Asia Pacific Elevators and Escalators Market Overview

The Asia Pacific Elevators and Escalators Market is set for rapid expansion, driven by rapid urbanization, infrastructure investments, and the ongoing transition toward AI-enabled intelligent mobility systems.
According to Phoenix Research’s market estimation & forecast methodology, the Asia Pacific Elevators and Escalators Market Size is projected to grow from USD 43.2 billion in 2025 to USD 71.8 billion by 2033, reflecting a CAGR of 6.7% during the Forecast Period from 2025 to 2033.
The Asia-Pacific region currently represents ~38% of Global elevator & escalator Market Size (Phoenix estimate), making it the largest and most dynamic vertical mobility market globally.

Key Drivers of Market Growth

1. Urbanization & High-Density Housing

Urban migration continues to accelerate across Tier 1–3 cities. Ease of living in tier 1 cities, aging population, health care services are driving the population from tier 2 & 3 Cities to tier 1 cities.
Metropolises such as Mumbai, Jakarta, Ho Chi Minh City, and Manila are expanding vertically due to space constraints resulting in an increasing demand in the market for Elevators & escalators.
Phoenix’s Activity Mapping tracks real-time building-permit data and indicates a sustained uptick in residential tower approvals through 2028.

2. Smart Cities and Intelligent Infrastructure

Governments in India, China, Malaysia, and Thailand are deploying smart-city frameworks emphasizing IoT-connected, energy-efficient elevators.
Phoenix’s Sentiment Analyzer shows a policy-driven shift favoring smart vertical mobility since late 2023.

3. Infrastructure Development & Public Transit Expansion

The region is also experiencing major upgrades in transport infrastructure, including new metro networks, international airports, and high-speed rail stations. Based on escalator procurement patterns detected through our automated tender-tracking system, escalators now represent more than 78% of new public infrastructure installations in the region.

4. Broader digital transformation

As part of the broader digital transformation of built environments, elevator systems are increasingly integrated with smart home and building automation frameworks.

Asia Pacific Elevators and Escalators Market Segmentation

BY PRODUCT TYPE (2018–2032, USD Billion / Units)

• Elevators

  • Type

  • Drive System

    • Traction

      • Gearless

      • Geared

    • Hydraulic

  • Control Technology

• Escalators

  • Type

  • Configuration

    • Parallel

      • Single-Parallel

      • Multi-Parallel

    • Crisscross

  • Drive Technology

• Moving Walkways (Moving Sidewalks)

• Components & Subsystems

• Modernization Kits

• Others

BY MACHINE TYPE (2018–2032, USD Billion / Units)

• Machine-Room-Less (MRL) Systems

  • Traction

  • Destination Dispatch Enabled

• Machine-Room (MR) Systems

  • Geared Traction

  • Gearless Traction

• Hydraulic Systems

BY FUNCTION (2018–2032, USD Billion / Units)

• Passenger Transportation

• Freight/Goods Handling

• Door Operation & Safety

• Hoisting & Braking

• Control/Dispatch & Traffic Management

• Energy Regeneration & Efficiency

• Remote Monitoring & Predictive Maintenance

• Others

BY APPLICATION (2018–2032, USD Billion / Units)

• Residential

• Commercial (Offices, Retail, Hospitality)

• Public Infrastructure (Airports, Metros, Rail, Stadiums)

• Healthcare & Institutional (Hospitals, Schools)

• Industrial & Warehousing

• Others

BY END USE (2018–2032, USD Billion / Units)

• New Construction

• Modernization/Retrofit

• Maintenance & Repair

• Others

BY DISTRIBUTION CHANNEL (2018–2032, USD Billion / Units)

• Direct

• Indirect

Country-Level Insights

China

China continues to lead the region, accounting for over 45% of the total market. Government-supported urban redevelopment and the expansion of high-speed rail infrastructure are sustaining high-volume demand. Our AI-enabled policy tracker shows a spike in high-rise residential permits in secondary cities like Wuhan, Chengdu, and Suzhou, which are now driving new installations.

India

India is projected to witness the highest CAGR of 8.3% between 2025 and 2033. Growth is supported by mega projects such as Smart Cities Mission, PMAY housing schemes, and dedicated freight corridors. Phoenix’s Demand Forecast Engine, trained on construction and utility data, reveals a significant opportunity in low-cost housing developments and new metro rail corridors.

Japan

Japan’s mature elevator ecosystem is transitioning toward modernization and retrofitting. The average elevator age in Japan exceeds 25 years, opening up demand for energy-efficient, AI-controlled elevator replacements, particularly in commercial real estate.

Other Key Markets

• Australia – Driven by high-end residential towers and airport upgrades

• Indonesia & Malaysia – Retail and transport hubs fueling demand

• Thailand – Smart city expansion in Bangkok and Eastern Economic Corridor

Leading Companies in Asia Pacific Elevators and Escalators Market

Based on innovation tracking, patent filing patterns, and regional deployment data, the Asia Pacific market remains moderately consolidated. Major players include:

• Mitsubishi Electric Corporation

• KONE Corporation

• Schindler Group

• Hitachi Ltd.

• Fujitec Co., Ltd.

• HYUNDAI Elevator Co., Ltd.

Our proprietary AI-based Event Detection System continuously monitors joint ventures, localization strategies, and new product launches to analyze how these players are evolving their footprint.

Strategic Intelligence and AI-Backed Insights

Throughout this report, insights are supported by Phoenix Research’s proprietary AI-enabled tools, designed to deliver actionable intelligence faster and more precisely than traditional analysis.

• Our NLP-powered Sentiment Analyzer detected a positive regulatory narrative shift in India and China toward smart elevator adoption since late 2023.

• The Phoenix Demand Forecast Engine modeled future demand using 10+ years of structured and unstructured construction activity data across Tier 1–3 cities.

• Real-time permit tracking has revealed micro-market surges in smaller cities like Nagpur, Penang, and Bandung, indicating untapped regional potential.

• Automated Porter’s Five Forces models, enhanced through data automation, have been used to assess competitive intensity and supplier dynamics in key subsegments.

This AI-driven approach enables early identification of emerging trends, regulatory shifts, and demand hotspots, positioning stakeholders for proactive decision-making.

Asia Pacific Elevators and Escalators Market Forecast Snapshot: 2025–2033

Why Asia Pacific Remains Critical

• Home to the highest volume of new high-rise projects globally

• Real-time indicators show robust construction activity across residential, transit, and healthcare sectors

• AI-tracked policies show clear prioritization of intelligent mobility systems

• Favorable demographics, government incentives, and long-term maintenance contracts make Asia Pacific the most future-ready region for vertical transportation

Final Takeaway

As the vertical transportation sector shifts from hardware installations to smart mobility ecosystems, Asia Pacific stands at the forefront of this evolution. The integration of AI-powered control systems, cloud-connected diagnostics, and energy optimization is reshaping how elevators and escalators are planned, deployed, and maintained.

At Phoenix Research, our AI-driven intelligence tools help uncover hidden signals, localized growth drivers, and strategic opportunities, enabling clients to anticipate change and lead decisively in one of the world’s most dynamic markets.

Asia Pacific Elevators and Escalators Market Report, 2025–2033

1. Asia Pacific Elevators and Escalators Market Overview

• Market Definition and Scope

• Market Evolution and Technological Trends

• Market Size and Growth Forecast (2025–2033)

• Key Highlights and Strategic Significance

2. Key Drivers of Asia Pacific Elevators and Escalators Market Growth

• Rapid Urbanization and High-Density Housing Expansion

• Smart City Projects and Intelligent Infrastructure Adoption

• Transport Infrastructure Upgrades (Metro, Airports, High-Speed Rail)

• Technological Advancements in AI and IoT-Enabled Elevators

• Focus on Energy Efficiency and Green Building Compliance

• Government Investments and Regulatory Support

• Increasing Demand for Predictive Maintenance and Modernization

3. Market Segmentation of the Asia Pacific Elevators and Escalators Market

By Product Type (2018–2032, USD Billion / Units)

• Elevators

  • Type

  • Drive System

    • Traction

      • Gearless

      • Geared

    • Hydraulic

  • Control Technology

• Escalators

  • Type

  • Configuration

    • Parallel

      • Single-Parallel

      • Multi-Parallel

    • Crisscross

  • Drive Technology

• Moving Walkways (Moving Sidewalks)

• Components & Subsystems

• Modernization Kits

• Others

By Machine Type (2018–2032, USD Billion / Units)

• Machine-Room-Less (MRL) Systems

  • Traction

  • Destination Dispatch Enabled

• Machine-Room (MR) Systems

  • Geared Traction

  • Gearless Traction

• Hydraulic Systems

By Function (2018–2032, USD Billion / Units)

• Passenger Transportation

• Freight/Goods Handling

• Door Operation & Safety

• Hoisting & Braking

• Control/Dispatch & Traffic Management

• Energy Regeneration & Efficiency

• Remote Monitoring & Predictive Maintenance

• Others

By Application (2018–2032, USD Billion / Units)

• Residential

• Commercial (Offices, Retail, Hospitality)

• Public Infrastructure (Airports, Metros, Rail, Stadiums)

• Healthcare & Institutional (Hospitals, Schools)

• Industrial & Warehousing

• Others

By End Use (2018–2032, USD Billion / Units)

• New Construction

• Modernization/Retrofit

• Maintenance & Repair

• Others

By Distribution Channel (2018–2032, USD Billion / Units)

• Direct

• Indirect

4. Regional Insights of the Asia Pacific Elevators and Escalators Market

• China – Largest Market

  • Leadership in high-rise and public infrastructure projects.

• India – Fastest Growing Market

  • Rapid urbanization, metro expansion, and affordable housing projects.

• Japan – Mature Market Focused on Modernization

  • High adoption of AI-based elevator control systems.

• Southeast Asia – Emerging Growth Cluster

  • Strong installation demand across commercial and transport hubs.

• Australia & South Korea – Advanced Infrastructure Markets

  • Investments in airport upgrades and sustainable high-rise solutions.

5. Leading Companies in the Asia Pacific Elevators and Escalators Market

• Mitsubishi Electric Corporation

• KONE Corporation

• Schindler Group

• Hitachi Ltd.

• Fujitec Co., Ltd.

• HYUNDAI Elevator Co., Ltd.

• Toshiba Elevator and Building Systems Corporation

• Otis Elevator Company

• Johnson Lifts Pvt. Ltd.

• Sigma Elevator Company

6. Strategic Insights and Technology Trends

• AI-Driven Predictive Maintenance and Smart Diagnostics

• IoT-Enabled Elevator Control and Monitoring Systems

• Cloud-Connected Predictive Maintenance Platforms

• Energy-Efficient Drive Systems and Regenerative Braking

• Digital Twin Applications in Elevator Design and Testing

• Green Building Compliance and Eco-Certified Elevators

• Modular Modernization Kits and Retrofit Innovations

7. Asia Pacific Elevators and Escalators Market Forecast Snapshot (2025–2033)

• Market Size (2025): USD 43.2 Billion

• Market Size (2033): USD 71.8 Billion

• CAGR (2025–2033): 6.7%

• Largest Market: China

• Fastest Growing Country: India (8.3% CAGR)

• Dominant Segment: Escalators (78% share in public infrastructure)

• Top Trend: AI and IoT Integration in Smart Mobility Systems

• Future Focus: Sustainable and Predictive Elevator Ecosystems

8. Why the Asia Pacific Elevators and Escalators Market Remains Critical

• Home to the World’s Largest High-Rise Construction Pipeline

• Central to Global Smart City and Transport Modernization Initiatives

• AI-Driven Intelligence Enabling Smarter Maintenance and Operations

• Long-Term Service Contracts Creating Stable Revenue Streams

• Strong Regional Policy Alignment Toward Intelligent Mobility Systems

9. Final Takeaway of the Asia Pacific Elevators and Escalators Market

• Summary of Market Outlook

• Key Opportunities for Manufacturers and Service Providers

• Strategic Recommendations for Technology and Localization

• Long-Term Innovation Pathways and Sustainability Goals