Thailand Elevator and Escalator Market Assessment, By Type, By Working Mechanism, By Solution, By Application, By Region, Opportunities, and Forecast, 2018-2032F

Thailand elevator and escalator market is projected to witness a CAGR of 5.80% during the forecast period 2025-2032, growing from USD 557.22 million in 2024 to USD 874.81 million in 2032. The Thailand elevator and escalator market is poised for significant growth, driven by rapid urbanization and infrastructural development. The expansion of high-rise buildings and commercial spaces is a key factor propelling demand for elevators and easier transportation building solutions. New innovative technologies, especially energy-efficient and smart elevators, are reshaping the landscape. This innovation not only provides a better user experience but also cuts down the operational costs. Government initiatives to support public infrastructure establishment play a significant role in market growth. In the context of urban development projects, strategic investments create opportunities for elevator and escalator manufacturers in the commercial segment, which encompasses growing shopping malls, airports, and urban transportation in Central Thailand and Bangkok, further propelling the demand for escalators and elevators. Competitors in the market, including global and domestic competitors, are constantly innovating their product lines to gain market share.

For instance, in May 2024, Mitsubishi Electric Asia (Thailand) Co., Ltd. announced the launch of NEXIEZ-Fit, an elevator that combines superior cost performance with carefully selected specifications for low-rise residential buildings, which are highly demanded worldwide.

Innovations in Products Drive the Demand

Innovations in elevators, escalators, and moving walkways are significantly driving demand. Integrating smart technologies such as artificial intelligence and the Internet of Things enhances operational efficiency and user experience. Additionally, predictive maintenance capabilities enable real-time monitoring and diagnostics, minimizing downtime and improving safety. Energy-efficient designs are also gaining traction, aligning with sustainability goals. Furthermore, companies are innovating and launching advanced systems like cable-free elevators and interactive interfaces, reshaping the systems' operation and making them more responsive and user-friendly. Together, these innovations enhance connectivity and exceptional passenger experience, catering to modern building demands and enhancing overall functionality.

For instance, in August 2024, Otis Elevator Company (Thailand) Ltd. launched the Gen3 connected elevator platform in Thailand. The Gen3 platform, built on the success of Otis' Gen2 elevator family, is designed to seamlessly integrate with a building's ecosystem, providing passengers with enhanced connectivity and an exceptional passenger experience.

New Launching of Elevators Bolsters the Demand

New elevator launches are greatly boosting demand with new designs and new technologies. Catering to the requirements of all sectors, including residence and healthcare. Moreover, the introduction of SMART elevators also emphasizes safety and energy efficiency, coupled with digital connectivity, for an enhanced user experience. These advancements meet the rising urbanization demands, aligning with sustainability goals. As manufacturers develop next-generation elevator solutions, the market is poised for higher growth levels due to its shift toward modernized elevators and escalators that enhance building functionality and user satisfaction.

For instance, in December 2024, KONE Public Company Limited launched its high-rise minispaceTM DX elevator in Southeast Asia. Its travel height is at least 60 floors, and it can cut energy usage by up to 30% on a typical day. The elevator comes with KONE UltraRope, which is 80% lighter than traditional steel rope and three times more durable.

New Installation Segment Leads the Market

The new installation segment leads the elevator and escalator market, driving the demand across all sectors. The expansion in the urban infrastructure and increasing structural complexity led to the requirement for new elevator systems with enhanced functionality and safety. Most new installations are integrated with smart technologies, ensuring energy efficiency and sustainability. This trend is further supported by the regulatory requirements in buildings, which lead to new elevator installations in residential, commercial, and healthcare facilities. The cities will continue development, construction and modernization, and high-rise building construction, and thus sustain demand for innovative elevator solutions to become common for contemporary architecture and urban planning.

For instance, in December 2024, Honour Group (Honour Asset Development Co., Ltd.) unveiled Pattaya's Tallest Sustainable Luxury Haven, an 8-billion-baht, 56-story luxury condominium development in North Pattaya, featuring biophilic design principles, rare freehold land, and comprehensive luxury amenities across 548 units targeting completion by 2029. Residents will get facilities such as newly installed zoned elevators - separating high and low floors for convenience and exclusivity.

Central Thailand Acquires the Highest Market Share

Central Thailand has become a prominent region with a huge demand for elevators, as it is Thailand's economic and commercial center. This region includes Bangkok, a city with high urban development and infrastructure growth requiring modernized elevator systems. Central Thailand is the rapidly growing economic heartland, attracting investments for infrastructure development from other parts of the country and abroad that seek greater economic and social opportunities. The concentration of high-rise buildings and commercial complexes necessitates upgradation in building systems. These building systems meet contemporary safety standards and enhance energy efficiency, which propels the demand for elevators in the Khampaeng Phet and Uthai Thani regions. The urban developments and expansion of metro networks necessitate the support infrastructure development of the elevators in Central Thailand.

For instance, in May 2024, Northern Bangkok Monorail Company Limited, a concessionaire for the MRT Pink Line (Khae Rai - Min Buri), opened the new walkalator (moving walkway) at the Nonthaburi Civic Centre Station (PK01).

Future Market Scenario (2025-2032F)

The future market will see increased adoption of smart elevators and IoT integration, which will enhance operational efficiency and user experience through predictive maintenance and real-time monitoring.

Continued urbanization will drive demand for vertical transportation solutions, particularly in high-rise buildings and commercial spaces, as cities expand and populations grow.

Ongoing government investments in public infrastructure are expected to bolster market growth, creating opportunities for new installations and modernization of existing systems.

A growing emphasis on sustainable building practices will increase demand for energy-efficient elevators and escalators, aligning with global trends toward green construction and environmental responsibility.

Key Players Landscape and Outlook

The competitive landscape of the Thailand elevator market is characterized by several key players vying for dominance. Major companies include Mitsubishi Electric, Hitachi, KONE, Otis, and Schindler, which hold significant market shares. These companies focus on innovation and modernization to meet the growing demand driven by urbanization and infrastructure projects. Additionally, the rise of smart technology integration in elevators is reshaping competition as firms strive to enhance energy efficiency and user experience. The presence of established brands and emerging players contributes to a dynamic environment fostering continuous improvement and service diversification in the sector.

For instance, in December 2023, Mitsubishi Elevator (Thailand) hosted a seminar titled "Vertical Transportation & Real Estate Trends in the Year of the Dragon" in Phuket. The event gathered developers, architects, and industry professionals to discuss the latest trends in vertical transportation and real estate, emphasizing the importance of integrating advanced elevator systems in urban development projects.