Elevator segment acquired the largest market revenue share in the Philippines Elevator and Escalator market – 6Wresearch. Elevators dominate the country's elevator and escalator market in terms of revenue since they are used more frequently in commercial, industrial, and residential settings and require less area. Additionally, the revenues from elevators would grow over time as new skyscraper projects like DDT Sky Tower, Shang One Horizon, Park Central South Tower, etc. are constructed across the country.
According to 6Wresearch Philippines Elevator and Escalator market size is projected to grow at a CAGR of 5.2% during 2022-28. The Philippines elevator and escalator market would expand primarily due to the country's growing commercial and hospitality industry, with 19 projects in Manila, 7 projects in Cebu City, and 3 projects in Malaysia anticipated to be completed by 2024. Additional investment will also be made in the residential and commercial sectors as urbanization increases. In the years to come, increased demand for escalator and elevator maintenance, repair, and servicing would also drive industry growth. The government has introduced initiatives like Parkford Suites Legazpi and St Mark Residences in an effort to enhance the residential market. These programmes are aimed at the growth of the nation and would be a key factor in the expansion of infrastructure projects across the country, which would raise demand.
According to, Saurav Kumar Singh, Research Analyst, 6Wresearch, the commercial sector has acquired the highest revenue share in the Philippines' elevator and escalator market and would continue to dominate the market on account of numerous commercial construction projects, including offices and hotels like Masters Tower Cebu and Alpha Plus Office Development, which would increase the use of elevators and escalators.
According to, Kartike Tyagi, Research Analayst, 6Wresearch, “By Product Types, Elevators would witness substantial growth in the upcoming years due to the AmBisyon Natin 2040 vision, which would increase the residential and commercial sectors with the development of malls, residential societies, and office spaces.
Major players in Philippines Elevator and Escalator market are Mitsubishi Electric Corporation, KONE Corporation, Schindler Holding, Otis Worldwide Corporation, Hitachi Ltd, Hyundai Elevator Co.Ltd, TK Elevator GmbH, Fujitec Co. Ltd
“Philippines Elevator and Escalator market (2022-2028)” report provides an in-depth analysis with 20 figures and 13 tables, covered in 88 pages. The Philippines Elevator and Escalator market report thoroughly covers market by product types, by types, by service types, by applications. Philippines Elevator and Escalator market report provides an unbiased and detailed analysis of the on-going Philippines Elevator and Escalator market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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