Thailand Elevator and Escalator Market - Size & Growth Forecast 2026-2031

The Thailand elevator and escalator market size by new installations is expected to grow at a CAGR of 3.20% from 2025 to 2031.

Rise in urbanization and construction industry growth significantly contributes demand for elevators & escalators in the Thailand market.

The Thailand elevator and escalator market has witnessed a steady demand in recent years, supported by sustained urbanization, continued expansion of commercial infrastructure, and ongoing redevelopment activity in key economic zones.

Market performance over the forecast period is likely to be influenced by the stability of public and private sector capital spending, the expansion and strengthening of service networks, and suppliers' capacity to balance cost competitiveness with system reliability, safety standards, and long-term lifecycle value.

The competitive structure of the Thai market is tiered, largely based on technological capability, brand positioning, and service infrastructure. Low-cost Chinese manufacturers are entering the Thailand elevator industry and still hold less 10% of the overall market.

Despite favorable demand fundamentals, the market faces structural challenges. Pricing pressure remains elevated, particularly in entry-level and mid-market segments, constraining margin expansion. After-sales service capability continues to represent a key competitive differentiator but requires sustained investment in technical personnel, spare parts logistics, and nationwide coverage.

Escalator

• In the product type segment, parallel escalators recorded the largest volume of new installations in 2025. The segment is also expected to experience the highest incremental growth during the 2025-2031 period.
• This growth is largely driven by their widespread adoption in shopping malls, metro stations, airports, and large commercial complexes, where parallel configurations enable efficient passenger movement and higher traffic handling capacity.
• By the escalator end-user segment, commercial escalators recorded the largest volume of new installations in 2025. They are widely used across shopping malls, department stores, airports and transit hubs, hotels, convention centers, office towers, and integrated mixed-use projects.

VENDOR LANDSCAPE

Otis Worldwide Corporation, KONE Corporation, Mitsubishi Electric Corporation, Schindler Group, Hitachi Ltd., and Fujitec Co., Ltd. constitute the top six vendors in the Thai elevator and escalator market. Collectively, these companies account for an estimated over 75% of total market value, highlighting a moderately concentrated competitive structure.

Among the leading players, Otis holds a strong individual position, with an estimated around 13% value share. While this places the company in a leadership position, the margin over its closest competitors remains relatively narrow. Mitsubishi Electric, Hitachi, and KONE follow closely, indicating strong competitive intensity among the top three vendors, particularly in mid- to high-rise commercial and residential segments.

Schindler and Fujitec, represent a well-established second tier of multinational OEMs. The proportion attributed to "Other Vendors" suggests a growing presence of Chinese manufacturers. These players are particularly active in price-sensitive low- to mid-rise residential developments and smaller commercial projects, where cost competitiveness tends to outweigh advanced feature requirements.

Recent Developments in the Thailand Elevator and Escalator Market

• In August 2024, Otis Thailand unveiled its Gen3 digitally connected elevator platform during a "Platform for Possibility" event in Bangkok. This next-generation elevator, which integrates cloud connectivity and the Otis ONE IoT digital monitoring system to improve performance visibility, predictive maintenance, and passenger experience, features enhanced telemetry and building-system integration.
• In 2024, KONE announced the launch of the KONE High-Rise MiniSpace DX elevator in Southeast Asia to better cater to the trends of infrastructure modernization, buildings rising higher, and property owners' demand for greater customization and sustainability in the region.
• In January 2025, TK Elevator highlighted its Universal Service platform in Thailand, emphasizing its role in supporting metro and railway systems in Bangkok. Under this service solution, TKE currently maintains over 740 elevator and escalator units across metro and railway locations - including equipment supplied by TK Elevator and third-party brands.
• In 2025, Schindler signed a Master Services and Supplies Agreement (MSSA) with Accor, a world-leading hospitality group, to deliver elevators and escalators to the Accor properties. The MSSA covers nine key strategic markets in Asia - Cambodia, Hong Kong, Indonesia, Macau, Malaysia, the Philippines, Singapore, Thailand, and Vietnam - and encompasses all aspects of Schindler's offering, including new installations, modernizations, maintenance, and servicing.

Key Vendors

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

Other Prominent Vendors

• Cibes Lift AB
• Toshiba Elevator and Building Systems Corporation
• Stannah Lifts
• Thai Ji Elevator Co., Ltd.,
• Kalea Lifts
• Artico Lifts
• Koyo Elevator Co., Ltd.
• Canny Elevator Co., Ltd.

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

KEY QUESTIONS ANSWERED:

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

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

3. What is the number of installed bases in the Thailand elevator and escalator market in 2024?

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

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