Thailand Elevators and Escalators Market Size & Growth Forecast 2025-2030 with Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and Kone Dominating - ResearchAndMarkets.com

The "Thailand Elevators and Escalators Market Size & Growth Forecast 2025-2030" report has been added to ResearchAndMarkets.com's offering.

The Thailand Elevators and Escalators Market totalled 7,577 units in 2024, and is expected to reach 9,958 units by 2030, rising at a CAGR of 4.66%

The modernization market in the Thailand elevator and escalator market is expected to reach USD 177 million by 2029.

Elevators used in the residential sector accounted for the largest share in 2024 despite low purchasing power due to high interest rates. The market is set to recover in 2025 due to high government expenditures on construction projects. Due to their high popularity, the machine room traction segment accounted for the largest market share in the Thailand elevator and escalator market.

Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing public transit projects in the pipeline. The parallel escalators segment accounted for the largest industry share in 2024 due to the high preference for commercial elevators. The anticipated economic growth in 2025, along with initiatives to address household debt, provide support to low- and middle-income households, and increase foreign arrivals, is anticipated to stimulate housing demand after an estimated 4.4% decline in 2024.

Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and Kone Corporation are the top manufacturers in the Thailand elevator and escalator market. Other prominent players in the Thailand elevator and escalator market are Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability.

MARKET DRIVERS & OPPORTUNITIES

Integration of Artificial Intelligence (AI) in the Thailand Elevator and Escalator Market is Expected to Create Future Opportunities in the Market

• The integration of AI in the Thailand elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems.
• AI monitors real-time data from sensors installed in elevators and escalators to predict and prevent potential malfunctions. This reduces downtime and improves the reliability of equipment. Companies like KONE and Otis have already implemented AI-based predictive maintenance globally, including in Asia-Pacific regions like Thailand.
• In 2023, Mitsubishi Elevator (Thailand) Co., Ltd. emphasized its commitment to enhancing vertical transportation (VT) equipment performance through a combination of human expertise and artificial intelligence (AI).

Sustainable Construction Practices to Drive Demand

• Many construction projects in Thailand now aim for certifications like LEED (Leadership in Energy and Environmental Design) or EDGE (Excellence in Design for Greater Efficiencies). Elevators and escalators with energy-efficient technologies, such as regenerative drives and smart energy management systems, align with these green building standards and support the Thailand elevator and escalator market growth.
• In September 2024, to support Thailand's green transition, IFC (a member of the World Bank Group) is investing in a sustainability-linked bond (SLB) issued by Central Pattana Public Company Limited (CPN), a leading retail property developer in the country. This marks Central Pattana's debut in issuing a sustainability-linked bond and IFC's first investment in a publicly listed bond in Thailand.

Increased Investments in the Eastern Economic Corridor (EEC) Initiative to Boost the Construction Industry

• The surge in investment in Thailand's Eastern Economic Corridor (EEC) is driving a significant rise in construction projects, fueled by its strategic location, infrastructure development, and business-friendly policies. These investment plans have a positive impact on the Thailand elevator and escalator market growth. In 2024, 251 businesses invested USD 1.32 billion in the region, marking a 128% increase from the previous year.
• These investments, led by major players from Japan, China, and Hong Kong, are expected to accelerate infrastructure expansion and new construction initiatives, creating jobs and strengthening Thailand's economic position in ASEAN.

Development Projects in Tourism Sub-Sectors to Push Demand

• Tourism remains vital to Thailand's economy, contributing significantly to GDP and employment. Thailand aims to attract 40 million tourists in 2025 to recover from COVID-19 impacts but concerns about overcrowding and overtourism persist. The government plans to promote lesser-known destinations and increase visitor spending. Such factors are projected to support the Thailand elevator and escalator market growth during the forecast period.
• Bangkok's real estate market experienced notable growth between July and September 2024, with eight new hotels adding a total of 1,534 rooms. By September, Year-to-Date (YTD) hotel investment transactions in Thailand had reached approximately USD 404 million.

INDUSTRY RESTRAINTS

Labor Shortages to Hinder the Completion of Construction Projects

• The Asia Pacific (APAC) region is experiencing a significant demographic change as the silver generation (individuals aged 60 and above) becomes prominent. Projections indicate that the population of this group is expected to reach 2.2 billion by 2050, constituting 25% of the global population. Moreover, the National Economic and Social Development Council (NESDC), Thailand's major planning agency, in September 2024 warned that the working-age people and this population segment have been declining steadily over the years.
• Thailand's labor market is facing structural challenges intensified by the digital revolution, leading to the demand for swift adjustments from workers, businesses, and the government for global competitiveness. Despite a rapid recovery from the COVID-19 crisis, persistent issues include workforce distribution shifts and declining productivity.

Rising Land and Housing Prices to Restrict Residential Construction Across the Country

• In 2024, Thailand's residential property market has been grappling with various challenges, including rising costs of land, labor, and construction materials, which have driven up housing prices.
• The construction price index rose by 3.9% year-on-year, signaling higher costs for new residential projects expected in 2025. Unsold units, particularly townhouses, and condos priced between 2-5 million baht, have led developers to adopt competitive pricing strategies.
• In H1 2024, land allocation permits nationwide dropped by 14.7% year-on-year, with the Northeast seeing the steepest decline at 67.1%. Similarly, approved construction areas fell by 14.9% year-on-year, with Bangkok and its surrounding areas experiencing a 24.8% decrease.

VENDOR LANDSCAPE

Key Vendors

• Otis
• KONE
• TK Elevator
• Schindler
• Mitsubishi Electric
• Hitachi
• Hyundai Elevator
• Fujitec

Other Prominent Vendors

• Toshiba Elevator and Building Systems Corporation
• Stannah Lifts Holdings Ltd
• Thai Ji Elevator
• Kalea Lifts
• Cibes Lift Group
• Nachaleeti Group
• Aritco Lifts
• WIN CONSULT AND SUPPLY CO., LTD.

KEY QUESTIONS ANSWERED

• How big is the Thailand elevator and escalator market?
• What will be the growth rate of the Thailand elevator and escalator market?
• What is the number of installed bases in the Thailand elevator and escalator market in 2024?
• What are the key Thailand elevator and escalator market players?
• What are the key opportunities in the Thailand elevator and escalator market?

Key Attributes:

Key Topics Covered:

1. Market Scope

2. Executive Summary

3. Introduction

3.1. Market Overview

3.1.1. Market Snapshot of Elevators

3.1.2. Market Snapshot of Escalators

4. Elevator Market

4.1. Market Overview

4.1.1. Growth in Skyscrapers

4.1.2. Key Infrastructure Projects Under Construction

4.1.3. Product Life Cycle of Elevators (Age of Elevators)

4.1.4. Elevators Market Size: New Installation & Installed Base

4.2. Market Segmentation: Elevators

4.2.1. by Machine

4.2.2. by Carriage Type

4.2.3. by Capacity

4.2.4. by End-user

5. Escalator Market

5.1. Escalator Market Size: New Installation & Installed Base

5.2. Market Segmentation: Escalator

5.2.1. by Product

5.2.2. by End-user

6. Elevators and Escalators Market - by Service (Maintenance & Modernization)

6.1. Maintenance Market

6.2. Modernization Market

7. Geographic Analysis

8. Market Dynamics - Market Opportunities, Drivers & Restraints

9. Technological Development

10. Competitive Landscape

10.1.1 Elevator & Escalators Market Share

10.1.2 Prominent Vendors

10.1.3 Other Prominent Vendors

11. Report Summary

11.1.1 Quantitative Summary

11.1.2 List of Abbreviation

12. Appendix (Definition, Inclusions & Exclusions)

For more information about this report visit https://www.researchandmarkets.com/r/f56uwe

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250129459346/en/