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    Asia Pacific Elevator Market Size By End-user (Industrial, Building & Construction {Institutional, Residential, Commercial}), By Product (MR Traction, MRL Traction, Hydraulic & Pneumatic, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
    Published Date: April 2021   |   Report ID: GR1743   |   Delivery: PDF  Request Free Sample

    Asia Pacific Elevator Market size surpassed USD 61,688.5 million in 2020 and is anticipated to register a growth rate of 2.7% from 2021 to 2027. An accelerating number of construction projects in the region along with the rising need for maintenance and repair activities will create positive for the market expansion.

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    Elevators are used to move in a vertical direction across a building or facility and play a crucial role in transferring people and goods from floor to floor. Depending upon the end-use, a range of elevators is taken into the application, including machine room-less traction elevators (MRL), machine room traction elevators (MR), traction elevators, pneumatic elevators, hydraulic elevators, and others, such as dumbwaiter, inclined elevators, climbing elevators, paternoster, etc. Elevators find major applications in commercial and industrial buildings along with fare usage in the residential sector, especially in mid-rise and high-rise buildings. The commercial & industrial applications may include transportation of both people as well as goods among various levels of buildings, such as warehouses, storage plants, production plants, and others.

    The Asia Pacific construction sector has witnessed tremendous growth in the past. The region has seen a significant increase in infrastructure investment; between 2009 and 2013, accounting for more than 50% of the global increase in capital spending. Additionally, the rapid rate of urbanization will further fuel the construction of mid & high-rise buildings, thus, creating an increasing need for elevators. The Asia Pacific accounts for the largest share in the global construction industry and is certain to witness numerous developments in the coming years. The increasing population is further generating the necessity for elevators. On one hand, the population growth in developed economies has nearly saturated, whereas, on the other hand, it is escalating in developing nations, such as China and India.

    APAC Market, By Country

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    China elevator market dominated over 70% revenue share in 2020 due to dominating construction industry in the country. In 2016, China’s construction sector registered a 17% growth in the market value. Rising infrastructural investments from the central government and relaxation of the real estate regulations by the local government are the major drivers of this growth. Moreover, as per the Ministry of Commerce in China, the total value of overseas contracted projects reached approximately USD 244 billion in 2016, an increase of 18.1% over the previous year. The high growth in the overseas contracted projects was the result of regulatory reform in the country.

    On the other hand, China – a major market and raw material supplier in the region was severely impacted by the COVID-19 outbreak. The construction industry in China and other economies of the region sustained heavy damages as a result of lockdown measures that were imposed by governments to contain the spread of the coronavirus. Most construction activities observed a period of abeyance and led to the downfall of the market and reflected a decline of over 7% in 2020. However, the crisis is anticipated to trigger a dynamic growth in the construction industry in approaching years.

    APAC Market, By Product

    Machine room-less (MRL) traction elevator market is set to observe around 3.1% growth rate between 2021 and 2027. Industrial demand for MRL traction elevators is a major factor driving the segment growth. The demand is primarily fueled by the absence of a dedicated machine room in MRL traction elevators rendering to its high demand for limited space in industrial facilities. These elevators are capable of transporting people and goods up to 250 feet and at a maximum speed of up to 500 feet per minute. The factors, such as high energy efficiency, reliability, limited space requirement, and relatively low-maintenance cost will aid to the rising traction of these elevators.

    APAC Market, By End-User

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    Building & construction segment generated approximately USD 49,539 million revenue in 2020owing to rising construction of private homes, apartments, and high-rise buildings in the developing economies of Asia Pacific. The high rate of industrialization and an increasing number of people relocating to urban areas is further driving the investment in construction projects. For instance, according to the Department of Industrial Policy and Promotion (DIPP), FDI received in the Construction Development sector from April 2000 to December 2017 stood at USD 24.67 billion. The government regulations which are encouraging this growth are Smart City Mission and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme.

    Competitive Industry Landscape

    Some of the key manufacturers of elevators operating in the Asia Pacific include Kone Corporation, Fujitec Co. Ltd., Otis Elevator Company, Mitsubishi Electric Corporation, Schindler Group, Hitachi Ltd., Thyssen Elevators Co., Ltd., Escon Elevators Private Limited, Express Lifts Limited, Glarie Elevator Co. Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co. Ltd., Eita Elevator (Malaysia) Sdn. Bhd., and Shenyang Yuanda Intellectual Industry Group Co., Ltd.

    Frequently Asked Question(FAQ) :

    Why will Asia Pacific elevator market expand through 2027?
    The market for elevator in APAC had exceeded USD 61,688.5 million in 2020 and will witness a CAGR of over 2.7% through 2027 with increasing construction activities for mid & high-rise buildings in the region.
    What makes China a strong market for elevators in the region?
    China held over 70% of APAC market share in 2020 and will see higher deployment owing to product demand from robust commercial construction.
    How will machine room-less (MRL) traction elevator industry fare across Asia Pacific?
    The market for machine room-less (MRL) traction elevator in APAC will register a CAGR of around 3.1% through 2027 owing to increasing industrial demand.
    How will building and construction sector drive Asia Pacific elevator landscape?
    APAC market share from building and construction segment was nearly USD 49,539 million in 2020 and will grow over coming years with rising construction of apartments, private homes and high-rise buildings.

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