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

News provided by

Jul 18, 2023, 21:15 ET

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

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets