|
Forecast Period
|
2026-2030
|
|
Market Size (2024)
|
USD 34.87 Billion
|
|
Market Size (2030)
|
USD 52.15 Billion
|
|
CAGR (2025-2030)
|
6.78%
|
|
Fastest Growing Segment
|
Escalator
|
|
Largest Market
|
North China
|
Market Overview
China
Elevator & Escalator Market was valued at USD 34.87
Billion in 2024 and is expected to reach USD 52.15 Billion by 2030 with a CAGR
of 6.78% during the forecast period.
The China
Elevator & Escalator Market continues to represent one of the largest and
most dynamic sectors in the global vertical transportation industry. Fueled by
rapid urbanization, large-scale infrastructure development, and increasing
high-rise construction, the market has become a critical component of China’s
broader real estate and industrial growth strategy. Urban population migration
from rural to metropolitan areas has driven the need for residential and
commercial high-rise buildings, creating consistent demand for elevators and
escalators. Government initiatives under the 14th Five-Year Plan—focused on
smart cities, urban renewal, and aging building modernization—have further
reinforced the sector’s growth trajectory. The demand is especially strong in
tier-1 and tier-2 cities such as Beijing, Shanghai, Shenzhen, and Guangzhou,
which are experiencing intensified real estate activity, including office
complexes, shopping centers, hospitals, and public transport hubs.
In addition to
new installations, modernization and maintenance are gaining prominence due to
the aging infrastructure across many Chinese cities. Over 20% of China’s
elevators are reportedly over 15 years old, pushing building owners and
facility managers to upgrade outdated systems with newer, energy-efficient, and
safer alternatives. The government has also introduced regulatory reforms
emphasizing elevator safety, predictive maintenance, and smart connectivity
features, accelerating the shift toward intelligent elevator systems.
Innovations like AI-powered control systems, IoT integration, and touchless
elevator technology are being widely adopted to improve passenger safety and
efficiency.
Domestic
companies such as Hitachi China, Canny Elevator, and SJEC remain highly
competitive, while global players like Otis, Schindler, KONE, and Mitsubishi
Electric continue to maintain a strong presence through joint ventures and
localized production. Increasing competition has led to more pricing pressure,
yet it also encourages innovation and localized solutions tailored to Chinese
urban infrastructure needs. Overall, the China Elevator & Escalator Market
remains resilient, supported by rising urban density, the aging population,
government policy support, and a focus on intelligent building solutions.
Key Market Drivers
Rapid Urbanization and
High-Rise Construction
China's aggressive
urbanization has transformed its cities into densely populated vertical hubs,
driving significant demand for elevators and escalators. As millions migrate
from rural to urban areas annually, municipalities are under pressure to
accommodate population growth through high-rise buildings. In response, the
country has seen a sharp rise in construction activity. For example, over 80%
of urban residential buildings in top-tier cities are now high-rises, often
exceeding 10 stories, necessitating elevator systems for accessibility and
convenience.
The number of new elevator
installations has climbed steadily, with annual figures surpassing 900,000
units in recent years. Tier-1 and Tier-2 cities like Shanghai, Guangzhou, and Shenzhen have
seen explosive growth in luxury apartments, mixed-use towers, and office
skyscrapers. Meanwhile, smaller urban centers are following suit, encouraged by
government policies aimed at regional urban development.
In addition to residential
buildings, commercial real estate—including shopping malls, office parks, and
hotels—has also expanded, further accelerating vertical transportation needs.
Demand is shifting from merely functional systems to smarter, energy-efficient
solutions capable of handling heavy traffic with minimal downtime.
China’s long-term urban
planning supports this trajectory. Initiatives like the New Urbanization Plan
are pushing for sustainable, transit-oriented developments, which rely heavily
on elevator infrastructure. This trend is expected to intensify as smart cities
gain prominence, boosting the adoption of elevators integrated with intelligent
building systems.
- The urban population in China reached 1 billion in 2024, driving significant demand for elevators and escalators in residential and commercial buildings. (National Bureau of Statistics of China)
- China's Ministry of Housing and Urban-Rural Development mandated elevator safety inspections every 2 years for residential buildings over 6 floors, impacting roughly 2 million elevators as of 2024.
Aging Population and
Infrastructure Modernization
China is grappling with an
aging population—over 20% of citizens are projected to be over 65 by 2030. This demographic shift is
prompting widespread retrofitting of older buildings, especially in urban
residential areas where Soviet-era apartments lack elevators. These outdated
buildings, typically 6–7 stories tall, pose serious mobility challenges for the
elderly and disabled.
In response, local
governments have initiated modernization programs aiming to retrofit millions
of housing units. For instance, over 2 million residential lifts are
targeted to be installed nationwide by the end of this decade. Although
progress is gradual—annual installations currently average around 40,000
units—the direction is clear: retrofitting is a massive, untapped segment of
the market.
Moreover, local communities
are increasingly advocating for elevator installations in older complexes.
Cost-sharing models are emerging where government subsidies cover 30–50% of
installation costs, with the remainder split among residents or financed via
monthly usage fees. Manufacturers are also participating in innovative
financing schemes to penetrate this retrofitting market.
This modernization drive is
also influencing product design, prompting manufacturers to develop compact,
low-noise, energy-efficient systems suitable for older buildings with space and
structural constraints. As demand grows, companies with tailored retrofit
solutions are positioned to dominate this segment.
Expansion of Public
Infrastructure and Transit Systems
China continues to lead
globally in public infrastructure investment, particularly in metro rail,
airports, and urban transit systems. With over 40 major cities operating metro
networks and dozens more planning expansion, demand for escalators and elevators
in stations is skyrocketing.
Each new metro line
typically requires hundreds of vertical mobility units—including high-capacity
escalators and elevators with features such as dual-direction operation,
anti-vibration technology, and energy-saving modes. Metro systems in cities
like Wuhan, Hangzhou, and Chengdu are expanding at double-digit rates annually,
contributing directly to orders for new equipment.
Similarly, China’s
aggressive airport modernization programs are fueling the market. Multiple
Tier-2 and Tier-3 cities are constructing or upgrading airports, incorporating
advanced passenger movement systems. A single mid-size airport can require over
200 units of vertical transport equipment.
Government infrastructure
spending—aimed at driving GDP growth—is targeting a 70% infrastructure
investment share by 2035, up from just over 60% in the previous decade. This includes smart
transport hubs with integrated mobility solutions.
Additionally, public
hospitals and government buildings are being upgraded to support universal
access policies, further reinforcing demand. The result is a robust pipeline of
orders from public sector clients, ensuring sustained growth for elevator and escalator
suppliers.
Integration of Smart
Technologies in Building Design
Technological innovation is
reshaping the elevator and escalator market in China, driven by the rising
adoption of smart buildings. Urban developers are prioritizing systems equipped
with IoT-enabled predictive maintenance, AI-based traffic control, and touchless
user interfaces.
In major Chinese cities,
around 60% of new high-rise constructions are now designed as smart buildings. Elevators in these
developments are expected to be fully integrated into the building’s central
control systems, capable of real-time diagnostics, cloud-based monitoring, and
dynamic traffic optimization.
Manufacturers are
responding with product lines that include AI scheduling algorithms, app-based
user interfaces, and sensors for ride analytics. Some elevators can learn usage
patterns over time to reduce wait times during peak hours and enter sleep modes
to conserve energy during off-peak hours.
Additionally, there is
rising demand for customization. Developers are increasingly choosing digital
displays, modular designs, and interior aesthetics aligned with building
themes. These features are particularly popular in commercial real estate and
luxury residential markets.
Smart elevator solutions
are also being adopted in retrofits, especially in upgraded government
buildings and tech campuses. As more cities adopt smart city blueprints under
the national Five-Year Plan, demand for such advanced elevator systems is
expected to escalate sharply.
• Over 1,500 new high-rise buildings (20 floors or more) were completed in major cities like Shanghai, Beijing, and Shenzhen in 2024, requiring thousands of new elevator installations.
• As of 2024, China has over 7 million installed elevators nationwide, making it the largest installed base globally. (China Elevator Association)
Emphasis on Environmental
Standards and Green Building Initiatives
Sustainability has become a
key regulatory focus in China's construction sector, and the elevator industry
is adapting accordingly. Recent mandates require that a large percentage of new
urban buildings meet green building certifications, which emphasize energy
efficiency, low carbon emissions, and eco-friendly materials.
Elevators and escalators
are energy-intensive, making them critical in achieving building-wide
efficiency targets. In response, manufacturers are launching regenerative drive
systems, LED lighting, standby modes, and lightweight materials to meet green specifications.
Over 70% of high-rise
developments in cities like Shenzhen and Suzhou are already pursuing green
building labels, including the China Green Building Evaluation Standard.
Elevators that comply with these standards are favored in public tenders and
private developments alike.
Demand for energy-efficient
elevators is not limited to new buildings. Retrofits in older government and
corporate facilities increasingly include upgrades to systems that reduce
energy consumption by 20–30%. These improvements often qualify for government
subsidies or low-interest green financing schemes.
As cities aim to lower
their carbon footprint and compete for environmental accolades, elevator
manufacturers that offer eco-friendly solutions are seeing increased market
share. Sustainability is no longer a niche concern—it is central to winning
contracts in both public and private sectors.
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Key Market Challenges
Intense Price Competition
and Margin Pressure
The China Elevator & Escalator
Market faces significant pressure from intense price-based competition. With
numerous domestic and international players operating across segments, price
has become a dominant decision-making factor for many real estate developers
and public procurement bodies. Local manufacturers often offer competitively
priced units to win large contracts, sometimes compromising on profit margins
to maintain volume. The proliferation of mid- and low-end elevator suppliers
has fragmented the market, intensifying the race to offer
"value-for-money" solutions.
Furthermore, real estate
developers increasingly demand cost-effective packages that include
installation, maintenance, and modernization services under bundled contracts.
This has diluted profit margins, especially for multinational companies, which
must contend with higher production and compliance costs. For example, some
top-tier developers reportedly negotiate prices 15-20% lower than five years
ago, eroding revenue potential for premium manufacturers.
The cost sensitivity also
extends into the public sector, where infrastructure projects are awarded based
on competitive bidding processes that prioritize price over advanced features.
As a result, companies are often compelled to scale back on innovation or
quality to stay cost-competitive, risking long-term brand dilution and customer
dissatisfaction.
To counteract these
pressures, some firms are investing in local manufacturing bases to reduce
costs or offering modular systems with upgrade options. However, these
strategies take time to yield results. Meanwhile, the race to the bottom
continues to squeeze margins, making sustainable growth challenging for even
the most established players in the market.
Regulatory Compliance and
Standardization Issues
One of the persistent
challenges in the China Elevator & Escalator Market is navigating the
complex and evolving regulatory environment. While China has made substantial
progress in enhancing elevator safety and quality standards, there remains a
lack of uniform enforcement across provinces. Variations in interpretation and
implementation of national guidelines often lead to delays in project
approvals, inconsistent safety checks, and confusion among stakeholders.
For instance, local
authorities may impose additional requirements beyond the national standards,
which can result in costly design revisions and compliance burdens for
manufacturers. This is particularly problematic for multinational firms that
operate across multiple regions, as they must adapt their products and
documentation to varying local compliance regimes. These additional
requirements can increase product development timelines by 2-3 months, slowing
time-to-market.
Furthermore, changes in
policies—such as the recent tightening of elevator inspection regulations or
retrofitting mandates for old buildings—often occur with limited transition
periods. Companies are required to adapt swiftly or face penalties, rejection
of projects, or delays in commissioning. These shifting regulatory expectations
create operational uncertainty and raise the cost of compliance.
The challenge is compounded
by the limited availability of trained regulatory officers and inspectors,
which can result in backlogs in approvals and certification. While the Chinese
government is making efforts to standardize regulations and improve enforcement
consistency, the lack of a centralized system for real-time regulatory updates
and approvals continues to hamper industry efficiency.
Navigating this landscape
requires substantial investment in legal and compliance departments, as well as
close coordination with local authorities. For smaller players and new
entrants, meeting these regulatory demands can be prohibitively complex and resource-intensive,
potentially discouraging market participation.
Aftermarket Service
Fragmentation
Aftermarket services—such
as maintenance, repairs, and modernization—are critical revenue streams in the
elevator and escalator industry. However, in China, this segment remains highly
fragmented and underdeveloped in terms of service quality and standardization.
Many building owners and property managers opt for third-party service
providers that offer cheaper contracts but may lack the technical expertise,
spare parts availability, or commitment to quality that OEMs provide.
This fragmentation is
driven by price sensitivity among property owners who often prioritize upfront
cost savings over long-term equipment performance. Consequently, elevators may
suffer from substandard maintenance, leading to frequent breakdowns, safety
concerns, and reduced lifecycle value. It is estimated that nearly 50% of
elevators in mid-size cities are serviced by non-OEM providers, many of whom
operate with minimal regulatory oversight.
This situation poses
several challenges for OEMs and premium service providers. First, it limits
their control over installed units, making it difficult to maintain brand
reputation and collect operational data for predictive maintenance. Second,
inconsistent maintenance leads to accelerated equipment wear and raises the
risk of incidents, which in turn affects consumer trust in the brand.
Additionally, legal
disputes often arise between building owners and service providers over delayed
response times, unfulfilled warranties, or non-compliance with maintenance
protocols. These disputes can further tarnish industry credibility. Although regulatory
reforms are underway to introduce stricter service provider licensing and
training requirements, enforcement remains patchy.
To address this challenge,
manufacturers are increasingly offering digital maintenance platforms and
remote diagnostics to ensure service quality. However, adoption of such
technologies remains limited outside of Tier-1 cities, prolonging the
fragmentation and inconsistency in aftermarket services.
Saturation in Tier-1
Markets and Slowing Real Estate Growth
The elevator and escalator
industry in China is confronting saturation in Tier-1 cities like Beijing,
Shanghai, and Guangzhou, where most high-rise developments already have modern
vertical transportation systems. As a result, new installation volumes have
plateaued in these areas, pressuring companies to shift their focus to
retrofitting and maintenance.
This saturation coincides
with broader real estate challenges. The government’s tightening of property
regulations to curb speculation has led to reduced new housing starts and
delayed construction schedules. For instance, in 2024, residential building permits
in Tier-1 cities fell by more than 12% year-on-year. This has translated into
fewer elevator orders from developers facing financing constraints and project
delays.
Moreover, concerns over
developer defaults and bankruptcies have shaken investor confidence in the
property sector. As a result, real estate companies are scaling back on luxury
features and premium elevator packages, opting instead for basic, lower-cost
models. This cost-cutting trend limits the ability of elevator companies to
upsell advanced systems or integrated building solutions.
To counteract the effects
of saturation, some companies are targeting Tier-2 and Tier-3 cities. However,
these markets come with their own challenges, including lower purchasing power,
inconsistent regulations, and a preference for local suppliers. The ROI in
these regions is often lower, making market expansion a high-risk endeavor.
Ultimately, the slowdown in
high-end urban real estate, combined with existing saturation, limits the
growth prospects of elevator and escalator manufacturers in core urban centers,
necessitating a shift in strategic focus.
Shortage of Skilled
Technicians and Workforce Management
As the elevator and
escalator market in China grows more sophisticated, the demand for highly
skilled technicians has surged. However, there is a growing mismatch between
industry needs and workforce availability. Many vocational schools and training
institutes struggle to keep up with the evolving technical standards and
digital innovations that are reshaping the sector.
Elevator installation and
maintenance require a mix of mechanical, electrical, and IT skills.
Unfortunately, the majority of available technicians have only basic mechanical
knowledge and limited exposure to advanced diagnostic tools, IoT platforms, or
predictive maintenance technologies. As a result, installation timelines are
often extended, and first-time fix rates for repairs remain suboptimal.
It is estimated that China
faces a shortfall of over 100,000 qualified elevator technicians, particularly
in emerging cities and rural areas. This gap is expected to widen as
urbanization pushes development into less industrialized regions, where local talent
pools are even more limited.
Moreover, technician
turnover rates are high due to low wages, limited career advancement
opportunities, and physically demanding work conditions. Many workers leave the
industry within a few years, forcing companies to continuously invest in
recruitment and training, which increases operational costs.
In response, leading
companies have established in-house training academies, certification programs,
and partnerships with technical colleges. While these efforts are beginning to
bear fruit, scaling them across all regions remains a challenge. Until the
talent pipeline catches up with demand, workforce limitations will continue to
hinder service quality, operational efficiency, and customer satisfaction in
the China elevator and escalator market.
Key Market Trends
Aging Infrastructure Fuels
Demand for Modernization
A significant proportion of
China’s elevators were installed during the rapid urbanization boom of the
early 2000s. Many of these systems are now outdated, raising safety and
efficiency concerns. It is estimated that over 4 million elevators across China
are more than 15 years old. This aging infrastructure presents a major
opportunity for modernization services, particularly in Tier 1 and Tier 2
cities where buildings are subject to stricter safety standards. Modernization
involves upgrading control systems, replacing worn-out mechanical parts, and
integrating smart technologies. Government support for renovation programs,
including subsidies for residential communities, further stimulates market
activity. Modernized elevators not only improve performance and safety but also
offer reduced energy consumption and smoother operation. Urban districts are
prioritizing elevator retrofitting projects to meet the demands of aging
populations and improve accessibility. Leading companies are launching
specialized modernization portfolios tailored for old residential blocks and
commercial complexes. As a result, the aftermarket and modernization segment is
evolving into a major growth pillar for the Chinese elevator industry.
Growing Focus on Vertical
Transportation in Transit-Oriented Developments (TODs)
Transit-Oriented
Developments (TODs) are becoming a central component of urban planning in
China, integrating residential, commercial, and public infrastructure around
major transit hubs. These mixed-use, high-density projects require robust
vertical transportation systems, driving demand for elevators and escalators
tailored for high-capacity, high-frequency usage. In 2024, several provincial
cities initiated TOD masterplans incorporating integrated transport hubs with
connected commercial and residential towers. Such developments necessitate the
deployment of heavy-duty escalators, double-deck elevators, and advanced crowd
management solutions. Elevators with higher speed, larger cabin space, and
intelligent traffic management systems are preferred in metro stations,
airports, and multi-use facilities. The focus on seamless passenger flow and
efficient transfer between transit modes has also encouraged the installation
of panoramic lifts and smart escalator systems. Elevator manufacturers are
collaborating with city planners and construction firms early in the
development cycle to design customized vertical transport systems. As TODs
expand beyond Tier 1 cities, this trend will continue to push innovation and
volume in elevator and escalator deployment.
Customized Aesthetics and
Passenger Experience Elevating Demand
Consumer expectations
regarding elevator aesthetics and user experience are rising, particularly in
luxury residential and commercial buildings. The trend toward customization is
reshaping elevator cabin design, material selection, and user interface options.
In 2024, over 35% of new elevator orders in China’s premium building segments
requested custom interiors or unique design features. Developers are focusing
on integrating elevators that match the building’s architectural theme, with
options such as touchscreen panels, mood lighting, panoramic views, and
voice-controlled systems. The hospitality and high-end real estate sectors are
especially driving this demand, where elevators are considered part of the
overall brand experience. Additionally, elevators now feature multilingual
voice announcements, air purification systems, and touchless access to enhance
passenger comfort and hygiene. With the growing emphasis on health, wellness,
and aesthetics, the elevator is no longer viewed as merely a mode of transport
but a branding and design element. Manufacturers are responding with flexible
design offerings and co-creation platforms, allowing architects and clients to
define visual and experiential elevator elements. This trend is expected to
deepen as competition intensifies in the high-value property market.
Segmental Insights
Type Insights
Elevator segment dominated in the China Elevator & Escalator market
in 2024 due to rapid urbanization, high-rise construction, and strong government
emphasis on infrastructure development. With the ongoing expansion of
metropolitan areas such as Beijing, Shanghai, and Shenzhen, the demand for
vertical mobility solutions has surged, particularly for residential and
commercial skyscrapers. Elevators are essential to meet the accessibility and
space optimization needs of such vertical structures, making them indispensable
in modern urban planning.
China’s
increasing population density in cities has led to a vertical building trend,
especially in Tier 1 and Tier 2 cities. Residential projects, in particular,
are being designed with multi-story layouts that depend heavily on elevator
systems to maintain convenience and safety. Additionally, the government's push
for affordable housing projects and smart city initiatives under the 14th
Five-Year Plan is accelerating new elevator installations.
Furthermore, the
demand for elevator modernization is rising, especially in older buildings
constructed during the rapid urban expansion of the 1990s and early 2000s. Many
of these buildings either lack elevators or require major upgrades to meet new
energy efficiency, safety, and digitalization standards.
Technological
innovation also fuels this dominance. Chinese manufacturers and global players
operating in the country are investing in AI-based predictive maintenance,
energy-efficient elevators, and touchless control systems, all of which enhance
user experience and safety. These advancements make elevators more attractive
in terms of long-term operational cost savings and reliability.
In contrast,
escalators are primarily used in commercial settings like malls, airports, and
metro stations, which limits their application compared to elevators. Thus, the
widespread application, evolving technology, and supportive policy environment
firmly position the elevator segment as the dominant force in China’s elevator
and escalator market in 2024.
Elevator Door Type Insights
Automatic segment dominated the China Elevator & Escalator market
in 2024 due to rising demand for convenience, safety, and energy efficiency in
both residential and commercial infrastructure. Automatic elevators offer
seamless user experience with features like touchless controls, destination
dispatch, and AI-based traffic prediction. As urban populations grow, buildings
are becoming taller and more complex, requiring efficient vertical
transportation systems. Automatic elevators reduce wait times, improve energy
use, and ensure compliance with modern safety regulations. Additionally,
China's smart city initiatives and preference for modernized building systems
have significantly contributed to the widespread adoption of automatic elevator
systems across the country.
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Region Insights
Largest Region
North China dominated the China Elevator & Escalator
market in 2024 North China dominated the China Elevator & Escalator market due to
its high concentration of urban centers, large-scale infrastructure projects,
and strong government investment in smart city development. This region,
including key municipalities like Beijing and Tianjin, as well as the populous
Hebei Province, has experienced accelerated vertical urbanization driven by
economic diversification and rising population densities. The proliferation of
high-rise buildings for residential, commercial, and public use has
significantly fueled the demand for elevators and escalators in this part of
the country.
North China's
focus on urban renewal and modernization of existing infrastructure has also
been a critical factor. A substantial portion of the building stock in cities
like Beijing dates back several decades and requires upgrades to meet new
safety and accessibility standards. This has led to increased retrofitting of
old buildings with modern elevator systems, further boosting the market.
Additionally, the government’s emphasis on energy efficiency and green building
certifications has led to the widespread adoption of smart and eco-friendly
elevator technologies in the region.
The region also
benefits from being a hub for several key elevator manufacturing and
engineering firms, providing logistical and supply chain advantages. Strong
collaborations between local governments and private sector players have
resulted in faster project execution and technological adoption. Furthermore,
North China is home to numerous public sector buildings, educational
institutions, and healthcare facilities that are continuously expanding,
necessitating high-performance vertical mobility solutions.
The growing
elderly population in North China has led to heightened emphasis on mobility
and accessibility improvements in residential and public buildings. As a
result, there has been a surge in installations of home elevators and platform
lifts, contributing to the region’s leadership in the overall elevator and
escalator market. These combined factors make North China the dominant regional
player in 2024.
Emerging Region
Southwest China was the emerging region in the China
Elevator & Escalator market in the coming period due to rapid urbanization,
infrastructure development, and government-led regional revitalization
programs. Cities like Chengdu, Chongqing, and Kunming are experiencing a surge
in residential and commercial construction, driving demand for vertical mobility
solutions. The region's rising middle-class population and expanding real
estate sector are prompting developers to invest in high-rise buildings
equipped with modern elevators and escalators. Additionally, initiatives
promoting smart city development and enhanced urban connectivity are boosting
the adoption of energy-efficient and intelligent elevator systems, positioning
Southwest China as a growth hotspot.
Recent Developments
- In February 2025, TK
Elevator (TKE) and Alat, a PIF-owned entity, have announced a euro 160 million
joint venture to localize elevator and escalator manufacturing in Saudi Arabia.
The initiative includes a product development center and supports the Kingdom’s
economic diversification agenda. Alat will also acquire a 15% equity stake in
TKE, joining the investment consortium. The transaction is set to close by Q3
2025, pending regulatory approvals, reinforcing TKE’s commitment to regional
expansion and localized value creation.
- In February 2025, BOCA
Group has entered a strategic partnership with AuditMate, combining BOCA’s
vertical transportation consulting expertise with AuditMate’s auditing and
management platform. This collaboration aims to redefine elevator and escalator
service delivery by integrating expert guidance with real-time performance
tracking and data-driven decision-making. The partnership enables building
owners and managers to optimize asset performance, improve maintenance
transparency, and increase operational efficiency, setting a new industry
standard for elevator service and oversight.
- In April 2025, Schindler
Elevator Corporation has launched the Schindler 5000, a machine-room-less (MRL)
elevator tailored for low- to mid-rise buildings in the U.S. Featuring enhanced
load capacity (up to 5,000 lbs), larger entrances, and higher travel speeds (up
to 350 fpm), the Schindler 5000 optimizes space efficiency and performance. The
new solution supports offices, hotels, hospitals, and residential projects
seeking modern, reliable vertical mobility with reduced building footprint and
greater design flexibility.
- In November 2024, Otis
Electric has introduced the Otis Electric 7000, a connected elevator designed
for both new builds and modernization. Featuring customizable aesthetics, a
compact footprint, and integrated safety and reliability technologies, the 7000
meets growing demand in China’s urban renewal sector. It enhances user
experience while supporting developers, building owners, and facility managers
with end-to-end project support—from planning and design to
execution—underscoring Otis Electric’s commitment to innovation in modern
vertical mobility.
- In October 2024, KONE reported a decline in its profit margin in China, attributing it to a weakening market for new equipment, increased bad debt provisions, and cost hikes due to inflation. As a result, the company adjusted its full-year profit margin outlook to 11.5–11.9% and revised its sales growth forecast to 0–3% at comparable exchange rates.
- In July 2024, Otis Worldwide lowered its 2024 net sales forecast due to reduced demand for new equipment in North America and China. The company now expects full-year net sales to be between USD 14.3 billion and USD 14.5 billion, down from the previous USD 14.5 billion to USD 14.8 billion. The decline is attributed to slowed construction activity in the U.S. and a sluggish recovery in China's property market.
- In April 2025, Schindler reported a 0.9% decrease in third-quarter sales, amounting to 2.79 billion Swiss francs, falling short of analysts' estimates of 2.84 billion francs. The decline was primarily due to fewer new installations, particularly in China, although modernization and service unit growth continued.
- In February 2025, Schindler forecasted low single-digit revenue growth and improved margins for 2025 due to the rising services market despite stagnant new construction activities. The company's EBIT margin is expected to be around 12% this year. In Q4 of 2024, the adjusted EBIT margin increased to 12.5% from 11.4% the previous year.
Key
Market Players
- KONE Elevators Co., Ltd.
- Schindler
China Elevator Co. Ltd.
- Otis
Elevator China Co Ltd
- Shanghai
Mitsubishi Elevator Co., Ltd.
- Toshiba
Elevator China Co Ltd.
- Hitachi
Elevator (China) Co., Ltd.
- Disheng
Elevator (China) Co., Ltd
- Xizi
United Holdings Limited
- CANNY
Elevator Co., Ltd
- General
Elevator Co., Ltd.
|
By Type
|
By Elevator Technology
|
By Elevator Door Type
|
By Service
|
By End User
|
By Region
|
- Elevator
- Escalator
- Moving
Walkways
|
- Traction
- Hydraulic
- Machine
Room-Less Traction
|
|
- Maintenance
& Repair
- New
Installation
- Modernization
|
- Residential
- Commercial
- Institutional
- Infrastructural
- Others
|
- North China
- Northeast
China
- East China
- South China
- Southwest
China
- Northwest
China
|
Report Scope:
In this report, the China Elevator & Escalator
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- China Elevator &
Escalator Market, By Type:
o Elevator
o Escalator
o Moving Walkways
- China Elevator &
Escalator Market, By Elevator Technology:
o Traction
o Hydraulic
o Machine Room-Less Traction
- China Elevator &
Escalator Market, By Elevator Door Type:
o Automatic
o Manual
- China Elevator &
Escalator Market, By Service:
o Maintenance & Repair
o New Installation
o Modernization
- China Elevator &
Escalator Market, By End User:
o Residential
o Commercial
o Institutional
o Infrastructural
o Others
- China Elevator &
Escalator Market, By Region:
o North China
o Northeast China
o East China
o South China
o Southwest China
o Northwest China
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the China Elevator & Escalator Market.
Available Customizations:
China Elevator & Escalator 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).
China Elevator & Escalator 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]