China Elevator and Escalator Market (2024-2030) | Size, Analysis, COVID-19 IMPACT, Share, Forecast, Outlook, Industry, Growth, Revenue, Value, Companies & Trends

China Elevator and Escalator Market Highlights

Report Name	China Elevator and Escalator Market
Forecast Period	2024-2030
CAGR	8%
Growing Sector	Residential

Topics Covered in the China Elevator And Escalator Market Report

The China Elevator And Escalator Market report thoroughly covers the market by Types, Services, and Applications. The market report provides an unbiased and detailed analysis of the ongoing 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.

China Elevator And Escalator Market Synopsis 

The China Elevator And Escalator Market is expected to grow in the coming years. This growth can be attributed to various factors such as infrastructure development, government initiatives, increased construction activities, and technological advancements in the industry. Despite growing, the market also faces some challenges that can hinder the growth of the market.

According to 6Wresearch, the China Elevator And Escalator Market size is expected to grow at a significant CAGR of 8% during 2024-2030. One of the key drivers of China's elevator and escalator market is its booming urbanization rate. There is a growing demand for vertical transportation systems in high buildings to transfer large volumes of goods. This has raised the demand for elevators and escalators in the market. China’s ageing population is another driving factor for the market. With the large number of older citizens, the demand for elevators and escalators has increased as they provide easier pathways for them. It is not possible for senior citizens to go on stairs, especially in high buildings.

One major challenge is the increasing competition from domestic and international manufacturers. Another challenge is the stricter safety regulations imposed by the Chinese government. This has raised the costs for manufacturers and also decrease the approval rates.

China Elevator And Escalator Industry: Leading Players

The Chinese elevator and escalator market is dominated by major players such as Otis Elevator Company, KONE Corporation, Schindler Group, and ThyssenKrupp AG. These international companies have a significant share in China’s market due to their advanced technology, wide range of products and services, and established reputations. Additionally, there are also several local manufacturers such as Shanghai Mitsubishi Elevator Co., Ltd., Guangdong Suzhou Elevator Co., Ltd., Fujitec Co., Ltd., SJEC Corporation, and Canny Elevator Co., Ltd. 

China Elevator And Escalator Market: Government Regulations

The Chinese government has implemented various initiatives to regulate and support the elevator and escalator industry in the country. The Urbanization Plan announced by the Chinese government, aims to promote urbanization in rural areas and smaller cities. Moreover, the Chinese government has also implemented regulations for energy-efficient and environmentally friendly elevators and escalators. Additionally, the Chinese government has also introduced policies for the modernization of existing elevators and escalators. This includes replacing older models with more advanced and efficient ones. Furthermore, initiatives such as Smart City Development also have a positive impact on the elevator and escalator market.

Future Insights of the Market

The Chinese elevator and escalator market is expected to continue its steady growth in the coming years. The growing urbanization in the country, focusing on energy efficiency, and growing demand for smart cities is expected to drive the elevator and escalator market in China. Additionally, the rapid industrialization and infrastructure development in the country are also driving the market. furthermore, with the help of advanced technology, the efficiency of elevators and escalators has increased, hence will drive the market in the future.

Market Segmentation by Types

According to Ravi Bhandari, Research Head, 6Wresearch, the elevator segment is growing at a significant rate in the China market. This can be attributed to the rapid urbanization and increasing demand for efficient transportation options in commercial and residential buildings.

Market Segmentation by Services

In terms of services, maintenance and modernization are expected to witness significant growth in the China market due to the increasing focus on safety and energy efficiency. This has led to a high demand for these services.

Market Segmentation by Applications

The residential and industrial segment is currently experiencing significant growth. This can be attributed to the increasing urbanization and population growth in China, hence leading to a higher demand for housing and infrastructure development.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• China Elevator and Escalator Market Outlook
• Market Size of China Elevator and Escalator Market, 2020-2030F
• Forecast of China Elevator and Escalator Market, 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Revenues & Volume for the Period 2020-2030F
• China Elevator and Escalator Market Trend Evolution
• China Elevator and Escalator Market Drivers and Challenges
• China Elevator and Escalator Price Trends
• China Elevator and Escalator Porter's Five Forces
• China Elevator and Escalator Industry Life Cycle
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Types for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Elevator for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Escalator for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Moving Walkways for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Services for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Maintenance & Repair for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By New Installation for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Modernization for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By End-User for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Residential for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Commercial for the Period 2020-2030F
• Historical Data and Forecast of China Elevator and Escalator Market Revenues & Volume By Public for the Period 2020-2030F
• China Elevator and Escalator Import Export Trade Statistics
• Market Opportunity Assessment By Types
• Market Opportunity Assessment By Services
• Market Opportunity Assessment By End-User
• China Elevator and Escalator Top Companies Market Share
• China Elevator and Escalator Competitive Benchmarking By Technical and Operational Parameters
• China Elevator and Escalator Company Profiles
• China Elevator and Escalator Key Strategic Recommendations

Markets Covered

The report provides a detailed analysis of the following market segments:

By Types

• Elevator (Passenger, Cargo & Home)
• Escalator (Moving Stairs & Moving Walks)

By Applications

• Commercial
• Residential & Industrial

By Services

• New Installation
• Maintenance & Modernization