Philippines Elevator and Escalator Market (2022-2028) | Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT

Market Forecast By Product Types (Elevator (Passenger Elevator, Home Elevator, Cargo Elevator), Escalator (Moving Stairway, Moving Walkway)), By Types (New Installations, Services), By Service Types (Maintenance, Modernization), By Applications (Residential, Commercial, Industrial) And Competitive Landscape

Product Code: ETC150137 Publication Date: Feb 2023 Product Type: Report
Publisher: 6Wresearch No. of Pages: 88 No. of Figures: 20 No. of Tables: 13

Philippines Elevator and Escalator market report comprehensively cover the market by types. The Philippines Elevator and Escalator market report provides an unbiased and detailed analysis of the ongoing 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.

Latest 2023 Development of the Philippines Elevator and Escalator Market

Philippines Elevator and Escalator Market are expected to grow at a steady rate. The market has witnessed significant growth in recent years due to increasing demand for new elevators and escalators. The growing population, increase in urbanization, and rise in construction activities are the key factors that have led to an increase in demand for elevators and escalators. The Philippines is one of the most densely populated countries in Southeast Asia. With the rapid growth of the population, more and more people are moving from rural to urban areas.

The latest development of the Philippines elevator and escalator industry mainly depends on the continued expansion of urbanization, population density and economic growth. However, the number of escalators installed has been decreasing over time. This can be attributed to a decrease in demand for escalators due to an increase in private vehicle ownership. The growth is driven by increasing demand for elevator and escalator equipment in the country. The demand for new elevators & escalators is spurred by the need for more efficient, modern buildings with high-rise structures, and residential developments. However, lack of skilled labor and lack of quality materials poses a significant challenge to the market. 

Philippines elevator and escalator Market Overview

Philippines Elevator and Escalator Market Synopsis

The Philippines Elevator and Escalator market is anticipated to grow rapidly on the back of rapidly on account of the rising commercial and hospitality sector. Moreover, growing urbanization would attract higher investments in the residential and commercial sectors.

According to 6Wresearch, the Philippines Elevator and Escalator market size is projected to grow at a CAGR of 5.2% during 2022-2028 Due to the outbreak of coronavirus in 2020, market revenues declined in the year 2020, as the movement restrictions imposed during the pandemic period disrupted the supply chain and halted the construction activities leading to falling in market demand and hence the market revenues. However, Government has taken efforts to boost their residential sector with the launch of projects such as Parkford Suites Legazpi, and St Mark Residences towards the development of the country would also act as a major driver for the growing number of infrastructure activities across the country which would augment the demand for elevators and escalators in the coming years.

Philippines elevator and escalator market segmentation 

Market by Product Types

By product types, elevators generated the majority of revenues in the Philippines elevator and escalator market on account of higher usage of elevators in commercial, industrial and residential spaces due to their low space requirements as compared to escalators. Moreover, the rising number of skyscraper projects such as DDT Sky Tower, Shang One Horizon, Park Central South Tower etc. in the country would augment the growth of elevator revenues in the years to come.

Market by Service Types

By service types, maintenance garnered the maximum revenue share in the Philippines elevator and escalator market on the back of continuous safety inspections of the elevators and escalators. Moreover, the elevators and escalators regularly need to be inspected to comply with legal regulations.

Philippines Elevator and Escalator market opportunity Assessment

It is projected that the commercial sector in the Philippines would generate the majority of the revenues for elevators and escalators in the upcoming years owing to projects like the Philippine Diamond Tower, and Pagcor Tower in Manila, and the goal of the growth of metropolitan regions by 2050.

Key Attractiveness of the Report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2018 to 2028.
  • Base Year: 2021
  • Forecast Data until 2028.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report

  • Philippines Elevator and Escalator Market Overview
  • Philippines Elevator and Escalator Market Outlook
  • Philippines Elevator and Escalator Market Forecast
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues and Volume, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By Product Types, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By New Installation Vs Services, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By Applications, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Elevator Market Revenues and Volume, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Elevator Market Revenues, By New Installation Vs Services, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines New Installation Elevator Market Revenues and Volume, By Elevator Types, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Elevator Service Market Revenues, By Service Types, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Escalator Market Revenues and Volume, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Escalator Market Revenues, By New Installation Vs Services, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines New Installation Escalator Market Revenues and Volume, By Escalator Types, for the Period 2018-2028F
  • Historical Data and Forecast of Philippines Escalator Service Market Revenues, By Service Types, for the Period 2018-2028F
  • Philippines Elevator and Escalator Market Revenue Share, By Market Players
  • Philippines Elevator and Escalator Market Value Chain and Ecosystem
  • Covid-19 Impact on the Philippines Elevator and Escalator Market
  • Philippines Elevator and Escalator Market Drivers and Restraints
  • Philippines Elevator and Escalator Market Trends
  • Philippines Elevator and Escalator Porters Five Forces
  • Philippines Elevator and Escalator Opportunity Assessment, By Product Types, 2028F
  • Philippines Elevator and Escalator Opportunity Assessment, By New Installation Vs Services, 2028F
  • Philippines Elevator and Escalator Opportunity Assessment, By Applications, 2028F

Market Scope and Segmentation

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

By Product Types

  • Elevator
  • Escalator

By Types

  • New Installations
  • Services

By Service Types

  • Maintenance
  • Modernization

By Applications

  • Residential
  • Commercial
  • Industrial
Frequently Asked Questions About the Market Study:

1. Does the report consider COVID-19's impact?

The report not only has considered COVID-19 impact but also current market dynamics, trends and KPIs into consideration.

2. How much growth is expected in the Philippines Elevator and Escalator market over the coming years?

The Philippines Elevator and Escalator market revenue is anticipated to record a CAGR of 5.2% during 2022-28.

3. Which segment has captured a key share of the market?

By Applications, commercial application accounted for the maximum revenue share in the Philippines Elevator and Escalator Market on account of ongoing and proposed commercial construction projects

4. Who are key the key players in the market?

The key players of the market – Mitsubishi Electric Corporation, KONE Corporation, Schindler Holding, Otis Worldwide Corporation, Hitachi Ltd, Hyundai Elevator Co.Ltd, TK Elevator GmbH, Fujitec Co. Ltd

5. Is customization available in the market study?

Yes, we can do customization as per your requirements. Please feel free to write to us at sales@6wresearch.com for any customized or any other requirements.

6. We also want to have market reports for other countries/regions.

6Wresearch has a database of more than 60 countries globally, which can make us your first choice for all your research needs.

1. Executive Summary
2. Introduction
2.1 Report Description
2.2 Key Highlights of the Report
2.3 Market Scope & Segmentation
2.4 Research Methodology
2.5 Assumptions
3. Philippines Elevator and Escalator Market Overview
3.1 Philippines Elevator and Escalator Market Revenues and Volume, 2018-2028F
3.2 Philippines Elevator and Escalator Market Industry Life Cycle
3.3 Philippines Elevator and Escalator Market Porter’s Five Forces
3.4 Philippines Elevator and Escalator Market Ecosystem
3.5 Philippines Elevator and Escalator Market Revenue Share, By Product Types, 2021 & 2028F
3.6 Philippines Elevator and Escalator Market Revenue Share, By New Installation Vs Services, 2021 & 2028F
3.7 Philippines Elevator and Escalator Market Revenue Share, By Applications, 2021 & 2028F
4. Covid-19 Impact Analysis on Philippines Elevator and Escalator Market
5. Philippines Elevator and Escalator Market Dynamics
5.1 Impact Analysis
5.2 Market Drivers
5.3 Market Restraints
6. Philippines Elevator and Escalator Market Trends
7. Philippines Elevator and Escalator Market Overview, By Product Types
7.1 Philippines Elevator and Escalator Market Revenues, By Product Types, 2018-2028F
8. Philippines Elevator Market Overview
8.1 Philippines Elevator Market Revenues and Volume, 2018-2028F
8.2 Philippines Elevator Market Revenues, By New Installation Vs Services, 2018-2018F
8.3 Philippines New Installation Elevator Market Revenues and Volume Share, By Elevator Types, 2021 & 2028F
8.3.1 Philippines New Installation Elevator Market Revenues and Volume, By Elevator Types, 2018-2028F
8.4 Philippines Elevator Service Market Revenue Share, By Service Types, 2021 & 2028F
8.4.1 Philippines Elevator Service Market Revenues, By Service Types, 2018-2028F
9. Philippines Escalator Market Overview
9.1 Philippines Escalator Market Revenues and Volume, 2018-2028F
9.2 Philippines Escalator Market Revenues, By New Installation Vs Services, 2018-2018F
9.3 Philippines New Installation Escalator Market Revenue and Volume Share, By Escalator Types, 2021 & 2028F
9.3.1 Philippines New Installation Escalator Market Revenues and Volume, By Escalator Types, 2018-2028F
9.4 Philippines Escalator Service Market Revenues and Revenue Share, By Service Types, 2021 & 2028F
10. Philippines Elevator and Escalator Market Overview, By Applications
10.1 Philippines Elevator and Escalator Market Revenues, By Applications, 2018-2028F
11. Philippines Elevator and Escalator Market Key Performance Indicators
12. Philippines Elevator and Escalator Market Opportunity Assessment
12.1 Philippines Elevator and Escalator Market Opportunity Assessment, By Product Types, 2028F
12.2 Philippines Elevator and Escalator Market Opportunity Assessment, By New Installation Vs Services, 2028F
12.3 Philippines Elevator and Escalator Market Opportunity Assessment, By Applications, 2028F
13. Philippines Elevator and Escalator Market Competitive Landscape
13.1 Philippines Elevator and Escalator Market Revenue Share, By Companies, 2021
13.2 Philippines Elevator and Escalator Market Competitive Benchmarking, By Operating Parameters
14. Company Profiles
14.1 Hitachi Ltd
14.2 Hyundai Elevator Co.Ltd
14.3 KONE Corporation
14.4 Mitsubishi Electric Corporation
14.5 Schindler Holding Ltd.
14.6 TK Elevator GmbH
14.7 Fujitec Co. Ltd
14.8 Otis Worldwide Corporation
15. Key Strategic Recommendations
16. Disclaimer
List of Figures
1. Philippines Elevator and Escalator Market Revenues and Volume, 2018-2028F ($ Million, Units)
2. Philippines Elevator and Escalator Market Revenue Share, By Product Types, 2021 & 2028F
3. Philippines Elevator and Escalator Market Revenue Share, By New Installation Vs Services, 2021 & 2028F
4. Philippines Elevator and Escalator Market Revenue Share, By Applications, 2021 & 2028F
5. Philippines Elevator Market Revenues and Volume, 2018-2028F ($ Million, Units)
6. Philippines New Installation Elevator Market Revenue Share, By Elevator Types, 2021 & 2028F
7. Philippines New Installation Elevator Market Volume Share, By Elevator Types, 2021 & 2028F
8. Philippines Elevator Service Market Revenue Share, By Service Types, 2021 & 2028F
9. Philippines Escalator Market Revenues and Volume, 2018-2028F ($ Million, Units)
10. Philippines New Installation Escalator Market Revenue Share, By Escalator Types, 2021 & 2028F
11. Philippines New Installation Escalator Market Volume Share, By Escalator Types, 2021 & 2028F
12. Philippines Escalator Service Market Revenue Share, By Service Types, 2021 & 2028F
13. Metro Manila Residential Stock Forecast, end of 2020 & 2023 (units)
14. Philippines Hotel Projects Pipeline (2021-2024)
15. Metro Manila Malls Retail Spaces (in sqm), 2020-2023
16. Philippines Hotel Rooms Openings, 2021-2024
17. Philippines Elevator and Escalator Market Opportunity Assessment, By Product Types, 2028F
18. Philippines Elevator and Escalator Market Opportunity Assessment, By New Installation Vs Services, 2028F
19. Philippines Elevator and Escalator Market Opportunity Assessment, By Applications, 2028F
20. Philippines Elevator and Escalator Market Revenue Share, By Companies, 2021
List of tables
1. Philippines Upcoming and Ongoing Residential and Commercial Building Construction Projects
2. Philippines Upcoming and Ongoing Hotel Projects
3. Philippines Elevator and Escalator Market Revenues, By Product Types, 2018-2028F ($ Million)
4. Philippines Elevator Market Revenues, By New Installation Vs Services, 2018-2028F ($ Million)
5. Philippines New Installation Elevator Market Revenues, By Elevator Types, 2018-2028F ($ Million)
6. Philippines New Installation Elevator Market Volume, By Elevator Types, 2018-2028F (Units)
7. Philippines Elevator Market Revenues, By Service Types, 2018-2028F ($ Million)
8. Philippines Escalator Market Revenues, By New Installation Vs Services, 2018-2028F ($ Million)
9. Philippines New Installation Escalator Market Revenues, By Escalator Types, 2018-2028F ($ Million)
10. Philippines New Installation Escalator Market Volume, By Escalator Types, 2018-2028F (Units)
11. Philippines Escalator Market Revenues, By Service Types, 2018-2028F ($ Million)
12. Philippines Elevator and Escalator Market Revenues, By Applications, 2018-2028F ($ Million)
13. Philippines Elevator and Escalator Market Volume, By Applications, 2018-2028F (Units)
 

Market Forecast By Product Types (Elevator (Passenger Elevator, Home Elevator, Cargo Elevator), Escalator (Moving Stairway, Moving Walkway)), By Types (New Installations, Services), By Service Types (Maintenance, Modernization), By Applications (Residential, Commercial, Industrial) And Competitive Landscape

Product Code: ETC150137 Publication Date: Nov 2021 Product Type: Report
Publisher: 6Wresearch No. of Pages: 85 No. of Figures: 22 No. of Tables: 11

The Philippines elevator and escalator market report thoroughly covers market by product types, new installation vs services, applications, elevator types, and escalator types. The market report provides an unbiased and detailed analysis of the on-going 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.

Philippines Elevator and Escalator Market Synopsis

Philippines elevator and escalator market witnessed a decent growth during the period 2017-2019 underpinned by rapid growth in infrastructure development and rising urbanization in the country.

However, the Covid-19 pandemic brought a decline in market revenues during the year 2020 as the movement restrictions imposed during the pandemic period disrupted the supply chain and halted the construction activities leading to fall in market demand and hence the market revenues.

Philippines Elevator and Escalator Market (2021-2027)According to 6Wresearch, the Philippines Elevator and Escalator market is projected to grow at a CAGR of 6.5% in terms of revenues during 2021-2027F. The primary reason for growth of Philippines elevator and escalator market can be attributed to the rising commercial and hospitality sector in addition to growing population which would attract higher investments in the residential sector. Furthermore, growing demand for elevator and escalator maintenance, repair and service would also stimulate the market growth in the years to come. Favorable government efforts for Philippines’s vision 2040 vision towards development of the country would also act as a major driver for growing number of infrastructure activities across the country which would augment the demand for elevators and escalators in the coming years.

Philippines Elevator and Escalator Market (2021-2027)

Market by Product Types Analysis 

In terms of product  types, the elevator segment has captured above 85% of the market revenues in 2020.  Elevators garnered the majority revenue share in the Philippines elevator and escalator market owing to their traditional usage in commercial, residential and industrial spaces, in addition to its lower space requirement, higher load capacity and faster transportation of goods and people across multiple floors.

Philippines Elevator and Escalator Market (2021-2027)

Market by Application Analysis 

In Philippines Elevator & Escalator market, commercial applications have led the overall market revenues accounting more than 70% of the market revenues in 2020. Commercial sector garnered the majority revenue share in the Philippines elevator and escalator market owing to the growing commercial sector of the country as 12,418 commercial constructions were approved by Approved Building Permits in 2020 hence boosting the demand for new installation of elevators and escalators along with their maintenance.

Key Attractiveness of the Report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2017 to 2020.
  • Base Year: 2020
  • Forecast Data until 2027.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report

  • Philippines Elevator and Escalator Market Overview
  • Philippines Elevator and Escalator Market Outlook
  • Philippines Elevator and Escalator Market Forecast
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues and Volume, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By Product Types, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By New Installation Vs Services, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By Applications, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Elevator Market Revenues and Volume, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Elevator Market Revenues, By New Installation Vs Services, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines New Installation Elevator Market Revenues and Volume, By Elevator Types, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Elevator Service Market Revenues, By Service Types, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Escalator Market Revenues and Volume, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Escalator Market Revenues, By New Installation Vs Services, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines New Installation Escalator Market Revenues and Volume, By Escalator Types, for the Period 2017-2027F
  • Historical Data and Forecast of Philippines Escalator Service Market Revenues, By Service Types, for the Period 2017-2027F
  • Philippines Elevator and Escalator Market Revenue Share, By Market Players
  • Philippines Elevator and Escalator Market Value Chain and Ecosystem
  • Covid-19 Impact on Philippines Elevator and Escalator Market
  • Philippines Elevator and Escalator Market Drivers and Restraints
  • Philippines Elevator and Escalator Market Trends
  • Philippines Elevator and Escalator Porters Five Forces
  • Philippines Elevator and Escalator Opportunity Assessment, By Product Types, 2027F
  • Philippines Elevator and Escalator Opportunity Assessment, By New Installation Vs Services, 2027F
  • Philippines Elevator and Escalator Opportunity Assessment, By Applications, 2027F

Market Scope and Segmentation

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

  • By Product Types

    • Elevator
      • Passenger Elevator
      • Home Elevator
      • Cargo Elevator
    • Escalator
      • Moving Stairway
      • Moving Walkway
  • By Types

    • New Installations
    • Services
  • By Service Types

    • Maintenance
    • Modernization
  • By Applications

    • Residential
    • Commercial
    • Industrial

Frequently Asked Questions About the Market Study:

  • Does the report consider COVID-19 impact?
    The report not only has considered COVID-19 impact but also current market dynamics, trends and KPIs into consideration.
  • How much growth is expected in the Philippines Elevator and Escalator Market over the coming years?
    The Philippines Elevator and Escalator Market revenue is anticipated to record a CAGR of 6.5% during 2021-27.
  • Which segment has captured key share of the market?
    The segment, elevator has dominated the market revenues led by usage across commercial, residential and industrial segments.
  • Which segment is exhibited to gain traction over the forecast period?
    Passenger elevators would record key growth throughout the forecast period 2021-27.
  • Who are key the key players of the market?
    The key players of the market include- Mitsubishi Electric Corporation, Hitachi Ltd., Schindler Holding Ltd., Hyundai Elevator Co.Ltd, KONE Corporation and Otis Worldwide Corporation etc.
  • Is customization available in the market study?
    Yes, we can do customization as per your requirements. Please feel free to write to us sales@6wresearch.com for any customized or any other requirements
  • We also want to have market reports for other countries/regions.
    6Wresearch has the database of more than 60 countries globally, which can make us your first choice of all your research needs.

Other Key Reports Available:

  • Global Elevator and Escalator Market (2021-2027)
  • Southeast Asia Elevator and Escalator Market (2021-2027)
  • Middle East Elevator and Escalator Equipment Market (2021-2027)

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