Asia Pacific Elevators and Escalators Market

Phoenix Research Forecasts Asia Pacific Elevators and Escalators Market to Reach USD 71.8 Billion by 2033, as Regional Smart Mobility and Sustainable Infrastructure Projects Accelerate

– November 4, 2025 – New Delhi — Phoenix Research, a global leader in AI-driven market intelligence, has unveiled its latest findings in the “Asia Pacific Elevators and Escalators Market 2025-2033.”
According to the report, the Asia Pacific (APAC) market is expected to grow from USD 43.2 billion in 2025 to USD 71.8 billion by 2033, reflecting a compound annual growth rate (CAGR) of 6.7%.

The findings highlight Asia Pacific’s commanding 38% share of the global elevators and escalators market, fueled by a surge in urban development, smart city projects, and next-generation mobility infrastructure.

“The Asia Pacific region is redefining vertical mobility through a blend of innovation, sustainability, and scale,” said Ronit Roy, Business Analyst and Client Partner at Phoenix Research. “From Indonesia’s tourism infrastructure to Japan’s AI-enabled modernization hubs, this region is evolving into the nucleus of smart mobility transformation.”

Key Regional Developments Shaping the Market

1. Sustainable Tourism Infrastructure in Indonesia
Recent developments, such as the construction of a 182-metre glass elevator at Bali’s iconic Kelingking Beach, underscore Indonesia’s dual focus on tourism accessibility and environmental responsibility.
Although the project by China Kaishi Group sparked public concern over environmental impact, the Indonesian Ministry of Tourism has reaffirmed its commitment to ensure the project aligns with sustainability, safety, and cleanliness standards — signaling an increasing regulatory focus on responsible infrastructure deployment.

2. Japan’s Next-Generation Elevator Innovation
In June 2025, Hitachi Ltd. announced the establishment of a new elevator development facility at its Mito Works in Ibaraki Prefecture. The facility, adjacent to Japan’s tallest elevator research tower, G1TOWER (213 meters), will drive R&D for standard and modernization-ready elevator systems. This aligns with Japan’s push to upgrade its aging building stock with energy-efficient and AI-enabled elevators by 2030.

3. Smart, Green, and Connected Elevators in India
A recent feature by The Economic Times highlights how KONE Corporation is leading innovation in smarter, safer, and greener elevators, leveraging connected technology and digital monitoring platforms to reduce energy use and optimize maintenance. These advancements resonate with India’s broader smart city initiatives and sustainability mandates, positioning it as the fastest-growing market in Asia Pacific with an 8.3% CAGR (2025–2033).

Market Intelligence Highlights

• Urbanization & Smart Infrastructure: Rapid high-rise developments and public transit expansion continue to drive demand for elevators and escalators across major APAC economies.

• Technology Integration: Increasing adoption of IoT, AI diagnostics, and cloud connectivity in elevator control and maintenance systems.

• Sustainability Imperative: Rising focus on energy regeneration, eco-certified materials, and modular modernization kits.

• Competitive Dynamics: Market leadership remains moderately consolidated, with key players including Mitsubishi Electric, KONE Corporation, Schindler Group, Hitachi Ltd., Fujitec Co., Ltd., and HYUNDAI Elevator Co., Ltd.

About the Report

Phoenix Research’s latest report leverages its proprietary AI-powered analytics ecosystem — including tools such as the Phoenix Construction Activity Mapping System and Sentiment Analyzer Tool — to model installation demand, regulatory sentiment, and modernization patterns across 10+ Asia Pacific markets.

The analysis provides an in-depth forecast of product types, functions, and machine categories through 2033, offering data-driven intelligence for investors, OEMs, and infrastructure developers across the region.

Full report available at:
👉 Asia Pacific Elevators and Escalators Market (2025–2033)

About Phoenix Research

Phoenix Research is an AI-driven market intelligence and strategy firm specializing in identifying emerging trends, analyzing competitive landscapes, and forecasting growth opportunities across global industries. Through proprietary automation, predictive modeling, and entity-based data systems, Phoenix delivers precise, actionable insights that help clients anticipate change and lead markets with confidence.

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