Riding Up: The Surge Of Elevators And Escalators Across Asia Pacific

By Author: Pujitha
Total Articles: 33
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The Asia Pacific region is on the move — quite literally. The elevator and escalator market, which saw 1.6 million new installations in 2023, is projected to surpass 2 million units by 2029. Fueled by urbanization, government initiatives, and a growing class of high-net-worth individuals, vertical transportation is becoming a cornerstone of modern infrastructure across the region.
Wealth, Cities, and Demand
One of the most significant growth drivers is the rise of affluent populations across Asian nations. As more individuals invest in luxury residential properties, demand for premium home lifts has grown considerably. Meanwhile, ambitious smart city programs — like Korea's National Strategic Smart Cities initiative, which aims to serve 70 cities by 2030 — are creating sustained demand for vertical mobility solutions in public and commercial spaces.
Affordable housing schemes are also playing a role. Thailand's National Housing Authority, for instance, plans to allocate roughly USD 4 billion over five years to support housing projects that would otherwise remain out of reach for lower-income households ...
... — developments that require elevator infrastructure.
Innovation at Every Floor
Manufacturers across the region are pushing the envelope. Hitachi and Nissan Motor collaborated on a fascinating experiment in Japan, using energy stored in an electric vehicle battery to power an elevator in a six-story building for nearly 15 hours. Hitachi Building Systems intends to roll out this technology to apartment buildings, offering a practical solution for power outages.
In South Korea, the Korea Elevator Safety Agency (KoELSA) is piloting a smart elevator control platform that integrates AI, IoT, and sensor technologies, drawing from a database of three billion elevator safety records to prevent accidents and improve emergency response.
Meanwhile, Hyundai Elevator has partnered with LG Electronics to introduce robotic synchronization and smart building solutions, expanding its market reach through connected, AI-powered systems.
Green Buildings, Energy-Efficient Lifts
Sustainability mandates are reshaping what gets installed. China now requires 70% of new urban buildings to meet green certification standards, with major cities like Shanghai, Beijing, and Shenzhen going even further. This regulatory push directly translates to demand for energy-efficient elevators and escalators.
Under Malaysia's 12th National Plan, 13 urban renewal projects have been greenlit, with developers increasingly investing in multifunctional, eco-conscious infrastructure. Similarly, Japan's upcoming global events, including a World Expo in Osaka, have spurred large-scale construction — boosting demand for vertical transportation equipment throughout the Kansai region.
Maintenance: The Market Beneath the Market
Alongside new installations, the aftermarket service segment is gaining strategic importance. KONE has projected that China alone will account for half of the global elevator service industry by 2025 — a staggering figure reflecting the sheer size of its installed base.
Proactive maintenance programs are being adopted across the region. Malaysia's Rapid Rail introduced Condition Based Maintenance to address recurring malfunctions before they become critical failures. Hitachi launched remote monitoring services in Singapore as far back as 2019, offering real-time data and predictive maintenance capabilities. These developments signal a broader industry shift from reactive to proactive service models.
The Road Ahead
With market leaders like Otis, Schindler, KONE, and Hitachi collectively holding over half the market share, competition remains intense — but so does innovation. From EV-powered lifts in Tokyo to AI-driven safety platforms in Seoul, the Asia Pacific elevator and escalator industry is evolving rapidly. As urbanization deepens and sustainability expectations rise, vertical transportation will only grow more central to how the region builds and lives.