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    Asia Pacific Elevator Market Forecast 2028 By End-user (Industrial, Building & Construction {Institutional, Residential, Commercial}), By Product (MR Traction, MRL Traction, Hydraulic & Pneumatic, Others), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
    Published Date: July 2022   |   Report ID: GR1743   |   Delivery: PDF  Request Free Sample

    Asia Pacific Elevator Market size was over USD 68,760 million in 2021 and is expected to exhibit a CAGR of 3% between 2022 and 2028. 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 expansion.

    Asia Pacific Elevator Market

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    Elevators are used to move vertically across a building, and they play a critical role in transferring goods and people from floor to floor. Several types of elevators are deployed for various purposes, including machine room traction elevators (MR), machine room-less traction elevators (MRL), pneumatic elevators, hydraulic elevators, traction elevators, and others, such as inclined elevators, dumbwaiters, paternoster, climbing elevators, etc.

    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 transportation of people and goods across different stories of a building like storage plants, warehouses, production plants, and others.

    Asia Pacific Market, By Product

    The hydraulic & pneumatic elevator segment will reach USD 15,530 million revenue by 2028, attributed to increasing demand from the residential sector. With a maximum travel speed of around 40 feet per minute and a lifting capacity of up to 1,000 pounds, hydraulic elevators are considered one of the safest options due to their earthquake and fire-proof qualities.  

    On the other hand, pneumatic elevators are often considered ideal in places with lesser space, as they do not require any machine room or pit for installation. Their modern look, unique drive system, cost efficiency, and low energy consumption make them a product of the future and may lead to the market growth.

    Asia Pacific Market, By End-user

    The industrial sector will gain significant impetus during the forecast timeline, owing to the rising foreign investments and increasing rollouts of government-backed initiatives in countries like India and China, focusing on the expansion of industrial infrastructure in the region. Schemes like Made in China 2025 that are aimed at elevating China's manufacturing capabilities will support the regional industry progression.

    Asia Pacific Market, By Country

    India elevator market unleashed great potential during the previous years, driven by the exponential population growth, rural migration, and industrial development. Mounting demand for urban infrastructure like housing and commercial spaces will fuel the industry landscape.

    As per the latest DIPP estimations, FDI received in the Construction Development & Construction Activity sectors in India between April 2000 and December 2021 stood at US$ 26.17 billion and US$ 26.30 billion, respectively. The latest estimations by IBEF reveal that India will require an approximate sum of over USD 777 billion for developing the country's infrastructure in a sustainable way.

    Competitive Industry Landscape

    Some of the eminent players in the market are Escon Elevators Private Limited, Fujitec Co. Ltd., Kone Corporation, Otis Elevator Company, Schindler Group, Hitachi Ltd., Mitsubishi Electric Corporation, Thyssen Elevators Co., Ltd., Express Lifts Limited, Shenyang Yuanda Intellectual Industry Group Co., Ltd., Glarie Elevator Co. Ltd., Hyundai Elevator Co. Ltd., Eita Elevator (Malaysia) Sdn. Bhd., and Toshiba Elevator and Building Systems Corporation.

    Frequently Asked Question(FAQ) :

    How much growth rate will the Asia Pacific elevator market depict through 2028?
    The industry size for elevator in APAC was registered around USD 68,760 million in 2021 and is slated to depict a 3% CAGR between 2022-2028, given the rise of building repair and maintenance projects.
    Which elevator type is observing robust demand in the APAC?
    The Asia Pacific hydraulic and pneumatic elevator segment will be valued at USD 15,530 million by 2028, owing to increasing demand from the residential sector.
    What factors are driving the India elevator industry?
    India’s elevator market will amass considerable gains by 2028, due to the exponential population growth, rapid rural migration, and industrial development.
    Who manufactures elevators in the Asia Pacific?
    Some of the major companies contributing to the APAC industry share include Escon Elevators Private Limited, Fujitec Co. Ltd., Kone Corporation, Otis Elevator Company, Schindler Group, Hitachi Ltd., Mitsubishi Electric Corporation, Thyssen Elevators Co., Ltd., and others.

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