Thailand Elevator and Escalator Market - Size & Growth Forecast 2024-2029

Description

List of Tables

The Thailand elevator and escalator market by new installations accounted for 8.1 thousand units in 2023 and is expected to grow at a CAGR of 3.81% from 2023-2029.

KEY HIGHLIGHTS

In October 2023, The Federation International Football Association (FIFA) selected Thailand to host the 2024 FIFA Congress, which will be held in May 2024. This opportunity will boost Thailand's presentation and drive various investment opportunities.
The condominium market in Phuket stands to benefit from this growth of being a coastal tourist destination. Given the city's potential as an appealing global destination, it recently earned a spot in Time magazine's World's Greatest Places 2023 list. It falls within the government's tourism development guidelines, aiming to elevate it to a world-class coastal city. This involves various government mega projects to develop the transportation infrastructure for future expansion, encompassing land, water, air, and rail systems. This comprehensive plan includes Phuket Airport Phase 2, Kathu-Patong Expressway, Muang Mai-Koh Kaew Highway, and Phuket Light Rail. The plan will contribute to the Thailand elevator and escalator market expansion during the forecast period.
Companies choosing to invest in the Eastern Economic Corridor (EEC) will be granted a work permit accompanied by a 10-year visa. Additionally, participants in this program will enjoy a fixed income tax rate of 17 percent, creating an appealing and favorable environment for foreign businesses. Indian tourists now have the privilege of visa-free entry for up to 30 days, and companies investing in the EEC can secure a 10-year investor visa. These initiatives are anticipated to substantially contribute to Thailand's economic recovery and long-term growth, solidifying its position as a premier destination for tourism and investment in Southeast Asia.
The Real Estate Information Center (REIC) reported that in the first half of 2023, the number of foreign-initiated transfers of condominium ownership in Thailand exhibited a notable upward trend. The data indicated a 65.6% surge in transfer units compared to the previous year, resulting in a total transfer value of condominium ownership amounting to 35,211 million baht.
According to the Thai Department of Occupational Safety and Health (DOSH), 806 escalators were unsafe in shopping malls and public places in 2017. A safety campaign (Safe escalator campaign) was launched to replace or repair the escalators. The campaign will propel the Thailand elevator and escalator market growth.

SEGMENTATION ANALYSIS

Elevator Market Segmentation by

Machine Type

Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
Others
- Climbing
- Elevators
- Industrial Elevators

Carriage Type

Passenger
Freight

Capacity

2-15 Persons
16-24 Persons
25-33 Persons
34 Persons and Above

End-User

Commercial
Residential
Industrial
Others
- Public Transit
- Institutional
- Infrastructural

Escalator Market Segmentation by

Product Type

Parallel
Multi Parallel
Walkway
Crisscross

End-User

Public Transit
Commercial
Others
- Institutional Sector
- Infrastructure
- Industrial

Sustainable Construction Practices to Increase the Demand for Elevator Installation in Residential Buildings

The Real Estate Information Center (REIC) reported that in the first half of 2023, the number of foreign-initiated transfers of condominium ownership in Thailand exhibited a notable upward trend. The data indicated a 65.6% surge in transfer units compared to the previous year, resulting in a total transfer value of condominium ownership amounting to 35,211 million baht.
The second Kimpton Property in Thailand will be relaunched through a partnership between Asset World Corp Public Company and IHG Hotels and Resorts. The Kimpton Pattaya comprises 193 rooms and is scheduled to launch in 2028. It will be in Pattaya and is projected to support the Thailand elevator and escalator market expansion.
The study by Kasikorn Bank, a leading Thai financial institution, suggests that by 2029, Thailand will be categorized as a super-aging society, with over 20% of the population over 65. This demographic shift may strain infrastructure, including passenger elevators, demanding adjustments to accommodate elderly needs.

Foreign Investment in Thailand to Boost the New Installations in the Thailand Elevator and Escalator Market

Radisson Hotel Group plans to augment its portfolio by incorporating 100 additional hotels and resorts in the country by 2025. This strategic expansion in Thailand is critical to the group's more comprehensive plan to elevate its current collection of 400 properties to a remarkable 2,000 hotels and resorts through operations and development by 2025. Currently, Radisson Hotel Group manages six properties in Thailand, with four hotels already operational in Bangkok and two more in progress in Phuket and Pattaya.
In the province of Chonburi, the Thai government plans to develop a smart city. On July 11, 2022, a plan to create a bright USD 37 billion metropolitan area close to Bangkok was authorized. Around 160 km southeast of Bangkok, in the Huai Yai sub-district of Chonburi province, the intelligent city is slated to be built near an industrial area.
Imax is expanding its ongoing collaboration with Major Cineplex to incorporate as many as ten new Imax laser systems in Thailand. The agreement encompasses five new systems (two confirmed and three contingent) distributed throughout the market and upgrades to four significant locations by 2025. These locations span Bangkok, Nonthaburi, and Chiang Mai, including one upgraded site in Cambodia.

VENDOR LANDSCAPE

The key players in the Thailand elevator and escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, and Fujitec.
The top 2 prominent vendors, including Hitachi and Mitsubishi, account for 52% of market share in Thailand.

Key Vendors

Mitsubishi Electric
Schindler
TK Elevator
KONE
Hitachi
Otis
Hyundai Elevator
Fujitec

Other Prominent Vendors

Toshiba Elevator and Building Systems Corporation
Stannah Lifts Holdings Ltd
OMC Elevator
Kalea Lifts
Cibes Lift Group
Nachaleeti Group
Aritco Lifts
Win Consult and Supply

KEY QUESTIONS ANSWERED:

1.How big is the Thailand elevator and escalator market?

2.What will be the growth rate of the Thailand elevator and escalator market?

3.What is the number of installed bases in the Thailand elevator and escalator market in 2023?

4.What factors drive the modernization segment in the Thailand elevator and escalator market?

5.What are the key Thailand elevator and escalator market players?

Product Code: ARZCE240204

1.Introduction

1.1.Market Overview
1.2.Market Snapshot of Elevators
1.3.Market Snapshot of Escalators
1.4.Executive Summary

2.Thailand Elevators Market

2.1.Future Outlook: Thailand Elevators Market, By Volume
2.2.Thailand Elevators Market- By Segments
- 2.2.1.Thailand Elevators Market, By Volume
  - 2.2.1.1.Thailand Elevators Market Size and Forecast, Volume (Units in Thousands)
- 2.2.2.Thailand Elevators Market, By Type
  - 2.2.2.1.Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.2.2.Machine Room Traction, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.2.3.Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.2.4.Others, Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.3.Thailand Elevators & Escalators Market by Carriage Type
  - 2.2.3.1.Passenger, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.3.2.Freight, Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.4.Thailand Elevators Market by Persons
  - 2.2.4.1.2-15 Persons, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.4.2.16-24 Persons, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.4.3.25-33 Persons, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.4.4.34 Persons and Above, Market Size and Forecast, Volume (Units), 2019-2029
- 2.2.5.Thailand Elevators Market by End Users
  - 2.2.5.1.Commercial, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.5.2.Residential, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.5.3.Industrial, Market Size and Forecast, Volume (Units), 2019-2029
  - 2.2.5.4.Others, Market Size and Forecast, Volume (Units), 2019-2029

3.Thailand Escalators Market

3.1.Future Outlook: Thailand Escalators Market, By Volume
3.2.Thailand Escalators Market- By Segments
- 3.2.1.Thailand Escalators Market, By Volume
  - 3.2.1.1.Thailand Escalators Market Size and Forecast, Volume (Units), 2019-2029
- 3.2.2.Thailand Escalator Market by Type
  - 3.2.2.1.Parallel, Market Size and Forecast, Volume (Units), 2019-2029
  - 3.2.2.2.Multi-parallel, Market Size and Forecast, Volume (Units), 2019-2029
  - 3.2.2.3.Walkway, Market Size and Forecast, Volume (Units), 2019-2029
  - 3.2.2.4.Crisscross, Market Size and Forecast, Volume (Units), 2019-2029
- 3.2.3.Thailand Escalator Market by End Users
  - 3.2.3.1.Commercial, Market Size and Forecast, Volume (Units), 2019-2029
  - 3.2.3.2.Public Transit, Market Size and Forecast, Volume (Units), 2019-2029
  - 3.2.3.3.Others, Market Size and Forecast, Volume (Units), 2019-2029

4.Thailand Elevators & Escalators Market, by Service (Maintenance & Modernization)

5.Geographic Analysis

6.Market Dynamics

7.Technological Development

8.Competitive Landscape

8.1.Major Vendors
8.2.Other Prominent Vendors

9.Quantitative Summary and Abbreviations

9.1.Quantitative Summary
9.2.List of Abbreviations

10.Appendix (Definitions, Inclusions, and Exclusions)

10.1.Research Methodology
10.2.Market Definitions, Inclusions, and Exclusions

Product Code: ARZCE240204

List Of Exhibits

LIST OF EXHIBITS

1.Thailand Elevator & Escalator Installed Base by Volume 2019-2029 (Units)

2.Thailand Elevator & Escalator New Installations by Volume 2019-2029 (Units)

3.Market Share 2023: Maintenance

4.Market Share 2023: Modernization

5.Thailand Installed Base: Volume (Units in Thousands)

6.Thailand New Installations: Volume (Units in Thousands)

7.Installed base of elevators by volume (units in thousands)

8.New Installations of elevators by volume (units in thousands)

9.Maintenance & Modernization Value($Million)

10.Maintenance & Modernization 2023(%)

11.Installed base of escalators by volume (units in thousand)

12.New Installations of escalators by volume (units in thousand)

13.Maintenance & Modernization Value($Million)

14.Maintenance & Modernization 2023(%)

15.Installed base and New installations of Elevators (Units)

16.New Installations of Elevators (Units)

17.Extended life cycle of Elevators

18.Average Life Expectancy Of Elevator Components

19.Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)

20.Machine Room less Traction Elevators Installed base and New Installations (Units)

21.Machine Room Traction Elevators Installed base and New Installations (Units)

22.Others Machine Elevators Installed base and New Installation (Units)

23.Installed base and new installations of Passenger Elevators (Units)

24.Installed base and new installations of Freight Elevators (Units)

25.Installed base and new installations of 2-15 person elevators (Units)

26.Installed base and new installations of 16-24 person elevators (Units)

27.Installed base and new installations of 25-33 person elevators (Units)

28.Installed base and new installations of 34 persons and above elevators (Units)

29.Installed base and new installations of Commercial Elevators (Units)

30.Installed base and new installations of Residential Elevators (Units)

31.Installed base and new installations of Industrial Elevators (Units)

32.Installed base and new installations of other end-user Elevators (units)

33.Installed base and new installations of escalators (Units)

34.New installations of escalators (Units)

35.Installed base and new installations of Parallel Escalators (Units)

36.Installed base and new installations of Multi parallel Escalators (Units)

37.Installed base and new installations of Moving Walkway Escalators (Units)

38.Installed base and new installations of Criss cross Escalators (units)

39.Installed base and new installations of Public Transit Escalators (Units)

40.Installed base and new installations of Commercial Escalators (Units)

41.Installed base and new installations of Other End user Escalators (units)

42.Thailand Elevators & Escalators Maintenance Market ($ Bn)

43.Thailand Elevators & Escalators Modernization Market ($ Bn)

44.Elevators and Escalators market: Geographic Analysis

45.Foreign Investment projects by sector, approved by BOI- January to September 2023

46.Market share 2022(% share)

47.Mitsubishi, total sales by segment2022(%share)

48.Schindler, total sales 2017-2022($billion)

49.TKE total sales 2020-2022($billion)

50.KONE, total sales by segment 2022(%share)

51.Hitachi Total Sales by Segment 2022(% Share)

52.Otis total sales 2020-2022($billion)

53.Fujitec net sales 2017-2022($billion)

List Of Tables

LIST OF TABLES