Asia-Pacific Elevators Market by Country, Competition, Forecast & Opportunities, 2020-2030F

The Asia-Pacific Elevators Market was valued at USD 48.15 Billion in 2024 and is projected to reach USD 70.06 Billion by 2030, rising at a CAGR of 6.29%. The region is witnessing substantial growth in elevator installations due to increasing urbanization, rising demand for high-rise buildings, and expanding infrastructure development across both developed and emerging economies. The construction of residential towers, commercial complexes, and public infrastructure like metro stations and airports is accelerating across countries such as China, India, Japan, and South Korea.

These developments are driving the need for advanced vertical mobility solutions. The growing emphasis on smart cities and sustainable urban infrastructure is further propelling market growth. Additionally, modernization of outdated elevator systems is gaining momentum, particularly in Japan and South Korea, where aging buildings require energy-efficient and regulatory-compliant upgrades. With evolving building codes and the shift toward eco-friendly construction, the Asia-Pacific elevator market continues to advance with the integration of green technologies, regenerative drives, and IoT-enabled smart elevators.

Key Market Drivers

Rapid Urbanization and Infrastructure Development

The swift pace of urban development in Asia-Pacific is a major factor fueling elevator demand. As land availability declines in densely populated cities, vertical expansion through high-rise buildings has become essential. Governments are investing in infrastructure initiatives such as metro rail networks, smart cities, and airport expansions, all of which require reliable and efficient elevator systems. In countries like India, Indonesia, and Vietnam, urban migration is prompting large-scale real estate developments. Elevator systems have become a necessary component in both public and private construction projects to manage high population density and support the growing need for vertical transport. Moreover, ongoing urban redevelopment projects and updated building codes that require elevators in specific structures are creating sustained demand across the region.

Key Market Challenges

High Installation and Modernization Costs

Despite increasing demand, high initial costs continue to hinder elevator adoption, particularly in emerging markets. The cost of installing elevators varies based on building specifications and customization, making it a significant capital investment. Budget-conscious developers in countries like India and the Philippines often hesitate to adopt advanced or smart elevator systems due to financial constraints. Retrofitting old buildings is another challenge, involving expensive civil and electrical modifications. The modernization of outdated elevator systems, though essential for safety and energy efficiency, also demands significant investment in new control systems, motors, and compliance upgrades. While some governments provide subsidies, they often fall short in covering the total costs, especially for small-scale developers or building owners in less affluent regions.

Key Market Trends

Growth in Green and Energy-Efficient Elevators

Sustainability is emerging as a core focus in the Asia-Pacific elevator market, with growing preference for eco-friendly, energy-efficient elevator systems. Developers and facility managers are increasingly aligning with global green building certifications like LEED, BREEAM, and GRIHA. Modern elevator technologies such as regenerative drives, LED lighting, sleep modes, and gearless traction motors are being adopted to lower energy consumption and reduce carbon footprints. These advancements can yield energy savings of up to 40% compared to conventional models. Urban centers such as Seoul, Shanghai, and Melbourne are implementing stricter building efficiency standards, encouraging the use of green elevator systems. Furthermore, government incentives and evolving environmental regulations are accelerating adoption. Consumers in premium residential and commercial sectors are also showing growing interest in sustainable mobility solutions, positioning green elevators as a differentiating feature in modern real estate projects.

Key Players Profiled in this Asia-Pacific Elevators Market Report

• OTIS International Asia-Pacific Pte. Ltd.
• KONE Asia-Pacific
• Schindler Lifts (S) Pte Ltd
• Hitachi, Ltd.
• Thyssenkrupp Elevator Asia-Pacific Limited
• Mitsubishi Electric Asia Pte Ltd
• Fujitec Co. Ltd.
• Hyundai Elevator Co., Ltd
• Shanghai SANEI Elevator Co., Ltd.
• Sanyo Yusoki Kogyo

Report Scope:

In this report, the Asia-Pacific Elevators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Asia-Pacific Elevators Market, by Type:

• Passenger Elevators
• Freight Elevators
• Home Elevators
• Service Elevators
• Others

Asia-Pacific Elevators Market, by Service:

• New Installation
• Maintenance & Repair
• Modernization

Asia-Pacific Elevators Market, by Technology:

• Hydraulic Elevators
• Traction Elevators
• Machine Room-Less (MRL) Elevators
• Pneumatic Elevators

Asia-Pacific Elevators Market, by End-Use Industry:

• Residential
• Commercial
• Industrial
• Institutional
• Infrastructure

Asia-Pacific Elevators Market, by Country:

• China
• Japan
• India
• South Korea
• Australia
• Singapore
• Thailand
• Malaysia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific Elevators Market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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