Asia Pacific Elevator and Escalator Markets 2023-2029: Elevators Reaching their Average Life Expectancy Create Demand for Maintenance and Component Upgrades, Ensuring Safety and Reliability

DUBLIN, July 18, 2023 /PRNewswire/ -- The "Asia Pacific Elevator and Escalator - Market Size & Growth Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.

The Asia Pacific elevator and escalator market size by new installations accounted for 941.1 thousand units in 2022, expected to grow at a CAGR of 4.90% during the forecast period.

Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the Asia Pacific elevator and escalator market, with a share of over 55%.

The increasing HNWIs continued to attract MNEs and their investments to the region. Singapore established the Southeast Asia Manufacturing Alliance in February 2021 to entice manufacturers to invest in Singapore and other ASEAN nations. The Economic Development Board (EDB), Enterprise Singapore, and several manufacturers in the business sector are allies in the partnership.

Hitachi and Nissan Motor had experimented with harnessing energy from mini-EV (Nissan Sakura) to power an elevator in a six-story building in Japan. Concerning this, a 20 KW hour battery was connected to the building using a special adapter developed by Hitachi Building Systems.

This experiment had been succeeded for nearly 15 hours, and around 416 times, the elevator could move up and down. Hitachi building systems aim to provide the system to apartment buildings in April 2023; for continuous operation of elevators during power outages, these systems are viable.

At the national level in China, GB/T 24476-2017 is a recommended regulation that outlines the use of IoT for elevators and escalators. Furthermore, provincial government regulations are established to be put into place in various cities like Shanghai, Hangzhou, or Shenzhen. These regulations offer a series of more specific and extensive facts about the kind of data and services one wants to obtain from lifts using the IoT. In certain instances, this legislation is starting to turn obligatory.

MARKET DYNAMICS

Market Drivers:

• Affordable housing schemes and the rising number of ultra high net worth individuals (HNWIs) drive the demand for elevators in the Asia Pacific region.
• Government initiatives, such as Thailand's National Housing Authority (NHA) providing financial assistance for housing projects, contribute to increased elevator demand.
• Collaborations between elevator companies and technology providers, like Hyundai Elevator and LG Electronics, enable the expansion of elevator markets through innovative solutions, including IoT, AI, and robotic synchronization.
• Growing emphasis on green building practices and energy efficiency certifications in the building sector lead to the adoption of energy-efficient elevators, reducing carbon emissions and complying with regulations. China's requirement for 70% of new urban buildings to be certified green buildings by 2022 drives the market.
• Urban renewal projects and increasing competition among township developers in Malaysia drive the demand for elevators in residential, commercial, institutional, and healthcare facilities.

Market Trends:

• Elevators reaching their average life expectancy create demand for maintenance and component upgrades, ensuring safety and reliability.
• The Ministry of Construction of Vietnam issuing national standards for apartment buildings highlights the need for elevator safety and specification regulations.
• Promoting the use of elevators for elderly individuals instead of escalators reduces accidents on moving walkways, escalators, and elevators.
• Introduction of advanced lift remote monitoring and maintenance services, such as Hitachi's offering in Singapore, enhances operational efficiency and enables preventive maintenance through real-time data.

Market Challenges:

• Adapting to changing regulations and compliance requirements related to elevator safety and energy efficiency standards.
• Addressing maintenance and upgrade needs for aging elevators to ensure continued functionality and safety.
• Overcoming potential resistance to adopting new technologies and solutions in the elevator industry.
• Managing the potential risks and challenges associated with urban renewal projects, including timeline delays and budget constraints.

KEY QUESTIONS ANSWERED:

• How big is the Asia Pacific elevator and escalator market?
• What will be the growth rate of the Asia Pacific elevator and escalator market?
• What will be the number of installed bases in the Asia Pacific elevator and escalator market in 2029?
• What are the key opportunities in the Asia Pacific elevator and escalator market?
• Which are the key players in the Asia Pacific elevator and escalator market?

VENDOR LANDSCAPE

Key Vendors

• Otis
• KONE
• Schindler
• Hitachi
• TK Elevator
• Mitsubishi Electric
• Fujitec
• Hyundai Elevator

Other Prominent Vendors

• Shanghai SANEI Elevator Co., Ltd.
• SANYO YUSOKI KOGYO
• Johnson Lifts Pvt. Ltd.
• Cibes Lift Group
• Kalea Lifts
• Wittur Elevator Components
• Toshiba Elevator and Building Systems Corporation (TELC)
• Sigma Elevators
• HANDOK ELEVATOR Co., Ltd
• Stannah Lifts Holdings Ltd
• HM Elevator
• Japan Fuji International
• Hualong Elevator Co., ltd.
• SJEC
• Analogue Holdings Limited
• SUZHOU JIUDE ELECTRICAL AND MECHANICAL TECHNOLOGY CO., LTD.
• Shenyang Yuanda Intellectual Industry Group Co., Ltd
• IFE Elevators

SEGMENTATION ANALYSIS

Machine Type

• Hydraulic and Pneumatic
• Machine Room Traction
• Machine Room Less Traction
• Others
• Climbing
• Elevators
• Industrial Elevators

Carriage Type

• Passenger
• Freight

Capacity

• 2-15 Persons
• 16-24 Persons
• 25-33 Persons
• 34 Persons and Above

End-User

• Commercial
• Residential
• Industrial
• Others
• Public Transit
• Institutional
• Infrastructural

Escalator Market Segmentation by

Product Type

• Parallel
• Multi Parallel
• Walkway
• Crisscross

End-User

• Public Transit
• Commercial
• Others
• Institutional Sector
• Infrastructure
• Industrial

For more information about this report visit https://www.researchandmarkets.com/r/ofoqnv

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