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.
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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.
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.
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.
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.
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.