Southeast Asia elevator and escalator market size is projected to grow at a CAGR of 4.7% during 2023-2029F

The commercial segment on the basis of application acquired the highest revenue share in the Southeast Asia Elevator and Escalator Market – 6Wresearch

The commercial segment dominated the market structure for elevators and escalators propelled by investments in hospital construction as well as hotel development across the region. Further, The commercial sector envisions notable growth in the region, contributing to an increased demand for elevators and escalators. Moreover, substantial investments in nationwide residential development are anticipated, signalling a gradual upsurge in demand for both passenger and home elevators in the coming years. The commercial sector is expected to garner the highest revenue share in application segment on the back of expanding retail sector and the implementation of government infrastructure development plans, underscoring the commercial segment as the primary focus for the forecast period.

According to 6Wresearch, the Southeast Asia elevator and escalator market size is projected to grow at a CAGR of 4.7% during 2023-2029F. The upcoming projects for instance Changi Airport’s Terminal 5, Tuas Port, new town development in Paya Lebar, pilot metro line section Nhon-Hanoi station, Jakarta 6 subway network expansion, Bangkok Mass Transit Rail would boost the demand for elevator and escalator to be installed in various public places for convenience of travellers.

The infrastructure sector in Southeast Asia is expected to register growth, supported by investments in energy, transport and rapid expansion of current establishment. Additionally, under ASEAN Vision 2025 economic integration, infrastructure development, it is anticipated to increase the demand for elevator and escalator in the region.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, the elevator segment is poised to take the lead in the upcoming years due to rapid urbanization in Thailand and the growth of hospitality projects. Additionally, the region is advancing towards energy-efficient solutions, which is expected to drive the escalator market.

The Southeast Asia Elevator and Escalator Market (2024-2030) report provides an in-depth analysis with 148 figures and 101 tables, covering 230 pages. The report comprehensively covers the market by product type, service type, application and countries. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.