Taiwan Elevator Market by Type (Passenger elevator, Freight elevator and Others), by Technology (Traction and Hydraulic), by Service (New Installation, Maintenance and Modernization), by Capacity (Less than 1500 kg, 1500 to 2500 kg, 2501 to 4000 kg and More than 4000 kg) by Speed (Less than 1 M/S, Between 1 to 4 M/S and More than 5 M/S), by Deck type (Single Deck and Double Deck), by Designation Control (Smart and Conventional), by Door Type (Automatic and Manual) and by Application (Residential, Commercial and Industrial) - Opportunity Analysis and Industry Forecast, 2024 –2030
Industry: Construction & Manufacturing | Publish Date: 30-Mar-2024 | No of Pages: 129 | No. of Tables: 95 | No. of Figures: 60 | Format: PDF | Report Code : N/A
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Market Definition
Taiwan Elevator Market size was valued at USD 652.66 million in 2023, and is predicted to reach USD 1230.23 million by 2030, at a CAGR of 8.4 % from 2024 to 2030. The elevator market represents a dynamic sector encompassing the design, manufacturing, installation, and maintenance of elevator systems. From conventional traction elevators to cutting-edge smart solutions, this market offers a diverse array of vertical transportation choices customized to suit the distinct requirements of various buildings and infrastructure projects. Stakeholders within the elevator market include manufacturers, suppliers, contractors, architects, building owners, and facility managers.
Manufacturers continuously innovate to enhance elevator performance, safety, and sustainability, while suppliers provide critical components and materials necessary for system construction. Additionally, sustainability considerations, including energy efficiency and material recyclability, are increasingly integral to elevator design and operation. They align with broader environmental objectives and sustainable building practices. Thus, the elevator market is a cornerstone of vertical mobility as elevators enhance functionality, accessibility, and sustainability within buildings and urban landscapes worldwide.
Increasing Infrastructure in the Region is Fuelling the Growth of the Market
The elevator market in Taiwan experiences significant growth driven the ongoing infrastructure development initiatives and industrial expansion. The Taiwanese government's emphasis on infrastructure enhancement, spanning transportation networks, commercial centres, and residential complexes, stimulates heightened construction activities nationwide. Moreover, the burgeoning industries such as manufacturing, healthcare, and hospitality necessitate contemporary facilities equipped with vertical transportation solutions to optimize efficiency and accessibility.
Consequently, there exists a burgeoning demand for elevators to facilitate seamless vertical mobility within these newly developed infrastructures. This surge in construction projects and industrial expansion serves as a catalyst for the elevator market's expansion in Taiwan, presenting ample opportunities for manufacturers and service providers to address the evolving market demands.
Rapid Urbanization is Propelling the Growth of the Market
The rise in concentration of people in urban areas within the region is propelling the growth of the market. As of 2023, urbanization in Taiwan has reached 80.1% of the total population, with an annual urbanization rate maintaining consistency at 0.65%. This sustained urbanization trend increases the demand for vertical mobility solutions such as elevators.
With more people residing in urban areas and the continuous development of commercial, residential, and industrial infrastructure, the need for elevators to facilitate efficient transportation within buildings becomes increasingly essential. Consequently, the rising urbanization trend in Taiwan serves as a significant driver for the growth of the elevator market in the country.
The High Initial Costs Associated with Elevators Hinders the Market Growth
The significant costs linked to installing, maintaining, and improving elevators create obstacles to expanding the market. From the initial installation expenses to the ongoing maintenance fees and the necessity for upgrades to comply with safety standards and improve energy efficiency, building owners face substantial financial hurdles. These challenges are especially daunting for owners located in economically disadvantaged areas or within older buildings. Consequently, the increased expenses associated with elevators hinder market expansion across different regions.
The Integration of Artificial Intelligence (AI) into Elevators is Expected to Create Future Opportunities for the Market
The integration of AI-driven predictive maintenance into the elevator industry presents a compelling opportunity, revolutionizing maintenance and operational practices through advancements in AI. Through the analysis of data collected from elevator sensors, AI algorithms can anticipate maintenance requirements in advance, reducing downtime and maximizing elevator uptime. This proactive approach not only prolongs the lifespan of elevator components but also improves safety by forecasting unforeseen breakdowns and optimizing resource allocation, leading to significant cost savings for elevator companies. Furthermore, well-maintained elevators enhance user satisfaction, thereby elevating the overall experience for building occupants and visitors. Embracing AI-driven predictive maintenance enables elevator firms to stay competitive and uphold service excellence in an ever-changing market environment.
Competitive Landscape
The Taiwan elevator market comprises various market players, such as Schindler, Otis Elevator Company, TK Elevator (TKE), Kone Corporation, Hitachi Ltd., Fujitec Co., Ltd, Hyundai elevator Co., Ltd, Mitsubishi Electric Corporation, Toshiba elevator and Building Systems Corporation, Winone elevator Company Limited and others.
Taiwan Elevator Market Key Segments
By Type
-
Passenger elevator
-
Freight elevator
-
Others
By Technology
-
Traction
-
Machine Room [MR] Traction
-
Machine Roomless [MRL] Traction
-
-
Hydraulic
By Service
-
New Installation
-
Maintenance
-
Modernization
By Capacity
-
Less than 1500 kg
-
1500 to 2500 kg
-
2501 to 4000 kg
-
More than 4000 kg
By Speed
-
Less than 1 M/S
-
Between 1 to 4 M/S
-
More than 5 M/S
By Deck Type
-
Single Deck
-
Double Deck
By Designation Control
-
Smart
-
Conventional
By Door Type
-
Automatic
-
Manual
By Application
-
Residential
-
Commercial
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 652.66 Million |
|
Revenue Forecast in 2030 |
USD 1230.23 Million |
|
Growth Rate |
CAGR of 8.4% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Schindler
-
Otis Elevator Company
-
TK Elevator (TKE)
-
Kone Corporation
-
Hitachi Ltd.
-
Fujitec Co., Ltd
-
Hyundai Elevator Co., Ltd
-
Mitsubishi Electric Corporation
-
Toshiba Elevator and Building Systems Corporation
-
Winone Elevator Company Limited
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