APAC Elevator Market revenue to hit $85.2 Bn by 2028

Published Date: 2022-08-08

Request a sample

APAC Elevator Market size is estimated to surpass USD 85.2 billion by 2028, according to a latest forecast report by Graphical Research.

The market growth is attributed to the increasing repair and maintenance activities across developed economies due to aging infrastructure. The explosive population growth and urbanization across developing economies like India and China has pushed the demand for adequate housing and commercial spaces, leading to the fast-paced development of urban infrastructure. The National Commission on Population (NCP) estimations reveals that as much as 38.6% of people in India will be living in urban areas by 2036.

In addition, as per the latest UN assessment, the urban population in India may increase by 2X during 2018-2050, reaching almost 877 million in 2050 from about 461 million in 2018. These estimates point toward the future growth prospects. 

Another factor largely contributing to the industry expansion is the limited availability of non-agricultural land. This has accelerated the construction activities of skyscrapers and high-rise facilities in countries like China, South Korea, India, New Zealand, and Australia over the last few years.

The Asia Pacific elevator market faced several disruptions during the pandemic due to halted industrial operations and construction of residential and commercial facilities, supply chain bottlenecks, and stringent regulatory norms to contain the viral transmission. 

However, the easing lockdown measures, increasing vaccine administrations, and resumed operations across industries dealing in non-essential commodities have led to the industry recovering quickly. Besides, the rising renovation and reconstruction projects have triggered the requirement for repair and maintenance jobs.

MRL (Machine Room Less) elevators may gain significant momentum owing to their efficient design, superior ride quality, and performance. These elevators are known to save a considerable amount of energy and are a cost-effective and environment-friendly alternative to their other counterparts. The attribute of MRLs to operate at faster speeds significantly increases their perception of quality, thus propelling product sales.

The building & construction segment will cross USD 69,800 million by 2028, due to the strong growth and increasing outputs from the construction sector in countries like China, India, South Korea, etc. 

Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @

The Indian government, in support of its housing initiatives, invested US$ 1.89 billion in Smart Cities Mission and AMRUT scheme under its Union Budget 2021, while under the Union budget 2022-23, the country allocated a sum of over USD 130 billion to push the infrastructure sector. The increasing penetration of home loans and the consistent improvement in socio-economic conditions will fuel the industry landscape.

China elevator market research may emerge as a major growth driving region over the projected period, credited to the exponential infrastructure growth and flourishing construction sector, which is majorly driven by the explosive population growth, robust economic backdrop, and increasing infrastructural investments. Estimates by the American Institute of Architects (AIA) Shanghai predict that since the 1990s, China will have built the coequal of around 10 New York-sized cities by 2025.

The APAC elevator market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028 for the following segments:

Asia Pacific Market, By Product

  • Hydraulic & Pneumatic
  • MR Traction
  • MRL Traction
  • Others

Asia Pacific Market, By End-user

  • Building & Construction
    • Residential
    • Institutional
    • Commercial
  • Industrial

The above information has been provided for the following countries:

  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
    • South Korea