Dublin, July 19, 2023 (GLOBE NEWSWIRE) -- 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 is poised for significant growth to 2029
With a size of 941.1 thousand units in 2022, the market is expected to expand at a CAGR of 4.90% during the forecast period. Leading manufacturers such as Otis, Schindler, TK Elevator, and KONE hold a combined market share of over 55%, reflecting their dominance in the region.
The Asia Pacific region has been attracting multinational enterprises (MNEs) and investments due to the increasing number of high-net-worth individuals (HNWIs). In line with this trend, Singapore has established the Southeast Asia Manufacturing Alliance to encourage manufacturers to invest in the country and other ASEAN nations. The Economic Development Board (EDB), Enterprise Singapore, and various manufacturers in the business sector are collaborating to foster this partnership.
In Japan, Hitachi and Nissan Motor have conducted an innovative experiment to power an elevator using energy harnessed from a mini electric vehicle (EV) called Nissan Sakura. By connecting a 20 kWh battery to the building through a specially developed adapter, the elevator successfully operated for nearly 15 hours and made approximately 416 trips. Hitachi Building Systems aims to introduce this system to apartment buildings in April 2023, providing a reliable solution for continuous elevator operation during power outages.
China, at the national level, has recommended the use of the Internet of Things (IoT) in elevators and escalators through regulation GB/T 24476-2017. Additionally, provincial government regulations in cities like Shanghai, Hangzhou, and Shenzhen provide more specific guidelines on data and services related to IoT-enabled lifts. Compliance with these regulations is becoming obligatory in certain cases, highlighting the increasing importance of IoT in the elevator industry.
With these developments and regulatory advancements, the Asia Pacific elevator and escalator market is poised for growth and innovation.
Affordable Housing Schemes and Ascending Ultra High Net Worth Individuals to Hike Elevator Demand
Thailand's National Housing Authority (NHA) will provide financial assistance to about one-third of the targeted group of 2.27 million households (approximately 650,000) that cannot access housing financing from regular financial institutions. During the next five years (2022-2026), the NHA plans to raise B134 billion (about USD 4 billion) to fund 16 national projects.
Hyundai Elevator agreed with LG Electronics for Robotic Synchronization and Smart Building Solution Supply in August 2021. This will enable it to expand its elevator market through home networks applied with IoT, AI, contactless technologies, and connections with automatic driving robots.
Green Building and Certifications in the Building sector lead to the adoption of Energy Efficient Vertical transportation installations in the Asia Pacific Elevator And Escalator Market.
Adopting green building strategies and obtaining green certifications have been crucial in the building sector. These green certifications mandate the region's adoption of green or energy-efficient elevators. Furthermore, this leads to reducing of carbon emissions in the building sector. New regulations in China require that 70% of new urban buildings be certified green buildings by 2022. Major municipalities, including Shanghai, Beijing, and Shenzhen, plan to exceed that goal, requiring all new commercial buildings to be green. This also includes plans to renovate schools, hospitals, and public buildings to be more energy efficient.
Under the 12th Malaysia Plan, 13 urban renewal projects have been authorized (12MP). Under the Ministry of Natural Resources and Urban Development, all of these projects are at varying levels of planning and execution. Increasing competition among township developers in Malaysia and their major focus on increasing property value has pushed them towards undertaking various multifunctional development projects in residential, commercial, institutional, and healthcare facilities.
Elevators Over Their Average Life Expectancy to Create Demand for Maintenance and Upgradation of Components in the Asia Pacific Elevator and Escalator Market
The Ministry of Construction of Vietnam issued Circular 03/2021/TT-BXD, establishing national standards for apartment buildings due to numerous major accidents using lifts in apartment complexes. By July 2021, there will be more specifications for lifts in residential buildings.
The Malaysian context can be adjusted with a similar creative approach. Some nations, like Malaysia, also promoted the elderly using elevators rather than escalators. It was witnessed that elderly people were responsible for 30% of accidents on moving walkways, escalators, and elevators.
In 2019, Hitachi introduced an advanced lift remote monitoring and maintenance service in Singapore, providing real-time operational data about the lifts and implementation of preventive maintenance.
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?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 152 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value in 2022 | 941.1 Thousand Units |
| Forecasted Market Value by 2029 | 1315.5 Thousand Units |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Asia Pacific |
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/7h2x47
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