Southeast Asia Elevator and Escalator Market is Booming - 46.57 Thousand Units Sales Projected by 2030 - Arizton

According to Arizton's latest research report, Southeast Asia elevator and escalator market [https://www.arizton.com/market-reports/southeast-asia-elevator-and-escalator-market] is growing at a CAGR of 3.87% during 2024-2030.

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Report Summary

Market Size by New Installations (2030): 46.57 Thousand Units

Market Size by New Installations (2024): 37.08Thousand Units

CAGR - New Installations (2024-2030): 3.87%

Market Size by Installed Base (2030): 767.34Thousand Units

Market Size by Modernization (2030): USD 838.2 Million

Historic Year: 2021-2023

Base Year: 2024

Forecast Year: 2025-2030

Southeast Asia Elevator and Escalator Market Overview

The Southeast Asia elevator and escalator market is poised for significant growth. This growth is supported by the region's expanding construction sector and rapid urbanization, which are key contributors to the market's year-over-year expansion.

Urbanization in Southeast Asia is spurring smart city initiatives, particularly in Jakarta, Ho Chi Minh City, and Bangkok, which focus on sustainable urban planning and green infrastructure. These efforts are aligned with the broader expansion of the real estate sector, which is fueling demand for elevators and escalators.

The Indonesian government's significant investment in its new capital, Nusantara, and infrastructure development in Java is also boosting market growth. Singapore benefits from a favorable regulatory environment and foreign direct investment, further driving infrastructure growth. Meanwhile, Vietnam's growing tourism and business markets, particularly in Ho Chi Minh City, contribute to rising demand for modern facilities and transportation solutions.

In the Philippines, the government's Build Better More program and infrastructure projects support industrial and non-residential growth, while Cambodia's booming economy and high-rise developments, especially in Phnom Penh, are driving elevator and escalator market demand.

As the region continues to develop, the elevator and escalator market in Southeast Asia is expected to experience robust growth, particularly in key countries such as Indonesia, Singapore, Vietnam, the Philippines, and Cambodia.

Recent Developments

* In August 2024, Otis unveiled its Gen3 Trademark connected elevator platform at its Platform for Indonesia, Thailand Malaysian markets.
* In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, NEXIEZ-Fit Passenger which combines superior cost performance with carefully selected specifications.
* In September 2024, KONE announced its New 2025-2030 Strategy Rise. Moreover, in December 2024, KONE announced the launch of its High-Rise MiniSpaceTM DX elevator.

Government-Driven Residential Developments Fuel Demand for Hydraulic and Pneumatic Elevators

The demand for hydraulic and pneumatic elevators is expected to rise in response to significant residential and non-residential construction projects in Southeast Asia. Governments across the region are playing a key role in driving these developments.

Indonesia's Ministry of Public Works and Public Housing is expanding collaboration under its Government Cooperation with Business Entities scheme to enhance infrastructure development. Similarly, the Philippines' government housing program, the Pambansang Pabahay Para sa Pilipino Program (4PH), aims to build millions of housing units by 2028, supporting the growing need for elevators in residential buildings.

In Singapore, the Housing & Development Board's plan to launch thousands of new flats will also contribute to rising demand for hydraulic and pneumatic elevator systems. These government-backed initiatives across Southeast Asia are expected to drive market growth for elevators in the coming years.

Transportation & Rail Infrastructure Projects in Southeast Asia to Witness Greater Opportunities in Others Segment

Southeast Asia is heavily investing in railway infrastructure to boost economic growth and improve urban connectivity. In Indonesia, the expansion of the mass rapid transit (MRT) network in Jakarta is increasing demand for elevators, especially as the government aims for greater public transportation usage.

Thailand is also focusing on transportation improvements, with a major investment plan launched to modernize its infrastructure. Meanwhile, Malaysia is working on several transport projects to enhance services in the northern region, further driving the need for elevator installations. These infrastructure developments across the region are expected to significantly boost the demand for elevators in the coming years.

Vendor Landscape

The Southeast Asia elevator and escalator market is dominated by major manufacturers such as Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and Kone Corporation. Other notable players include Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation (TELC), Sigma Elevator, Cibes Lift Group, Sec Elevator Co., Ltd., and Nippon Elevator, among others. These companies are at the forefront of innovation, ensuring the delivery of cutting-edge technology focused on safety, efficiency, and sustainability.

In 2024, KONE introduced the High-Rise MiniSpace Trademark DX elevator, designed for buildings over 60 floors. This model emphasizes energy efficiency, customization, and sustainability. Additionally, Otis secured a contract in March 2024 to refurbish 290 older escalators across 32 MRT stations in Singapore, with the project set to complete by 2032. These developments reflect the ongoing advancements in the region's elevator and escalator market.

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Key Vendors

* Otis
* KONE
* TK Elevator
* Schindler
* Mitsubishi Electric
* Hitachi
* Hyundai Elevator
* Fujitec
* Toshiba Elevator and Building Systems Corporation
* Sigma Elevator
* IFE ELEVATORS CO., LTD.
* Fuji Elevator Co., Ltd.
* Tokyo Elevators & Escalators (Pvt) Ltd.
* Lamda Elevator
* Kalea Lifts
* Cibes Lift
* Nachaleeti Group
* ECOLIFT Elevator & Escalator Corportation
* Nippon Elevator
* SEC Co. Philippines, Inc.
* CE Elevator Sdn Bhd
* DELFAR ELEVATOR CO., LTD.
* Wiitrac Elevator Sdn Bhd
* CA M&E Elevator
* Gylet
* Shin Han Elevator Co., Ltd.

Elevator Market Segmentation by

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

Region

* Indonesia
* Thailand
* Philippines
* Malaysia
* Singapore
* Rest of Southeast Asia

Key Questions Answered in the Report:

How big is the Southeast Asia elevator and escalator market?

What is the number of installed bases in the Southeast Asia elevator and escalator market in 2024?

What are the key opportunities in the Southeast Asia elevator and escalator market?

What will be the growth rate of the Southeast Asia elevator and escalator market?

What are the key Southeast Asia elevator and escalator market players?

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