According to Arizton’s latest research report, the Thailand elevator and escalator market is growing at a CAGR of 4.66% during 2024-2030.
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Report Summary
Market Size by New Installations (2030): 9.95 Thousand Units
Market Size by New Installations (2024): 7.57 Thousand Units
CAGR - New Installations (2024-2030): 4.66%
Market Size by Installed Base (2030): 150.55 Thousand Units
Market Size by Modernization (2024): USD 177 Million
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
The Thailand elevators and escalators market is experiencing steady growth, driven by urbanization, infrastructure development, and advancements in technology. The increasing construction of high-rise residential and commercial buildings has amplified the need for modern vertical transportation solutions. Government initiatives like the Eastern Economic Corridor, focusing on high-tech infrastructure, further fuel demand for elevators and escalators.
Thailand’s thriving tourism sector also plays a pivotal role, boosting foreign investment in the hospitality industry. Rising hotel occupancy rates reflect this growth, supported by an influx of visitors from countries like India, Malaysia, and China.
Technological innovations are transforming the market, with companies like Otis introducing AI-driven, digitally connected elevators to enhance efficiency. While challenges such as rising construction costs have impacted the residential property market, anticipated economic improvements and supportive policies are expected to rejuvenate housing demand in the near future.
Skyscraper Growth in Bangkok Drives Elevator Demand Across Thailand
Bangkok, Thailand's capital, is witnessing a surge in skyscraper construction, fueling the demand for elevators. As of 2024, the city boasts 109 buildings over 150 meters tall, with 14 more under construction.
International Investments Boost Construction
Thailand's position as a regional hub continues to attract global businesses. Notable projects include the Porsche Design Tower, a 21-story residential building announced by Volkswagen Group and Ahanda Development. This development emphasizes the growing need for advanced vertical transportation systems in the market.
Key Developments Transforming Thailand’s Eastern Region
The eastern region of Thailand, comprising Chonburi, Rayong, and Chachoengsao provinces, is undergoing substantial infrastructure development under the government’s Eastern Economic Corridor (EEC) initiative. This includes major projects such as a 220-mile high-speed railway connecting Don Mueang, Suvarnabhumi, and U-Tapao airports, expected to be completed by 2026, which will enhance regional connectivity and drive tourism growth. Another significant project is the Bangkok-Nakhon Ratchasima high-speed railway, spanning 260 miles, which will greatly reduce travel time between the two cities once completed in 2026. Additionally, Bang Sue Grand Station in Bangkok, slated to become Southeast Asia’s largest railway station, is set to begin operations in 2025, serving as a hub for high-speed rail, intercity trains, and commuter lines.
The expansion of Don Mueang Airport, including the construction of a new terminal and runway, is expected to conclude by 2024, further boosting regional connectivity. Laem Chabang Port, Thailand’s largest container port, is also undergoing expansion, with new terminals and deeper channels to accommodate larger vessels, enhancing the region’s trade capacity. Meanwhile, the Eastern Water Management Mega Project, aimed at improving water security and flood control through dams, reservoirs, and canals, is planned for completion by 2030.
These ambitious developments are significantly increasing the demand for elevators and escalators, particularly in high-rise buildings, transportation hubs, and other large-scale infrastructure projects. As the region continues to modernize and prioritize connectivity, the need for advanced vertical transportation solutions is expected to grow substantially.
Recent Developments in the Thailand Elevator and Escalator Market
- In August 2024, Otis unveiled its Gen3™ connected elevator platform at its ‘Platform for Possibility’ launch event in Bangkok.
- In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, ‘NEXIEZ-Fit’, which is an elevator that combines superior cost performance with carefully selected specifications.
- In September 2024, Kone announced its New 2025-2030 Strategy “Rise”.
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Key Vendors
- Otis
- KONE
- TK Elevator
- Schindler
- Mitsubishi Electric
- Hitachi
- Hyundai Elevator
- Fujitec
- Toshiba Elevator and Building Systems Corporation
- Stannah Lifts Holdings Ltd
- Thai Ji Elevator
- Kalea Lifts
- Cibes Lift Group
- Nachaleeti Group
- Aritco Lifts
- WIN CONSULT AND SUPPLY 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 in the Report:
How big is the Thailand elevator and escalator market?
What will be the growth rate of the Thailand elevator and escalator market?
What is the number of installed bases in the Thailand elevator and escalator market in 2024?
What are the key Thailand elevator and escalator market players?
What are the key opportunities in the Thailand elevator and escalator market?
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