Thailand Elevator And Escalator Market Analysis - Size and Forecast 2025-2029

Thailand Elevator And Escalator Market Size 2025-2029

The Thailand elevator and escalator market size is forecast to increase by USD 262.5 million at a CAGR of 6.4% between 2024 and 2029.

• The elevator and escalator market is experiencing significant growth due to several key factors. The aging population is a major driver, as the demand for accessible transportation solutions increases. Additionally, the advancement of technology has led to the introduction of smart elevators, which offer features such as compression relief and minimally invasive procedures, making them an attractive option for those with orthopedic trauma, osteoarthritis, and spinal surgical implants.
• Furthermore, the adoption of epidural spinal stimulation and spinal fusion procedures has led to a rise in demand for customized trauma implants and 3D-printed implants. The market is also witnessing innovation in artificial joints, providing solutions for those suffering from degenerative disc disease and congenital abnormalities. Despite the high initial cost, the market is expected to grow due to the unmet need for efficient and accessible transportation solutions.

What will be the Size of the Market During the Forecast Period?

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• The vertical transportation market, encompassing elevators, escalators, moving walkways, pneumatic lifts, wheelchair lifts, glass lifts, and other systems, plays a crucial role in facilitating mobility within residential and commercial structures. This sector is experiencing significant growth due to the increasing construction of high-rise buildings, the expansion of smart cities, and the rise of e-commerce and logistics centers. In the United States, the demand for vertical transportation systems is driven by the construction of residential and commercial buildings, particularly in megacities. The increasing number of skyscrapers and high-rise structures necessitates the installation of efficient and smart vertical mobility solutions.
• These systems not only cater to the needs of the able-bodied population but also ensure accessibility for individuals with disabilities. The rise of online shopping and the expansion of warehouses and logistics centers have led to an increased demand for vertical conveyance systems. These systems facilitate the efficient movement of goods within large facilities, enhancing productivity and reducing operational costs. Smart systems, IoT, and AI are transforming the vertical transportation industry. These technologies enable energy efficiency, optimize elevator traffic flow, and enhance safety and security. Smart elevators, for instance, can learn user preferences and adapt to their needs, while AI can analyze data to optimize elevator traffic and reduce wait times.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

• Product
  • Elevators
  • Escalators
• Application
  • Commercial
  • Residential
  • Industrial
• Geography
  • Thailand

By Product Insights

• The elevators segment is estimated to witness significant growth during the forecast period.

Elevators play a crucial role in vertical transportation within buildings, enabling the smooth movement of people and cargo between floors. These systems operate within a vertical shaft and make stops at designated levels, ensuring accessibility in multi-story structures. Elevators can be powered by different mechanisms, including electricity, hydraulics, and magnetic levitation, each offering unique benefits based on specific applications. The Thai elevator and escalator market showcases a diverse product range, catering to various building types and user requirements. KONE, a globally recognized Finnish company, is a significant player in this sector. This firm is celebrated for its expertise in elevator and escalator technologies.

Compression relief devices and minimally-invasive procedures are gaining popularity in the medical field, leading to increased demand for advanced elevator technologies. Trauma fixation devices, spinal surgical implants, and epidural spinal stimulation systems are some applications where customized elevator solutions can significantly enhance patient care. In the orthopedic trauma segment, 3D-printed implants and customized trauma implants are revolutionizing treatment methods for degenerative disc disease, osteoarthritis, congenital abnormalities, and spinal fusion procedures. As the healthcare industry continues to evolve, so too will the requirements for specialized elevator systems. The market is poised for growth, driven by the increasing demand for advanced technologies in various industries, including healthcare, hospitality, and commercial sectors.

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Market Dynamics

Our Thailand Elevator And Escalator Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of Thailand's Elevator And Escalator Market?

The growing elderly population is the key driver of the market.

• Thailand is experiencing a rapid demographic shift, positioning it among the fastest-aging countries globally. As of February 2023, out of a total population of 67 million, approximately 12 million Thais are classified as elderly (65 years or older). This trend is expected to persist, with projections indicating that the elderly population will constitute 15.5% of the total population by 2030. This demographic change is primarily driven by declining fertility rates and increasing life expectancy.
• The growing elderly population in Thailand is a significant driver for the elevator and escalator market. As the number of elderly individuals rises, there is an increasing need for accessible and efficient vertical transportation solutions in residential, commercial, and public buildings. Elevators and escalators equipped with features that cater to the mobility needs of older adults, such as easy-to-use controls, smooth ride quality, and enhanced safety measures, are becoming essential. Moreover, the demand for modernizing existing buildings to accommodate the aging population is also on the rise. Retrofitting older buildings with advanced elevators and escalator systems that offer improved accessibility and safety is crucial to ensure that the elderly can move around comfortably and independently. This trend is further supported by government initiatives and regulations aimed at improving accessibility in public spaces and buildings. In addition to accessibility, the focus on safety and reliability is paramount. Elevators and escalators designed with advanced safety features, such as emergency communication systems, automatic braking, and real-time monitoring, are increasingly sought after to provide a secure environment for elderly users.

What are the market trends shaping the Thailand Elevator And Escalator Market?

The introduction of smart elevators is the upcoming trend in the market.

• The Thai elevator and escalator market is undergoing a notable evolution due to the integration of smart technology. IoT-enabled elevators, such as Otis Gen3, are leading this transformation. Introduced in Bangkok in August 2024, these advanced systems boast sensors, AI, and IoT connectivity for real-time monitoring and predictive maintenance. This proactive approach ensures optimal performance, minimizes downtime, and decreases maintenance expenses.
• Moreover, patients with spinal trauma, including spinal cord injuries, can significantly benefit from quicker healing and shorter hospital stays thanks to the use of biocompatible devices for internal and external fixation. However, improper healing and infections remain concerns. The market's growth is driven by the demand for stabilization devices, bone fusion technologies, and spinal wound care solutions. These innovations aim to improve patient outcomes and reduce healthcare costs.

What challenges does the Thailand Elevator And Escalator Market face during the growth?

The high initial cost is a key challenge affecting the market growth.

• Elevators and escalators are essential components of modern infrastructure, yet their costs can pose a significant challenge for building owners and developers. Factors such as type, size, and location influence the price, making it a substantial investment. For instance, the cost of a basic elevator in Thailand ranges from USD 24,000 to USD 36,000, while high-speed elevators in high-rise buildings can cost up to USD 150,000. Similarly, escalators have a price range of approximately USD 15,000 for basic models to around USD 60,000 for high-end ones.
• Moreover, these substantial financial commitments may deter potential buyers, particularly those working on smaller or budget-conscious projects. Digital health platforms, bioresorbable implants, minimally invasive surgeries, and various orthopedic devices such as rods and pins, plate and screws, spinal stimulators, braces, exoskeletons, Ilizarov devices, and halo vests, also require substantial investments. However, advancements in technology and manufacturing processes have led to cost reductions and increased accessibility.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast , partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Aritco Lift AB - The company offers a range of elevators and escalators, including the Aricto 9000 and Aricto publicLift cabin models.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Cibes Lift Group AB
• Fujitec Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• KONE Corp.
• Mitsubishi Electric Corp.
• Nachaleeti Engineering Co Ltd
• Nibav Lifts Pvt Ltd
• Orona S. Coop.
• Otis Worldwide Corp.
• Pneumatic Vacuum Elevators LLC
• Schindler Holding Ltd.
• SWIFT Home Lifts Sweden AB
• Thai ji Co Ltd.
• TK Elevator GmbH
• Toshiba Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market caters to the needs of various industries, including healthcare, by providing quick and efficient vertical transportation solutions. In the healthcare sector, these systems play a crucial role in facilitating the movement of patients, especially those with spinal traumas or injuries. The use of these systems enables quicker healing and shorter hospital stays while ensuring proper patient care and comfort. However, improper healing or complications such as infections can arise due to the use of non-biocompatible devices. To address this, the market offers a range of biocompatible devices made from materials like titanium alloys and polyetheretherketone (PEEK) for spinal surgical implants and trauma fixation devices.

Moreover, these materials ensure the safety and effectiveness of the devices, contributing to the overall success of the treatment modalities. Moreover, advancements in technology have led to the development of minimally invasive procedures, customized trauma implants, and 3D-printed implants. These innovations offer improved spinal stability, compression relief, and navigation systems, making the treatment process more precise and efficient for patients. The healthcare industry's reliance on hospitals and clinics for diagnosis and treatment has increased the demand for these systems. Additionally, digital health platforms, telemedicine, and bioresorbable implants are emerging trends in the market, further enhancing the patient experience and improving overall healthcare outcomes.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2025 and 2029
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across Thailand
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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