Thailand Elevator & Escalator Market (2024-2030) | Trends, Revenue, Outlook, Size, Growth, Industry, Companies, Share, Forecast, Analysis & Value

Thailand Elevator and Escalator Market Highlights

Report Name	Thailand Elevator and Escalator Market
Forecast period	2024-2030
CAGR	5.5%
Growing Sector	Real Estate and Construction

Topics Covered in Thailand Elevator & Escalator Market Report

Thailand Elevator & Escalator Market report thoroughly covers the market by types, applications, services and regions. 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.

Thailand Elevator & Escalator Market Synopsis

Thailand Elevator & Escalator Market is experiencing significant growth and projected to attain more growth in the coming years due to the rapid urbanization, increasing investments in infrastructure, and the development of high-rise buildings across the country. Both the public and private sectors are actively investing in modernizing transport facilities, shopping malls, and residential complexes, which in turn fuels demand for elevators and escalators. Additionally, advancements in technology and the implementation of smart solutions are driving the need for more efficient, reliable, and safer vertical transportation systems.

According to 6Wresearch, Thailand Elevator & Escalator Market size is expected to grow at a CAGR of 5.5% during 2024-2030. Several factors are driving the growth of Thailand Elevator & Escalator Market such as the rapid urbanization and rising population density in urban areas necessitate the development of high-rise residential and commercial buildings, thereby increasing the need for vertical transportation solutions. Apart from this, significant investments from both the public and private sectors in infrastructure development, such as new airports, metro stations, and shopping malls, are creating a robust demand for elevators and escalators. Additionally, technological advancements, including the adoption of smart and energy-efficient solutions, are enhancing the functionality and safety of these systems, making them more appealing to developers and users alike.

However, Thailand Elevator & Escalator Market faces few restraints such as the high initial cost of installation and maintenance of these systems, which can be a substantial financial burden for small and medium-sized enterprises and residential building owners. Additionally, the market is witnessing intense competition among key players, which can result in price wars and reduced profit margins. Furthermore, the strict regulatory framework governing the installation and operation of elevators and escalators, which can delay project timelines and increase compliance costs. Apart from this, the lack of skilled professionals for the installation and maintenance of advanced vertical transportation systems.

Thailand Elevator & Escalator Market: Leading Players

The key players include KONE Corporation, Otis Elevator Company, Schindler Group, ThyssenKrupp AG, Mitsubishi Electric Corporation, Hitachi Ltd. These companies are known for their high-quality and technologically advanced vertical transportation solutions, offer a broad spectrum of products, including elevators and escalators tailored to diverse user needs.

Thailand Elevator & Escalator Market: Government Regulations

Thailand Elevator & Escalator Market is growing and government’s regulation and policies are helping in extension of the market. government policies aimed at promoting urban development and improving public infrastructure are directly contributing to the expansion of the elevator and escalator market. For instance, the Eastern Economic Corridor (EEC) project is a significant driver, with plans to develop a comprehensive transportation network that includes new airports, seaports, and high-speed railways. Furthermore, the government is actively encouraging foreign investment through incentives such as tax breaks and relaxed regulations. These measures have attracted numerous international companies to invest in Thailand's construction and real estate sectors, thereby driving the demand for vertical transportation systems.

Future Insights of the Market

The future of Thailand Elevator & Escalator Market looks promising due to continuous urbanization and the introduction of smart vertical transportation systems. As cities expand and infrastructure projects multiply, the demand for elevators and escalators is anticipated to surge, particularly in high-rise residential and commercial buildings. Innovations in technology, such as the integration of the Internet of Things (IoT), artificial intelligence, and machine learning, are set to revolutionize the industry. These advancements will enable predictive maintenance, real-time performance monitoring, and energy-efficient operations, making elevator and escalator systems smarter and more reliable.

Market Segmentation by Types

According to Ravi Bhandari, Research Head, 6Wresearch, Passenger elevators are expected to witness substantial growth in the future attributed to the rising construction of high-rise residential and commercial buildings.

Market Segmentation by Applications

Commercial market is poised for robust expansion in coming years due to the continuous development of office buildings, shopping malls, hotels, and other commercial establishments.

Market Segmentation by Services

Maintenance market is projected to exhibit the highest growth rate in the future attributed to the expanding installed base of elevators and escalators, coupled with the critical need for ongoing servicing to ensure safety and efficiency.

Market Segmentation by Regions

Central Region is projected to witness the most significant market growth in coming years due to the country's economic and commercial heart, Bangkok alone accounts for a substantial portion of Thailand's vertical transportation market.

Key Attractiveness of the Report

• 10 Years 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:

• Thailand Elevator and Escalator Market Overview
• Thailand Elevator and Escalator Market Outlook
• Thailand Elevator and Escalator Market Forecast
• Historical Data of Thailand Elevator and Escalator Market Revenues for the Period 2020-2030
• Thailand Elevator and Escalator Market Size and Market Forecast of Revenues, Until 2030
• Historical Data of Thailand Elevator and Escalator Market Revenues, by Types, for the Period 2020-2030
• Market Size & Forecast of Thailand Elevator and Escalator Market Revenues, by Types, Until 2030
• Historical Data of Thailand Elevator and Escalator Market Revenues, By Applications, for the Period 2020-2030
• Market Size & Forecast of Thailand Elevator and Escalator Market Revenues, By Applications, Until 2030
• Historical Data of Thailand Elevator and Escalator Market Revenues, By Services, for the Period 2020-2030
• Market Size & Forecast of Thailand Elevator and Escalator Market Revenues, By Services, Until 2030
• Market Drivers and Restraints
• Thailand Elevator and Escalator Market Price Trends
• Thailand Elevator and Escalator Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Thailand Elevator and Escalator Market Share, By Players
• Thailand Elevator and Escalator Market Share, By Regions
• Thailand Elevator and Escalator Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Types

• Elevators
• Passenger Elevators
• Cargo Elevators
• Home Elevators
• Escalators
• Moving Stairs
• Moving Walkways

By Applications

• Residential
• Commercial
• Industrial

By Services

• New Installation
• Modernization
• Maintenance

By Regions

• Northern Region
• North Eastern Region
• Central Region
• Bangkok
• Vicinity
• Southern Region