DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Elevator and Escalator – Market Size & Growth Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific elevator and escalator market size by new installations accounted for 941.1 thousand units in 2022, expected to grow at a CAGR of 4.90% during the forecast period.
Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the Asia Pacific elevator and escalator market, with a share of over 55%.
The increasing HNWIs continued to attract MNEs and their investments to the region. Singapore established the Southeast Asia Manufacturing Alliance in February 2021 to entice manufacturers to invest in Singapore and other ASEAN nations. The Economic Development Board (EDB), Enterprise Singapore, and several manufacturers in the business sector are allies in the partnership.
Hitachi and Nissan Motor had experimented with harnessing energy from mini-EV(Nissan Sakura) to power an elevator in a six-story building in Japan. Concerning this, a 20 KW hour battery was connected to the building using a special adapter developed by Hitachi Building Systems.
This experiment had been succeeded for nearly 15 hours, and around 416 times, the elevator could move up and down. Hitachi building systems aim to provide the system to apartment buildings in April 2023; for continuous operation of elevators during power outages, these systems are viable.
At the national level in China, GB/T 24476-2017 is a recommended regulation that outlines the use of IoT for elevators and escalators. Furthermore, provincial government regulations are established to be put into place in various cities like Shanghai, Hangzhou, or Shenzhen. These regulations offer a series of more specific and extensive facts about the kind of data and services one wants to obtain from lifts using the IoT. In certain instances, this legislation is starting to turn obligatory.
Affordable Housing Schemes and Ascending Ultra High Net Worth Individuals to Hike Elevator Demand
Thailand’s National Housing Authority (NHA) will provide financial assistance to about one-third of the targeted group of 2.27 million households (approximately 650,000) that cannot access housing financing from regular financial institutions. During the next five years (2022-2026), the NHA plans to raise B134 billion (about USD 4 billion) to fund 16 national projects.
Hyundai Elevator agreed with LG Electronics for Robotic Synchronization and Smart Building Solution Supply in August 2021. This will enable it to expand its elevator market through home networks applied with IoT, AI, contactless technologies, and connections with automatic driving robots.
Green Building and Certifications in the Building sector lead to the adoption of Energy Efficient Vertical transportation installations in the Asia Pacific Elevator And Escalator Market.
Adopting green building strategies and obtaining green certifications have been crucial in the building sector. These green certifications mandate the region’s adoption of green or energy-efficient elevators. Furthermore, this leads to reducing of carbon emissions in the building sector. New regulations in China require that 70% of new urban buildings be certified green buildings by 2022. Major municipalities, including Shanghai, Beijing, and Shenzhen, plan to exceed that goal, requiring all new commercial buildings to be green. This also includes plans to renovate schools, hospitals, and public buildings to be more energy efficient.
Under the 12th Malaysia Plan, 13 urban renewal projects have been authorized (12MP). Under the Ministry of Natural Resources and Urban Development, all of these projects are at varying levels of planning and execution. Increasing competition among township developers in Malaysia and their major focus on increasing property value has pushed them towards undertaking various multifunctional development projects in residential, commercial, institutional, and healthcare facilities.
Elevators Over Their Average Life Expectancy to Create Demand for Maintenance and Upgradation of Components in the Asia Pacific Elevator and Escalator Market
The Ministry of Construction of Vietnam issued Circular 03/2021/TT-BXD, establishing national standards for apartment buildings due to numerous major accidents using lifts in apartment complexes. By July 2021, there will be more specifications for lifts in residential buildings.
The Malaysian context can be adjusted with a similar creative approach. Some nations, like Malaysia, also promoted the elderly using elevators rather than escalators. It was witnessed that elderly people were responsible for 30% of accidents on moving walkways, escalators, and elevators.
In 2019, Hitachi introduced an advanced lift remote monitoring and maintenance service in Singapore, providing real-time operational data about the lifts and implementation of preventive maintenance.
KEY QUESTIONS ANSWERED:
VENDOR LANDSCAPE
Key Vendors
Other Prominent Vendors
SEGMENTATION ANALYSIS
Machine Type
Carriage Type
Capacity
End-User
Escalator Market Segmentation by
Product Type
End-User
For more information about this report visit https://www.researchandmarkets.com/r/muccro
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