China elevator and Escalator Market Overview, 2029

Escalators and elevators have a significant effect on modern design and architecture. Previously, individuals would only use the stairs to get from one floor to another. People may now comfortably travel over numerous floors, regardless of weight, thanks to the innovation given by these two methods. As a result, escalators and elevators have changed the way people go up and down in buildings. Travelling through a building on an escalator or elevator is now second nature. The China elevator and escalator industry will see increased demand for maintenance, repair, and after-sales support, as well as a significant need for new installations. The elevator and escalator market will benefit the aging population by allowing them to escape a painful flight of stairs, resulting in strong demand from this demographic. As a consequence, the market is expected to grow at a faster rate over the forecast period. Moving walkways are similar to escalators, except that instead of going up and down, they traverse at ground level. These pathways transport you in a straight and level line over corridors, gates, and terminals, delivering you to your destination quickly. They are essentially human conveyor belts. Increasing urbanization as a result of industrialization and infrastructural development in the China is expected to drive industry demand. The market is expanding due to the rising population and urbanization in China.

According to the research report "China Elevators and Escalators Market Overview, 2029," published by Bonafide Research, the China elevators and escalators market is anticipated to grow at more than 6% CAGR from 2024 to 2029. In this report of elevator and escalator markets is segmented by types, by services, and by users. Elevators and Escalator include hundreds of intricate moving parts, many of which require frequent maintenance to guarantee good operation. Regularly maintaining elevator systems helps building owners to correct minor issues before they become major ones, lowering maintenance costs and considerably increasing the equipment's lifespan. Maintenance also increases the performance of an elevator and escalator, since well-maintained elevators and escalator are often speedier and give a far better user experience. During the projected period, the China elevator and escalator maintenance and repair services market is predicted to develop at a stable rate. The government's severe laws to safeguard public safety, as well as the burgeoning building industry, have contributed to market expansion. Increased government investment in infrastructural development in the China, as well as an increasing number of commercial projects in various areas, are likely to boost the country's elevator and escalator maintenance and repair services market in the approaching years.

Escalators are vital in retail environments and public transit systems, facilitating the movement of large crowds in shopping malls and airports. The demand for escalators is expected to rise, particularly in newly constructed commercial complexes. Moving walkways are also becoming popular in large venues, enhancing passenger convenience and flow. The integration of advanced technologies, such as touchless controls and predictive maintenance, is a notable trend in both escalators and moving walkways, improving user experience and operational reliability. The increasing construction of high-rise buildings in urban areas necessitates efficient vertical transportation solutions. Freight elevators are also crucial, especially in commercial and industrial settings, where the movement of goods is essential. Innovations such as smart elevators equipped with IoT and AI technologies are enhancing operational efficiency and safety, while energy-efficient models are gaining traction due to government regulations promoting sustainability. The booming tourism sector and the influx of domestic travelers have further fueled the demand for vertical transportation systems in hotels and tourist attractions. However, the market faces challenges, including intense competition from both domestic and international manufacturers and stringent safety regulations that increase operational costs. The Chinese government is actively promoting modernization initiatives to replace outdated systems, ensuring compliance with contemporary safety standards while enhancing the overall value of buildings.

New installations are driven by the rapid urbanization and expansion of infrastructure in China. With a growing number of high-rise buildings, commercial complexes, and public transport facilities, the demand for elevators and escalators is on the rise. Major cities are seeing significant investments in vertical transportation solutions to accommodate increasing population densities. Companies are focusing on integrating advanced technologies, such as smart controls and energy-efficient systems, to meet modern demands and regulatory standards. Maintenance and repair services are essential for the safe and efficient operation of elevators and escalators. Regular maintenance includes inspections, cleaning, lubrication, and adjustments to ensure optimal performance and prevent breakdowns. In China, the emphasis on safety has led to stringent regulations requiring regular maintenance checks. Companies like KOYO Elevator provide comprehensive maintenance services, employing preventive strategies to minimize equipment failures and extend service life. The market is also witnessing a trend towards remote monitoring and predictive maintenance, leveraging IoT technologies to enhance service efficiency and reduce downtime. Modernization is increasingly important in the Chinese market, particularly as older elevator and escalator systems become obsolete. Upgrading components such as drives, controls, and safety systems not only improves performance but also ensures compliance with current safety standards.

The residential sector is a significant contributor to the elevator market in China, accounting for a substantial share of installations. This demand is primarily fueled by rapid urbanization and the construction of high-rise apartment buildings, particularly in tier 1 and tier 2 cities. As the population continues to migrate to urban areas, the need for efficient vertical transportation systems in residential complexes has surged. The integration of smart technologies and energy-efficient solutions in residential elevators is becoming increasingly common, catering to the preferences of modern homeowners. The commercial sector, which includes shopping malls, office buildings, and hotels, also plays a crucial role in the elevator and escalator market. The booming retail environment and the expansion of service-oriented businesses have led to increased demand for escalators and moving walkways in malls and public spaces. Elevators in commercial buildings are often equipped with advanced features such as touchless controls and energy-saving technologies, reflecting the growing emphasis on efficiency and user experience. The commercial sector is expected to continue its growth trajectory, particularly as new infrastructure projects are developed. The "others" category encompasses industrial, infrastructure, and marine industries. This segment is characterized by the need for specialized elevators and escalators that can handle heavy loads and operate in demanding environments. For instance, freight elevators are essential in warehouses and factories for transporting goods, while escalators are vital in public transport systems like metro stations.



COVID-19 impacts:
The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in China due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of China prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years.

Considered in this report
• Geography: China
• Historic Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• China Elevator & Escalator Market with its value and forecast along with its segments
• Application wise tire industry distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Based on By Types:
• Elevator
• Escalators
• Moving Walkways

Based on By Services:
• New installation
• Maintenance and repair
• Modernization

Based on by End use types:
• Residential
• Commercial
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & 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.