Report Description

Forecast Period


Market Size (2022)

USD 725.49 million

CAGR (2023-2028)


Fastest Growing Segment


Largest Market

Central Region

Market Overview

Singapore Elevators and Escalators Market has valued at USD 725.49 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.90% through 2028. The installation of elevators and escalators in urban settings contributes to an improved quality of life. These systems save time, reduce physical exertion, and increase the overall comfort of residents, workers, and visitors in high-rise buildings. This positively affects the well-being of the urban population.

Key Market Drivers

Rapid Urbanization and Infrastructure Development

One of the primary drivers of the Elevators and Escalators market in Singapore is the rapid urbanization and infrastructure development taking place in the country. Singapore is known for its impressive skyline, and this is a result of continuous urban expansion. As the population continues to grow, and more people migrate to urban areas, the demand for high-rise buildings and infrastructure projects escalates. These developments drive the need for elevators and escalators to provide efficient vertical transportation solutions.

The government's commitment to urbanization, evident in initiatives like the Urban Redevelopment Authority's Master Plan, further spurs the construction of residential and commercial buildings. Developers and building owners are increasingly inclined to install elevators and escalators in their structures to enhance accessibility, convenience, and market value. As a result, the elevator and escalator industry in Singapore experiences sustained growth, with a high demand for innovative and energy-efficient solutions.

Aging Population and Accessibility

Singapore, like many developed nations, has an aging population. This demographic shift is a significant driver for the Elevators and Escalators market. As the elderly population increases, the need for accessibility in public and private buildings becomes paramount. Elevators and escalators play a crucial role in ensuring that elderly individuals and those with mobility challenges can easily navigate multi-story buildings and transportation hubs.

To address this need, there is a growing demand for retrofits and modernization of existing elevators and escalators to make them more accessible and user-friendly. This includes features such as tactile buttons, Braille signage, and audible announcements. The government, in line with its commitment to an inclusive and aging-friendly society, provides incentives and regulations to encourage such improvements.

Moreover, as the elderly population grows, there is a surge in the construction of retirement homes and healthcare facilities. These facilities are designed with accessibility in mind and rely heavily on elevators and escalators to provide residents and patients with mobility assistance. This trend further fuels the demand for elevator and escalator installations, creating a robust market for such equipment and services.

Sustainable and Energy-Efficient Solutions

Environmental consciousness and energy efficiency are becoming increasingly important considerations in Singapore's Elevators and Escalators market. The government and businesses are working together to reduce energy consumption and carbon emissions, which is a significant driver for the adoption of sustainable technologies in vertical transportation.

Singapore's Building and Construction Authority (BCA) has introduced various green building initiatives, such as the Green Mark Scheme, which encourages the incorporation of energy-efficient systems in building design and operation. Elevators and escalators are a substantial part of a building's energy consumption, and this has led to the development and installation of eco-friendly systems, including regenerative drives and LED lighting in elevators, and smart control systems that optimize energy use.

Additionally, building owners and operators are increasingly mindful of the long-term operational costs of elevators and escalators. Energy-efficient solutions not only reduce carbon footprint but also result in cost savings. Consequently, there is a growing demand for green elevators and escalators that meet these sustainability and efficiency criteria.

In conclusion, the Elevators and Escalators market in Singapore is being driven by rapid urbanization, the aging population's need for accessibility, and the demand for sustainable and energy-efficient solutions. These factors are shaping the industry and driving innovation in elevator and escalator technology, making it an essential and evolving sector in the construction and real estate market of the country.

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Key Market Challenges

Regulatory Compliance and Safety Standards

One of the significant challenges facing the Elevators and Escalators market in Singapore is the complex regulatory landscape and the stringent safety standards imposed by authorities. The Singaporean government places a high priority on safety in public and private buildings, and this is reflected in the comprehensive regulations governing elevator and escalator installations.

To ensure public safety, the Building and Construction Authority (BCA) of Singapore has implemented stringent codes and standards for elevator and escalator manufacturers, installers, and maintenance providers. Compliance with these standards is a lengthy and costly process, requiring meticulous documentation, rigorous inspections, and adherence to specific design and construction criteria. Failure to meet these standards can result in costly delays and regulatory fines.

Additionally, the need for frequent inspections and certification can be challenging for businesses, leading to potential downtime for elevators and escalators, which can disrupt building operations. This presents a challenge to the industry as it necessitates ongoing investments in safety enhancements and rigorous maintenance to meet evolving regulatory requirements.

Intense Market Competition

The Elevators and Escalators market in Singapore is highly competitive, with several international and local manufacturers and service providers vying for market share. While competition can drive innovation and customer choice, it also poses challenges for companies operating in this sector.

The intense competition often results in pricing pressure, making it challenging for companies to maintain healthy profit margins. To stand out in the market, businesses must continually invest in research and development to offer technologically advanced, energy-efficient, and reliable elevator and escalator systems. This can strain financial resources, particularly for smaller companies.

Moreover, the crowded market landscape requires elevator and escalator businesses to distinguish themselves through service quality, reliability, and maintenance capabilities. This not only demands well-trained and skilled service personnel but also effective supply chain management and logistical expertise. Companies must continuously upgrade their offerings and maintain excellent customer service to stay competitive, which can be a challenge in a dynamic and demanding marketplace.

Technological Advancements and Retrofitting

Technological advancements pose a unique challenge to the Elevators and Escalators market in Singapore. While innovation is crucial for staying competitive, it also raises concerns for older buildings and existing elevator and escalator systems. Many of Singapore's buildings were constructed before the latest technological advances, and retrofitting these structures with modern equipment can be a complex and expensive endeavor.

The challenge lies in striking a balance between upgrading systems to meet current safety and efficiency standards and respecting the architectural integrity of older buildings. Retrofitting projects often require significant structural modifications, impacting the aesthetics and overall design of the building. This can be met with resistance from building owners, historical preservation organizations, and regulatory authorities.

Furthermore, the rapid pace of technological change means that elevator and escalator systems become obsolete relatively quickly, necessitating frequent updates. This creates challenges for property owners and managers who must decide when and how to modernize their equipment, balancing cost considerations with the need for improved performance and safety.

In conclusion, the Elevators and Escalators market in Singapore faces challenges related to regulatory compliance, intense market competition, and the need for technological advancements and retrofitting. Navigating these challenges requires a combination of compliance diligence, strategic business planning, and a commitment to innovation to ensure the industry's continued growth and success in Singapore.

Key Market Trends

Smart Elevators and Escalators for Enhanced Efficiency and Safety

One notable trend in the Singapore Elevators and Escalators market is the rapid adoption of smart technologies to enhance efficiency, safety, and user experience. Smart elevators and escalators are equipped with a range of sensors, connectivity features, and data analytics capabilities that allow for real-time monitoring, predictive maintenance, and improved performance.

One key aspect of this trend is the incorporation of destination control systems in elevators. These systems use algorithms to optimize passenger movement, reducing wait times and energy consumption. Passengers input their destinations before boarding, and the system assigns them to specific elevator cars, leading to smoother and more efficient operations.

Furthermore, smart escalators are equipped with sensors that can detect unusual behaviors, such as overcrowding or sudden stops, and trigger automatic safety responses. These systems can also provide real-time information to building operators, enabling proactive maintenance and minimizing downtime.

In addition to efficiency improvements, smart elevators and escalators contribute to enhanced safety. They can monitor components in real-time, detecting potential issues before they cause breakdowns or safety hazards. Moreover, during emergencies, these systems can facilitate safe and efficient evacuation procedures.

The adoption of smart technology in elevators and escalators aligns with Singapore's commitment to sustainability and innovation. It not only improves the user experience but also helps reduce energy consumption and maintenance costs, making it a significant trend in the market.

Eco-Friendly and Sustainable Elevators and Escalators

Sustainability is a growing concern in Singapore, and this is reflected in the Elevators and Escalators market with an increasing emphasis on eco-friendly and sustainable solutions. As the nation strives to reduce its carbon footprint and promote green building practices, there is a strong demand for elevators and escalators that align with these objectives.

One of the prominent trends in this regard is the use of regenerative drive technology in elevators. Regenerative drives capture and store energy produced during the descent of the elevator car and then reuse it when the elevator ascends. This energy-efficient feature not only reduces energy consumption but also contributes to lower operating costs and environmental benefits.

Another sustainable trend involves the use of eco-friendly materials in the manufacturing of elevator and escalator components. This includes the use of energy-efficient LED lighting, low-VOC (volatile organic compounds) paints, and materials with low environmental impact. These choices align with green building certifications such as the Green Mark Scheme, which encourages environmentally responsible building practices.

Singapore's authorities also incentivize the installation of elevators and escalators that meet specific energy efficiency and sustainability criteria. Building owners and developers are encouraged to choose eco-friendly systems by offering tax incentives and rebates, making it financially attractive to invest in green technology.

Moreover, elevator and escalator maintenance companies are increasingly focusing on sustainability by implementing eco-friendly practices in their operations, such as recycling components and reducing waste.

In summary, the Singapore Elevators and Escalators market is witnessing a trend toward the adoption of smart technologies for improved efficiency and safety, as well as a strong emphasis on eco-friendly and sustainable solutions to align with the nation's environmental goals and green building practices. These trends reflect the evolving and forward-thinking nature of the industry in Singapore.

Segmental Insights

Service Insights

The Modernization and Maintenance & Repair segment emerged as the dominating segment in 2022. The Singapore Elevators and Escalators Market is a mature industry due to the country's high urbanization and vertical infrastructure. Elevator and escalator installations have been steadily increasing in residential and commercial buildings.

Modernization refers to upgrading existing elevators and escalators to meet current safety and performance standards. Regulatory changes and safety standards: Stricter safety regulations often necessitate upgrades. Energy efficiency: Older systems are less energy-efficient, making modernization a cost-saving measure. Technological advancements: Modern features such as smart controls and digital monitoring are in demand. Leading modernization players: Major elevator companies like Otis, Schindler, and KONE are actively involved in modernization projects.

Maintenance and repair services are essential to ensure the safety and longevity of elevators and escalators. Regular servicing reduces downtime and extends the lifespan of equipment. Immediate response to breakdowns is crucial for safety and customer satisfaction. Predictive maintenance using IoT and data analytics is becoming common.  

Elevator and escalator companies are increasingly using data analytics and IoT to enhance maintenance and repair services. The market is shifting towards eco-friendly and energy-efficient systems. Integration with building management systems and smartphone apps is becoming more prevalent. Building owners are increasingly outsourcing maintenance and repair to specialists.

End User Insights

The Commercial segment is projected to experience rapid growth during the forecast period. The commercial segment within the Singapore Elevators and Escalators market encompasses elevators and escalators installed in various types of commercial buildings, such as office buildings, hotels, shopping malls, and public spaces. Elevators in office buildings are essential for vertical transportation of employees, visitors, and goods. These elevators must efficiently handle high traffic volumes, ensuring quick and safe access to different floors.

The adoption of destination control systems in office buildings is a notable trend. These systems reduce waiting times and energy consumption by assigning passengers to specific elevator cars based on their destination floors. Office buildings are increasingly integrating elevators with building management systems (BMS) and access control systems. This enables better security, energy management, and customization of elevator operations. Energy-efficient elevators are in demand to reduce operational costs and adhere to sustainability goals. Regenerative drives and LED lighting are common features in modern office building elevators. Post-pandemic, touchless technology, such as touchless buttons and voice-activated controls, is a growing trend to enhance user safety and hygiene.

Elevators in hotels serve both guests and staff, providing access to guest rooms, restaurants, and conference facilities. These elevators should offer comfort, speed, and security. Elevators in upscale hotels often feature aesthetic customization to align with the hotel's theme and decor. This includes materials, lighting, and cabin design. To enhance guest experience, many hotels are opting for high-speed elevators, reducing travel time between floors. Smart features like destination control, real-time information displays, and personalized service are being integrated to enhance the guest experience. Like other commercial buildings, energy-efficient elevators are sought after in hotels to reduce operational costs and environmental impact.

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Regional Insights

Central is expected to be the dominating market during the forecast period. The Central Region constitutes a substantial share of the overall Singapore Elevators and Escalators Market. Continuous urban development and ongoing construction projects contribute to the market's growth.

Commercial buildings in the Central Region often require high-speed and technologically advanced elevator systems to meet the demands of businesses and tenants. The residential segment includes high-end condominiums and apartments with an increasing focus on luxury and smart home solutions.

Modernization projects in the Central Region aim to upgrade existing systems to meet safety standards and improve energy efficiency. Maintenance and repair services are crucial for ensuring smooth and safe operations in the numerous high-traffic commercial buildings.

The Central Region is at the forefront of adopting smart elevator and escalator solutions, including IoT integration and advanced control systems. Energy-efficient solutions are increasingly favored to align with the region's commitment to sustainability.

High demand for destination control systems and predictive maintenance in commercial buildings. Increasing interest in smart, touchless, and COVID-19 safety features in elevators. Integration with building management systems to enhance efficiency.

The Singaporean government encourages eco-friendly building practices in the Central Region, indirectly driving the demand for energy-efficient elevator and escalator solutions. The Central Region is expected to continue experiencing growth in the elevator and escalator market due to ongoing urbanization and the development of commercial and residential properties. The emphasis on modernization, maintenance, and sustainability will remain strong, with a growing need for cutting-edge technologies and services.

In conclusion, the Central Region of Singapore is a vital area for the Elevators and Escalators Market, driven by the high concentration of commercial and residential properties. Technological advancements, sustainability, and compliance with safety standards are shaping the market dynamics in this region.

Recent Developments

TK Elevator acquired Accurate Elevator in June 2021.

Key Market Players

  • Chevalier Singapore Holdings Pte. Ltd.
  • Fujitec Singapore Corpn. Ltd.
  • TK Elevator Singapore Pte. Ltd.
  • EM Services Pte. Ltd.
  • C&W Services (S) Pte. Ltd.
  • Kone Pte. Ltd.
  • Schindler Lifts (Singapore) Pte. Ltd.
  • Mitsubishi Elevator (Singapore) Pte. Ltd.
  • Otis Elevator Company (S) Pte Ltd
  • Hitachi Elevator Asia Pte. Ltd.

By Type

By Elevator Door Type

By Elevator Technology

By Service

By End User

By Region



Moving Walkways




Machine Room-Less Traction


Modernization and Maintenance & Repair

New Installation













Report Scope:

In this report, the Singapore Elevators and Escalators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Singapore Elevators and Escalators Market, By Type:

o   Elevator

o   Escalator

o   Moving Walkways    

  • Singapore Elevators and Escalators Market, By Elevator Door Type:

o   Automatic

o   Manual  

  • Singapore Elevators and Escalators Market, By Elevator Technology:

o   Traction

o   Machine Room-Less Traction

o   Hydraulic    

  • Singapore Elevators and Escalators Market, By Service:

o   Modernization and Maintenance & Repair

o   New Installation    

  • Singapore Elevators and Escalators Market, By End User:

o   Residential

o   Commercial

o   Infrastructural

o   Institutional

o   Others      

  • Singapore Elevators and Escalators Market, By Region:

o   Central

o   North-East

o   East

o   West

o   North      

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Singapore Elevators and Escalators Market.

Available Customizations:

Singapore Elevators and Escalators 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).

Singapore Elevators and Escalators 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]

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on Singapore Elevators and Escalators Market

5.         Voice of Customer

6.         Singapore Elevators and Escalators Market Overview

7.         Singapore Elevators and Escalators Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value

7.2.    Market Share & Forecast

7.2.1.By Type (Elevator, Escalator and Moving Walkways)  By Elevator Door Type (Automatic and Manual)  By Elevator Technology (Traction, Machine Room-Less Traction and Hydraulic)

7.2.2.By Service (Modernization and Maintenance & Repair, New Installation)

7.2.3.By End User (Residential, Commercial, Infrastructural, Institutional, and Others)

7.2.4.By Region (Central, North-East, East, West and North)


7.4.    By Company (2022)

7.5.     Market Map

8.         Singapore Modernization and Maintenance & Repair Elevators and Escalators Solutions Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value

8.2.    Market Share & Forecast

8.2.1.By Type

8.2.4.By End User

9.         Singapore New Installation Elevators and Escalators Service Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value

9.2.    Market Share & Forecast

9.2.1.By Type

9.2.4.By End User

10.      Market Dynamics

10.1. Drivers

10.2. Challenges

11.      Market Trends and Developments

12.      Company Profiles

12.1.  Chevalier Singapore Holdings Pte. Ltd.

12.1.1.     Business Overview

12.1.2.     Key Revenue and Financials  

12.1.3.     Recent Developments

12.1.4.     Key Personnel/Key Contact Person

12.1.5.     Key Product/Services Offered

12.2.  Fujitec Singapore Corpn. Ltd.

12.2.1.     Business Overview

12.2.2.     Key Revenue and Financials  

12.2.3.     Recent Developments

12.2.4.     Key Personnel/Key Contact Person

12.2.5.     Key Product/Services Offered

12.3.  TK Elevator Singapore Pte. Ltd.

12.3.1.     Business Overview

12.3.2.     Key Revenue and Financials  

12.3.3.     Recent Developments

12.3.4.     Key Personnel/Key Contact Person

12.3.5.     Key Product/Services Offered

12.4.  EM Services Pte. Ltd.

12.4.1.     Business Overview

12.4.2.     Key Revenue and Financials  

12.4.3.     Recent Developments

12.4.4.     Key Personnel/Key Contact Person

12.4.5.     Key Product/Services Offered

12.5.  C&W Services (S) Pte. Ltd.

12.5.1.     Business Overview

12.5.2.     Key Revenue and Financials  

12.5.3.     Recent Developments

12.5.4.     Key Personnel/Key Contact Person

12.5.5.     Key Product/Services Offered

12.6.  Kone Pte. Ltd.

12.6.1.     Business Overview

12.6.2.     Key Revenue and Financials  

12.6.3.     Recent Developments

12.6.4.     Key Personnel/Key Contact Person

12.6.5.     Key Product/Services Offered

12.7.  Schindler Lifts (Singapore) Pte. Ltd.

12.7.1.     Business Overview

12.7.2.     Key Revenue and Financials  

12.7.3.     Recent Developments

12.7.4.     Key Personnel/Key Contact Person

12.7.5.     Key Product/Services Offered

12.8.  Mitsubishi Elevator (Singapore) Pte. Ltd.

12.8.1.     Business Overview

12.8.2.     Key Revenue and Financials  

12.8.3.     Recent Developments

12.8.4.     Key Personnel/Key Contact Person

12.8.5.     Key Product/Services Offered

12.9.  Otis Elevator Company (S) Pte Ltd

12.9.1.     Business Overview

12.9.2.     Key Revenue and Financials  

12.9.3.     Recent Developments

12.9.4.     Key Personnel/Key Contact Person

12.9.5.     Key Product/Services Offered

12.10.   Hitachi Elevator Asia Pte. Ltd.

12.10.1.   Business Overview

12.10.2.   Key Revenue and Financials  

12.10.3.   Recent Developments

12.10.4.   Key Personnel/Key Contact Person

12.10.5.   Key Product/Services Offered

13.      Strategic Recommendations

14.     About Us & Disclaimer

Figures and Tables

Frequently asked questions


The market size of the Singapore Elevators and Escalators Market was USD 725.49 million in 2022.


The Commercial segment demonstrated significant dominance in 2022. Elevators in office buildings are essential for vertical transportation of employees, visitors, and goods. These elevators must efficiently handle high traffic volumes, ensuring quick and safe access to different floors.


Central dominated the Singapore Elevators and Escalators Market in 2022.


Sustainable and Energy-Efficient Solutions are some of the major drivers for the Singapore Elevators and Escalators Market.


Srishti Verma

Business Consultant
Press Release

Singapore Elevators and Escalators Market is expected to grow at a robust CAGR

Dec, 2023

Singapore Elevators and Escalators Market is expected to grow owing to construction of retirement homes, nursing homes, and healthcare facilities throughout the forecast period.