Asia Pacific Elevator and Escalator Market (2025-2031) | Share, Companies, Size, Revenue, Analysis, Forecast, Trends, Growth, industry & Outlook

Asia Pacific Elevator and Escalator Market Size & Growth Rate

According to 6Wresearch internal database and industry insights, the Asia Pacific Elevator and Escalator Market was valued at USD 15.2 billion in 2024 and is projected to reach USD 34.8 billion by 2031, indicating a compound annual growth rate (CAGR) of 12.5% during the forecast period (2025-2031).

Asia Pacific Elevator and Escalator Market Highlights

Topics Covered in the Asia Pacific Elevator and Escalator Market Report

The Asia Pacific Elevator and Escalator Market report thoroughly covers the market by types, services, end-users, and countries. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high-growth areas, and market drivers which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.

Asia Pacific Elevator and Escalator Market Synopsis

The Asia Pacific Elevator and Escalator Market is thriving due to the rapid urbanization, the construction boom, and increasing demand for vertical transportation solutions. Significant infrastructure development is being conducted in residential and commercial properties throughout the region. As the number of high-rise buildings and commercial complexes continues to rise, so does the demand for elevators and escalators and old elevator systems are undergoing modernization and government infrastructure initiatives also are helping spur market growth. 

Asia Pacific Elevator and Escalator Market is projected to grow rapidly, with a growth rate of 12.5% CAGR during the forecast period (2025-2031). The Asia Pacific Elevator and Escalator Market Growth is fueled by urbanization, elevated construction of high-rise buildings, and increased demand for vertical transportation. The need for elevators, escalators, and moving walkways is also increasing due to the growth of commercial complexes, residential buildings, and public infrastructure projects. Moreover, the market growth is being propelled by technological advances in energy efficient and smart systems and governmental initiatives for infrastructure development and modernizing the systems.

Asia Pacific Elevator and Escalator Market Challenges

The Asia Pacific Elevator and Escalator Market faces challenges despite its expansion, such as high installation costs for advanced systems and a shortage of skilled labor. Integrating new systems into older buildings can be difficult. Regulatory compliance and safety standards differ across countries, creating obstacles for manufacturers. Additionally, economic conditions and differing consumer preferences across the region complicate market penetration and expansion, creating hurdles for consistent growth.

Asia Pacific Elevator and Escalator Market Trends

Key trends in the Asia Pacific Elevator and Escalator Market include an increase in demand for energy-efficient solutions, smart elevators integrated with IoT for better monitoring and energy management, and the increasing popularity of touchless systems. The demand for escalators and moving walkways in large shopping malls, airports, and transit systems is growing, driven by increasing foot traffic. Moreover, with the growing emphasis on safety, modernization services that include retrofitting old systems with the latest safety features are in high demand.

Investment Opportunities of the Asia Pacific Elevator and Escalator Market

The Asia Pacific Elevator and Escalator Industry offer several investment opportunities, particularly in modernization and maintenance services. As urbanization continues, the demand for new installations in high-rise buildings and commercial complexes rises. The growth of smart cities also presents opportunities to integrate smart elevator systems with features like remote monitoring, AI, and energy-saving technologies. Furthermore, there are significant opportunities for market players to rise in emerging economies by offering affordable solutions for both residential and commercial sectors.

Leading Players of the Asia Pacific Elevator and Escalator Market

The Asia Pacific Elevator and Escalator Market is led by companies like Otis, KONE, Schindler, Mitsubishi Electric, and Thyssenkrupp. Local players such as Hyundai Elevator and Fujitec also hold significant Asia Pacific Elevator and Escalator Market Share. Companies mainly focus on energy-efficient systems, smart elevators, and modernization services, with partnerships and acquisitions boosting competition.

Government Regulations of the Asia Pacific Elevator and Escalator Market

Governments across the Asia Pacific have implemented several regulations to uphold safety and quality in the elevator and escalator market. For instance, Japan Ministry of Land, Infrastructure, Transport and Tourism (MLIT) enforces safety standards and ensures regular maintenance. In India, the Bureau of Indian Standards (BIS) sets elevator safety guidelines, while Australia regulates through Elevating Work Platform standards to ensure passenger and operator safety. These measures are promoting the development of safe and reliable systems in the region.

Future Insights of the Asia Pacific Elevator and Escalator Market

The Asia Pacific Elevator and Escalator Market is poised for continuous growth, fueled by rapid urbanization, smart city projects, and the rising demand for energy-efficient transportation solutions. Major innovations, including AI-driven predictive maintenance, IoT-enabled real-time monitoring, and eco-friendly technologies, will shape the market future. Furthermore, the expansion of high-rise buildings and public infrastructure projects will present significant opportunities, particularly in new installations and modernization services.

Market Segmentation Analysis

The report offers a comprehensive study of the following market segments and their leading categories.

China to Dominate the Market – By Countries

According to Ritika Kalra, Senior Research Analyst at 6Wresearch, China is expected to dominate the Asia Pacific Elevator and Escalator Market due to its booming construction sector, rapid urbanization, and government initiatives like the "Made in China 2025" plan. China’s large-scale infrastructure projects, including the development of commercial and residential complexes, will drive the demand for elevators and escalators. 

Elevator to Dominate the Market – By Types

Elevators are expected to dominate the market, driven by the increasing demand for vertical transportation in residential, commercial, and public buildings. High-rise buildings, particularly in urban areas, are driving the demand for elevators, as they offer space-saving and efficient solutions. The growing focus on energy-efficient systems, along with technological advancements such as touchless controls, will further boost the demand for elevators across the region.

New Installation to Dominate the Market – By Services

The new installation service segment is expected to dominate the market due to the increasing number of residential and commercial building projects in the region. The demand for new elevators, escalators, and moving walkways is growing with the rise in infrastructure development, particularly in high-rise buildings, shopping malls, airports, and public transport stations. Additionally, the modernization and retrofit of old systems are increasingly being adopted in existing buildings to improve safety and efficiency.

Commercial End-User to Dominate the Market – By End-User

The commercial end-user segment is expected to dominate the market, as commercial buildings, shopping malls, airports, and office buildings are major consumers of elevators and escalators. The demand for vertical transportation in commercial complexes is driven by the need for efficient movement of people, particularly in high-rise buildings. The growth of retail and hospitality sectors across urban areas further fuels this demand.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2021 to 2024.
• Base Year: 2024.
• Forecast Data until 2031.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Asia Pacific Elevator And Escalator Market Outlook
• Market Size of Asia Pacific Elevator And Escalator Market, 2024
• Forecast of Asia Pacific Elevator And Escalator Market, 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Revenues & Volume for the Period 2021 - 2031F
• Asia Pacific Elevator And Escalator Market Trend Evolution
• Asia Pacific Elevator And Escalator Market Drivers and Challenges
• Asia Pacific Elevator And Escalator Price Trends
• Asia Pacific Elevator And Escalator Porter's Five Forces
• Asia Pacific Elevator And Escalator Industry Life Cycle
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Types for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Elevator for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Escalator for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Moving Walkways for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Services for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Maintenance & Repair for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By New Installation for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Modernization for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By End User for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Residential for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Commercial for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Public for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Countries for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By China for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By India for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Japan for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Australia for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Indonesia for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Philippines for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Thailand for the Period 2021 – 2031
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Malaysia for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Singapore for the Period 2021 - 2031F
• Historical Data and Forecast of Asia Pacific Elevator And Escalator Market Revenues & Volume By Rest of Asia for the Period 2021 - 2031F
• Asia Pacific Elevator And Escalator Market - Key Performance Indicators
• Asia Pacific Elevator And Escalator Market - Import Export Trade Statistics
• Asia Pacific Elevator And Escalator Market - Opportunity Assessment By Countries
• Asia Pacific Elevator And Escalator Market - Opportunity Assessment By Types
• Asia Pacific Elevator And Escalator Market - Opportunity Assessment By Services
• Asia Pacific Elevator And Escalator Market - Opportunity Assessment By End User
• Asia Pacific Elevator And Escalator Market - Top Companies Market Share
• Asia Pacific Elevator And Escalator Market - Top Companies Profiles
• Asia Pacific Elevator And Escalator Market - Comparison of Players in Technical and Operating Parameters
• Asia Pacific Elevator And Escalator Market - Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Countries

• China
• India
• Japan
• Australia
• Indonesia
• Philippines
• Thailand
• Malaysia
• Singapore
• Rest of Asia

By Types

• Elevator
• Escalator
• Moving Walkways

By Services

• Maintenance & Repair
• New Installation
• Modernization

By End-User

• Residential
• Commercial
• Public