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China elevator & escalator market was valued is USD 32,602.69 million in 2022 and is expected to rise at 6.78% CAGR during the forecast period.
Primary factors accelerating market expansion are rising investments in commercial and residential infrastructure projects in established and developing nations.
A continuous belt-like arrangement of power-driven moving steps that transports people between floors of a building while continuously climbing or lowering is known as an escalator.
Utilization of UltraRope Technology for High-Rise Buildings
Technological Developments by Major Industry Players
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One of the recent start-ups in China that creates smart city management software and apps is Freedo. A smart city, also known as a digital, intelligent, or wired city, is a metropolitan area where technology and sensors are used to gather data, which is then used in real-time to manage the city's utilities and resources. For Instance, this is done by enhancing the quality of the city's infrastructure and services and lowering waste, energy use, and pollution. For machines, cars, systems, and devices to connect with each other, smart cities are built on critical technologies, such as 5G and the IoT. They also rely on an ecosystem of software and data platforms to store and process data in real time. Almost all Chinese provinces and regions have included the idea of smart city development in their development goals for the 14th Five-Year Plan (2024-2032 to 2025). Providing smart governance and services is one of them. More than a billion people utilize China's national e-government service platform, which offers more than 10,000 standardized services.
Rapid urbanization, economic development, and the uptake of new technologies are predicted to push China cities to install cutting-edge vertical transportation systems, which is anticipated to further boost the country's escalator and lift the market throughout the forecast period.
Increasing Commercial & Residential Infrastructure
The population of China is expanding quickly (USD 1.4 billion (2024-2032)), which has increased demand for residential and commercial real estate. As a result of the rapid expansion of the building industry in China, escalators and lifts are in great demand in the country.
China has one of the greatest construction industries in the world, and it has grown significantly over the past few decades. Construction activities, including those for homes, businesses, and infrastructure, have increased dramatically in China as a result of the country's rapid urbanization and industrialization. However, rules intended to deleverage real estate developers have put constant pressure on the building industry in recent years, encouraging more eco-friendly construction activities.
China spent approximately USD 1 trillion on infrastructure projects in 2022. North China is also emphasizing the development of renewable energy in desert regions. Wind and solar energy projects will start development in 2022 and should be finished by 2030. However, the People's Republic of China's Ministry of Commerce reports that, in August 2022, China received close to USD 14.5 billion in monthly FDI inflows. Additionally, FDIs increased by 20% in 2024-2032 compared to the year before, reaching a total of more than USD 170 billion.
Infrastructure development is planned to be vertical to manage the expanding population, with the construction of high-rise structures and skyscrapers, shopping centers, retail retailers, and residential flats. Additionally, the need for building renovation is being driven by changes in lifestyle, which is favorably impacting this market. As a result of all these advancements, the China elevator & escalator market is projected to grow during the forecast period.
Market Growth Hindered by High Installation and Maintenance Cost
Since more buildings are being built, the China elevator & escalator market has been expanding quickly. However, escalators and lifts require a significant financial expenditure for installation and upkeep. The complexity of the machinery and the specialized end users have simultaneously raised the price. Additionally, increasing energy usage raises operating costs. Due to the capital-intensive nature of the sector, prospective investors would have to make significant upfront payments for the construction and setup of lifts and escalators. As a result of the demand for these additional technologically sophisticated systems, the cost of installation and maintenance also increases for high-speed escalators' safety features and associated equipment, control systems, and power efficiency, due to these factors market is likely to be hindered during the forecast period.
Otis China Upgrades Tianjin Metro with Over 100 Digitally Connected Elevators
- In 2022, more than 120 escalators and Gen3lifts were supplied by Otis China for the Line 4 northern extension of the Tianjin Metro. The brand-new Gen3 liftslinked to Otis ONE, an IoT-based technology that already provides real-timemonitoring and preventive maintenance for Tianjin Metro. The on-site serviceengineers are supported by the digital ecosystem to offer round-the-clockservice to maximize passenger safety and reduce inconvenience. The 22-kilometerLine 4 extension adds 17 stations to the southern segment, which debuted inDecember 2024-2032 and featured 186 Otis lifts and escalators. The most recentinstallation brings the total number of Otis units on the growing tube systemof the port city to over 1,500.
Market Segmentation
Market Players
KONE Elevators Co., Ltd., Schindler China Elevator Co. Ltd., Otis Elevator China Co. Ltd., Shanghai Mitsubishi Elevator Co., Ltd, Toshiba Elevator China Co Ltd., Hitachi Elevator (China) Co., Ltd., Disheng Elevator (China) Co., Ltd, Xizi United Holdings Limited, CANNY Elevator Co., Ltd, and General Elevator Co., Ltd. are some of the leading players operating in the China elevator & escalator market.
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Attribute |
Details |
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Market Size Value in 2022 |
USD 32,602.69 Million |
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Revenue Forecast in 2028 |
USD 42,799.96 Million |
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Growth Rate |
6.78% |
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Base Year |
2022 |
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Historic Data |
2018 – 2024-2032 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
Type Service End User |
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Regional Scope |
East, North, Northeast, South Central, Southwest, Northwest |
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Key Companies Profiled |
KONE Elevators Co., Ltd., Schindler China Elevator Co. Ltd., Otis Elevator China Co. Ltd., Shanghai Mitsubishi Elevator Co., Ltd, Toshiba Elevator China Co Ltd., Hitachi Elevator (China) Co., Ltd., Disheng Elevator (China) Co., Ltd, Xizi United Holdings Limited, CANNY Elevator Co., Ltd, and General Elevator Co., Ltd. |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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