Press release
Thailand Elevator and Escalator Market Size by New Installations is Expected to Reach 8.97 Thousand Units by 2031 Creating New Industry Opportunities
Report Snapshot:
MARKET SIZE BY NEW INSTALLATIONS (2031): 8.97 Thousand Units
MARKET SIZE BY NEW INSTALLATIONS (2025): 7.43 Thousand Units
CAGR - NEW INSTALLATIONS (2025-2031): 3.20%
MARKET SIZE BY INSTALLED BASE (2031): 171.93 Thousand Units
MARKET SIZE BY MODERNIZATION (2031): USD 68.71 Million
HISTORIC YEAR: 2022-2024
BASE YEAR: 2025
FORECAST YEAR: 2026-2031
SEGMENTATION BY CARRIAGE TYPE: Passenger and Freight
SEGMENTATION BY CAPACITY: 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USER: Commercial, Residential, Industrial, and Others
SEGMENTATION BY MACHINE TYPE: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
Thailand Elevator and Escalator Market: Key Segment Insights
- Machine-room-less (MRL) elevators dominate installations, driven by demand for energy-efficient and space-saving systems in mid-rise and residential buildings.
- Passenger elevators account for the largest share of installations, supported by rising construction of residential towers, commercial buildings, and mixed-use developments.
- 2-15 person elevators are the fastest-growing capacity segment, widely used across residential and mid-rise commercial buildings.
- Parallel escalators lead new installations, particularly in shopping malls, transit hubs, airports, and large commercial complexes.
- Residential buildings remain the largest end-user segment, fueled by expanding urban housing and high-rise condominium development across Thailand.
AI-Driven Elevator Modernization Unlocks Growth in Thailand's Elevator Market
The growing adoption of artificial intelligence (AI) is creating new opportunities in the Thailand elevator and escalator market, particularly as the country accelerates urban development, infrastructure modernization, and smart-city initiatives. Leading global manufacturers such as KONE, Otis Worldwide, Schindler Group, and Mitsubishi Electric are integrating AI, cloud platforms, and IoT technologies to enhance predictive maintenance, operational efficiency, and building mobility systems. Reflecting this trend, Otis Worldwide introduced its Arise MOD Prime and Arise MOD Plus modernization solutions in September 2025, enabling phased upgrades of aging elevators. These modernization solutions are particularly relevant in Thailand, where many commercial and residential buildings require elevator upgrades while operating under budget constraints, driving demand for cost-efficient elevator modernization solutions.
Data Center Expansion Emerges as a New Infrastructure Driver for Thailand's Market
Thailand's growing role as a regional data center and cloud computing hub is creating new demand for the elevator and escalator market. Major technology companies, including Amazon, Google, Microsoft, and TikTok, are expanding their digital infrastructure investments across the country. Thailand's strategic Southeast Asian location, competitive power costs, strong fiber connectivity, and skilled workforce continue to attract large-scale data center developments. Reflecting this momentum, the Thailand Board of Investment approved $3.1 billion in data center projects in January 2026, including investments from True Internet Data Center, GSA Data Center, Stellar DC, and Freyr Technology, supporting growing demand for vertical transportation systems in large commercial and technology facilities.
Urban Density and Smart City Projects Strengthen Elevator Demand in Market
Thailand's accelerating urbanization and transit-oriented development (TOD) are driving new opportunities in the elevator and escalator market, particularly across high-rise residential and mixed-use projects. Major cities such as Bangkok and Chiang Mai are expanding dense urban districts around mass-transit corridors, increasing the need for vertical mobility systems in modern buildings. At the same time, development in the Eastern Economic Corridor is accelerating large-scale construction, including a THB 1.34 trillion ($32 billion) smart city project in Chonburi, reinforcing long-term demand for elevators and escalators across Thailand's commercial and residential infrastructure.
Further insights and detailed forecasts are available in the full report: https://www.arizton.com/market-reports/thailand-elevators-and-escalators-market
Thailand Elevator and Escalator Size, Share, & Trends Analysis Report by
Elevator Market Segmentation
- Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
- Carriage Type: Passenger and Freight
- Capacity: 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
- End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)
Escalator Market Segmentation
- Product Type: Parallel, Multi Parallel, Moving Walkway, and Crisscross
- End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)
These companies dominate installations and modernization projects:
Key Vendors
• Otis
• KONE
• TK Elevator
• Schindler
• Mitsubishi
• Electric
• Hitachi
• Hyundai Elevator
• Fujitec
Other Prominent Vendors
• Cibes Lift AB
• Toshiba Elevator and Building Systems Corporation
• Stannah Lifts
• Thai Ji Elevator Co., Ltd.,
• Kalea Lifts
• Artico Lifts
• Koyo Elevator Co., Ltd.
• Canny Elevator Co., Ltd.
Discover Connected Market Opportunities:
Southeast Asia Elevator and Escalator Market - Size & Growth Forecast 2025-2030
https://www.arizton.com/market-reports/southeast-asia-elevator-and-escalator-market
Philippines Elevator and Escalator Market Size & Growth Forecast 2025-2030
https://www.arizton.com/market-reports/philippines-elevator-and-escalator-market
What Key Findings Will Our Research Analysis Reveal?
• What will be the growth rate of the Thailand elevator and escalator market?
• What are the key Thailand elevator and escalator market players?
• What is the number of installed bases in the Thailand elevator and escalator market in 2024?
• How big is the Thailand elevator and escalator market?
• What are the key opportunities in the Thailand elevator and escalator market?
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About Us:
Founded in 2017, Arizton Advisory & Intelligence delivers data-driven market research and strategic consulting that empowers clients to make informed decisions and drive growth. Combining quantitative and qualitative insights, we provide in-depth analysis across industries including Agriculture, Consumer Goods, Technology, Automotive, Healthcare, Data Centers, and Logistics. Recognized by top-tier media, our expert team transforms complex market data into actionable strategies, helping clients anticipate trends, seize opportunities, and stay ahead of the competition.
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