Asia Pacific Elevator and Escalator Market Outlook, 2029

The Asia-Pacific elevator and escalator market has witnessed considerable growth over the past few years. Elevators and escalators are widely used to carry heavy items and connect multiple storey, making the movement of people convenient between various floors. In addition, the Asia-Pacific elevator and escalator market is considered the fastest-growing market. Some of the reasons behind the rapid growth rate of the elevator and escalator market in the region are increasing population, improvement of infrastructure, rise in construction activities, the introduction of various development projects, etc. Moreover, the demand for elevators and escalators depends majorly on the construction of high-rise commercial as well as residential buildings, industrialization, and urbanization. Further, the introduction of smart elevators and escalators in the Asia-Pacific region has led to the development of various government policies that encourage the manufacturing of smart elevators and escalators as they are proven to be energy efficient. Most of the developing countries in the region are focusing on the improvement of their infrastructure and connectivity, which is to give a huge market scope for the manufacturers to capture their products. The new projects will create a demand for elevators and escalators. Real estate investment in the vicinity of these metro rail stations will also create a demand for the property. The growing passenger traffic at airport terminals will drive the market for the horizontal moving walkway segment. The substantial growth of the construction sector, leading to a significant rise in new development projects and repair and maintenance activities, may create a positive outlook for the industry's expansion.

According to the report titled "Asia-Pacific Elevators & Escalators Market Outlook, 2029" by Bonafide Research, the Asia Pacific elevators and escalators market is anticipated to grow with more than 6.3% CAGR from 2024–2029. Even with a high concentration of major companies, much of this growth is being driven by investment in new infrastructure, while increasing domestic demand is driving the expansion in the construction of buildings across the residential and commercial sectors. The market is led by residential end users in the year 2023. The increasing shift towards eco-efficiency, flexible design, and safety is driving the commercial segment. Along with fair usage across the residential sector, specifically in high-rise and mid-rise buildings, elevators are actively employed in industrial and commercial applications as well. These applications may include the transportation of people and goods across different stories of a building, like storage plants, warehouses, production plants, and others. Countries such as India, Singapore, Japan, and China are some of the common manufacturers of elevators and escalators in the Asia-Pacific region. Additionally, various government policies and programs have led to an increase in the production of elevators and escalators. For instance, the government of China has introduced a policy regarding the up-gradation of old elevators and escalators and the installation of new elevators in the newly constructed buildings to improve the standard of living of the people. Furthermore, the elevator and escalator market in India has promising growth prospects as the Indian economy is focusing on strengthening its infrastructure and building smart cities. Furthermore, in March 2023, KONE India launched its newest product called KONE DX class elevators, a high-tech variant, to create a better experience for consumers. With the application of Security Norm (SNEL) to Europe’s mostly existing elevators in old and high buildings, it is guessed that Asia-Pacific will be the fastest-rising market. The high increase in the number of residences in this region is the reason for this large market share. Depending on the increase of the middle-class population and the various uses of elevators and escalators, the China and India markets will also be profitable. Although the elevator and escalator markets are performing extremely well in the Asia-Pacific region, a few hurdles make the growth of the market slow and stagnant.

Elevators and escalators are highly demanded in India because of the rapid urbanization taking place in the country. Moreover, various government projects, such as an increase in the number of metro lines to improve inter-state connectivity, the construction of international airports, etc., impact the demand for elevators and escalators. In addition, private as well as government investments are heavily being made in the transportation sector in India, which has led to an increase in the production of elevators and escalators. In addition, the construction of high-rise buildings such as hotels, residential complexes, malls, etc., has led to a substantial rise in the demand for elevators and escalators in Japan. Also, the Summer Paralympics Games held in 2023 in Japan led to a surge in the construction and infrastructure sectors and had a positive impact on the elevator and escalator market.

The elevator and escalator market in the Asia-Pacific region is characterized by three primary service types: new installation, maintenance and repair, and modernization. New installations are a significant driver of market growth, particularly in rapidly urbanizing countries like China and India. The demand for vertical transportation solutions is fueled by extensive construction projects, including residential buildings, commercial complexes, and public infrastructure such as metro systems. Maintenance and repair services are crucial for ensuring the safety and efficiency of existing systems. As elevators and escalators age, regular maintenance becomes essential to prevent breakdowns and ensure compliance with safety regulations. The increasing installed base in urban areas, particularly in high-rise buildings, necessitates robust maintenance services to manage the wear and tear associated with high usage rates. This segment is expected to grow alongside the rising number of installations, reflecting the importance of operational reliability in urban environments. Modernization involves upgrading existing elevator and escalator systems to improve performance, safety, and energy efficiency. This service type is gaining traction as older systems are retrofitted with advanced technologies, such as smart controls and energy-efficient components. The modernization market is projected to grow significantly, driven by the need to meet contemporary safety standards and sustainability goals, particularly in developed markets like Japan and South Korea, where technological innovation is a priority.

The elevator and escalator market in the Asia-Pacific region serves a diverse range of end-user types, including residential, commercial, and industrial sectors. The residential segment, the market is driven by a surge in multi-family housing developments and high-rise apartments, particularly in urban centers like China and India. The increasing population density and urbanization necessitate efficient vertical transportation solutions to enhance accessibility and convenience. With significant investments in residential construction, this segment is expected to dominate the market, reflecting a growing preference for modern amenities such as home elevators, which cater to the needs of aging populations and high-net-worth individuals seeking luxury features. The commercial sector encompasses a wide array of facilities, including office buildings, shopping malls, hotels, and educational institutions. As urbanization accelerates, the construction of commercial spaces is on the rise, particularly in developing economies. The focus on eco-friendly designs and smart technologies is also reshaping the commercial landscape, with businesses increasingly investing in energy-efficient and automated systems to enhance operational efficiency and user experience. Industrial and infrastructure applications represent another critical end-user category, including freight elevators and escalators in transportation hubs like airports and metro stations. The growth of industrialization and infrastructure projects in the Asia-Pacific region is driving demand for specialized vertical transportation solutions that facilitate the movement of goods and personnel.



COVID-19 Impacts:
Furthermore, due to the outbreak of the COVID-19 pandemic, the elevator and escalator market in the Asia-Pacific region has suffered immensely. Lockdowns were imposed in every country in the Asia-Pacific region, which led to a pause in all the activities. The manufacturing of elevators and escalators was also temporarily shut down. That led to a significant fall in market revenues. The investors were not ready to provide funds because of the high risk involved in the continuation of manufacturing projects after the pandemic. Additionally, the pandemic has led to the unavailability of human and material resources required in the manufacturing process. Even after the reopening of the economies, the growth in the Asia-Pacific elevator and escalator market was slow due to certain restrictions. The impact of the COVID-19 pandemic was overall negative on the elevator and escalator market. However, the market is off to a fresh start and is expected to grow substantially in the near future.

Considered In the Report
• Geography: Asia-Pacific
• Historical year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecasted year: 2029

Countries covered:
• China
• Japan
• India
• Australia

Aspects Covered In the Report
• Market Size By Value for the historic time period (2018-2023)
• Market Size By Value for the forecast time period (2024-2029)
• Market Share by Type (Elevator, Escalator & Moving Walkways)
• Market Share by Service (New Installation, Maintenance & Repair, Modernization )
• Market Share by End Users (Residential, Commercial & Others)
• Market Share by Country

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.