to 350
fpm), and larger cabin configurations. The model is now available across most
U.S. markets and is positioned to address evolving demands in commercial and
residential developments.
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 Type
|
By Service
|
By Technology
|
By End-Use Industry
|
By Country
|
- Passenger Elevators
- Freight Elevators
- Home Elevators
- Service Elevators
- Others
|
- New Installation
- Maintenance & Repair
- Modernization
|
- Hydraulic Elevators
- Traction Elevators
- Machine Room-Less (MRL) Elevators
- Pneumatic Elevators
|
- Residential
- Commercial
- Industrial
- Institutional
- Infrastructure
|
- China
- Japan
- India
- South Korea
- Australia
- Singapore
- Thailand
- Malaysia
|
Report Scope:
In this report, the Asia-Pacific Elevators Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Asia-Pacific Elevators Market, By Type:
o Passenger Elevators
o Freight Elevators
o Home Elevators
o Service Elevators
o Others
- Asia-Pacific Elevators Market, By Service:
o New Installation
o Maintenance & Repair
o Modernization
- Asia-Pacific Elevators Market, By Technology:
o Hydraulic Elevators
o Traction Elevators
o Machine Room-Less (MRL) Elevators
o Pneumatic Elevators
- Asia-Pacific Elevators Market, By End-Use Industry:
o Residential
o Commercial
o Industrial
o Institutional
o Infrastructure
- Asia-Pacific Elevators Market, By Country:
o China
o Japan
o India
o South Korea
o Australia
o Singapore
o Thailand
o Malaysia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific
Elevators Market.
Available Customizations:
Asia-Pacific Elevators 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).
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