Indonesia Elevator Market by Type (Passenger Elevator and Others), by Technology (Traction and Hydraulic), by Services (New Installation and Others), by Capacity (Less than 1500 KG and Others), by Speed (Less than 1 M/S and Others), by Deck Type (Single Deck and Double Deck), by Designation Control (Smart and Conventional), by Door Type (Automatic and Manual), by Operation (Low-Rise and Others), and by Application (Residential and Others) – Opportunity Analysis and Industry Forecast, 2025–2030
Industry: Construction & Manufacturing | Publish Date: 28-Feb-2025 | No of Pages: 124 | No. of Tables: 90 | No. of Figures: 59 | Format: PDF | Report Code : CM1659
Indonesia Elevator Market Overview
The Indonesia Elevator Market size was valued at USD 990.7 million in 2024 and is predicted to reach USD 1371.8 million by 2030, registering a CAGR of 4.8% from 2025 to 2030.
The factors such as increasing urbanization, rising government initiatives along with growth in real estate development accelerates the market growth at global level.
However, regulatory hurdles, driven by intricate rules and stringent compliance requirements, poses a significant challenge to the growth of the market. On the contrary, the incorporation of Internet of Things (IoT) into elevators offers promising future opportunities for market growth by improving efficiency, safety, and user experience.
Moreover, the key players such as KONE Oyj, Mitsubishi Electric Corporation, Otis Worldwide Corporation, and others are taking various initiatives including product launches to maintain their competitive position in the market. These initiatives are fueling the growth of the market by ensuring safety, reliability, and compliance with industry standards. As vertical construction continues to grow in Indonesia, the elevator market remains a vital component of the country's overall building and infrastructure development.
Increasing Urbanization Drives the Indonesia Elevator Market Growth
The Indonesia elevator market is expanding as rising urbanization drives migration to cities, increasing demand for residential and commercial properties that require taller buildings with complex infrastructures. According to the report published by the South East Asia Iron and Steel Institute, Indonesia’s construction sector grew by 4.9% during 2023.
Vertical construction development needs efficient vertical transport systems including elevators as these systems enable uninterrupted accessibility for residents to navigate the different floors. Therefore, rapid urbanization of Jakarta along with other large cities causes an ongoing increase in elevator demand for residential and commercial zones.
Rising Government Initiatives in Infrastructure Drives the Elevator Market in Indonesia
Increasing government initiatives drive the market trends as it promotes urban infrastructure development, smart city projects, and high-rise construction. The implementation of modernization regulations combined with safety standards drives industrial organizations to adopt advanced elevator systems that increase accessibility in addition to enhancing facility, efficiency across residential buildings and commercial sectors.
According to recent data by the International Trade Administration Indonesia’s government advances its economic plan through "100 Smart Cities" program for urban infrastructure modernization. This initiative supports the development of smart buildings and vertical transportation systems. As these projects advance, the demand for elevators continues to grow, emphasizing their essential role in providing better access to urban developments.
Growth in Real Estate Development Fuels the Indonesia Elevator Market Demand
The real estate sector expansion drives elevator demand as increasing building projects need advanced vertical transport solutions. For example, the National Strategic Projects (PSN) program of the government includes different infrastructure initiatives such as skyscrapers and urban centers that drive economic expansion and improve regional development.
These initiatives require the installation of elevators to enable effective vertical movement within these buildings. Consequently, the increase in extensive construction projects is driving the need for elevators, aiding in the market's expansion.
Regulatory Challenges Restrain the Indonesia Elevator Market Expansion
Regulatory challenges, defined by complex rules and strict compliance requirements, create significant obstacles for the growth of the elevator market. These regulations often involve lengthy approval processes and adherence to detailed safety standards, which, while essential, result in delays in project execution. Such delays disrupt construction timelines, slowing the installation of elevators in high-rise buildings and infrastructure projects.
Consequently, these challenges limit the elevator market's growth, emphasizing the need for simplified regulatory frameworks to ensure smoother operations and promote market expansion.
Integration of Internet of Things (IoT) in Elevator System Presents Lucrative Opportunity for Market Expansion
The integration of advanced technologies, including IoT, presents significant growth opportunities for the elevator market. These technologies enhance efficiency, safety, and user experience, offering innovative solutions for modern infrastructure. Predictive maintenance systems powered by IoT enable real-time monitoring, minimizing downtime and reducing repair costs.
For instance, in August 2024, Otis Indonesia launched its Gen3 connected elevator platform that combines the technology of Gen2 elevator with the connectivity of the Otis One IoT digital platform.
Seamless integration with building management systems further optimizes operations, ensuring smooth communication between elevators and other systems within a building. These advancements are set to revolutionize elevator operations, creating a strong foundation for future market expansion.
By Type, Passenger Elevator Holds the Dominant Share in Indonesia Elevator Market
Passenger elevator holds approximately 45% of Indonesia elevator market share. The passenger elevator represents a critical kind of vertical mobility solution designed to raise convenience, security, and the efficiency of transporting passengers across multiple floors in residential buildings, commercial entities, and the public sector.
These elevators are equipped with advanced features that include energy-saving motors, control of ride motion, and added safety mechanisms so as to remain reliable and comfort-giving to users.
By Application, Industrial Segment Holds the Highest CAGR of 15%
The industrial elevator application segment in the market is experiencing significant growth due to the increasing need for efficient vertical transportation in manufacturing facilities, warehouses, and construction sites.
These elevators are designed to handle heavy loads and facilitate the seamless movement of materials, equipment, and goods across different levels. By improving operational efficiency and reducing manual labor, industrial elevators play a crucial role in supporting industries to meet high production demands and streamline workflows.
Competitive Landscape
The key players operating in Indonesia elevator industry include KONE Oyj, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, TK Elevator, Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevators, Canny Elevator Co., Ltd., Sicher Elevator Co., Ltd., Tokyo Elevator Indonesia, Fuji Hengda Elevator Indonesia, Zhejiang Meilun Elevator Co, Ltd., Toshiba Elevator and Building Systems Corporation, Lifcore Ltd., Suzhou Dazen Electromechanical Technology Co., Ltd., IFE Elevators Co., Ltd., SRH Elevators, Nippon Lift Industry Sdn Bhd, Sigma Elevators, and others.
These players are engaged in strategies including product launches to maintain their dominance in Indonesia elevator industry.
|
Date |
Company |
Recent Developments |
|
December 2024 |
Kone Oyj |
Kone Oyj launched Kone High-Rise MiniSpace DX elevator in South East Asia. The elevator is designed for buildings over 60 floors, emphasizing energy efficiency and advanced technology. |
|
May 2024 |
Mitsubishi Electric Corporation |
Mitsubishi Electric Building Solutions Corporation launched the NEXIEZ-Fit elevator, for low-rise residential buildings, to meet the rising housing demand in Indonesia. This model enhances cost performance and construction efficiency while offering advanced safety features through its connection to the BRIDGE remote maintenance service. |
|
October 2023 |
TK Elevator |
TK Elevator launched EOX Renew, a modern elevator system designed to enhance accessibility and sustainability in older buildings. This innovative solution features energy-efficient technology and flexible installation options, making it ideal for retrofitting existing structures while minimizing disruption. |
|
May 2023 |
TK Elevator |
TK Elevator launched its new generation AGILE Destination Control kiosks in the Asia Pacific region, enhancing urban mobility solutions. These kiosks improve passenger experience by reducing waiting and travel times by 25% and increasing capacity by 30%, while offering customizable features for various building types. |
Indonesia Elevator Market Key Segments
By Type
-
Passenger Elevator
-
Freight Elevator
-
Other Elevator
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 Operation
-
Low-Rise
-
Mid-Rise
-
High-Rise
By Application
-
Residential
-
Commercial
-
Industrial
Key Players
-
KONE Oyj
-
Mitsubishi Electric Corporation
-
Otis Worldwide Corporation
-
Schindler Group
-
TK Elevator
-
Fujitec Co., Ltd.
-
Hitachi Ltd.
-
Hyundai Elevators
-
Canny Elevator Co., Ltd.
-
Sicher Elevator Co., Ltd.
-
Tokyo Elevator Indonesia
-
Fuji Hengda Elevator Indonesia
-
Zhejiang Meilun Elevator Co, Ltd.
-
Toshiba Elevator and Building Systems Corporation
-
Lifcore Ltd.
-
Suzhou Dazen Electromechanical Technology Co., Ltd.
-
IFE Elevators Co., Ltd.
-
SRH Elevators
-
Nippon Lift Industry Sdn Bhd
-
Sigma Elevators
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2024 |
USD 990.7 Million |
|
Revenue Forecast in 2030 |
USD 1371.8 Million |
|
Growth Rate |
CAGR of 4.8% from 2025 to 2030 |
|
Analysis Period |
2024–2030 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
20 |
|
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. |
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