Thailand 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
Thailand Elevator Market size was valued at USD 623.98 million in 2023, and is predicted to reach USD 1118.39 million by 2030, at a CAGR of 7.6 % from 2024 to 2030. The elevator market embodies a vibrant sector that encompasses the conception, production, installation, and upkeep of elevator systems. Ranging from traditional traction elevators to state-of-the-art smart solutions, this market presents a diverse range of vertical transportation options tailored to meet the unique needs of various buildings and infrastructure projects. Key players within the elevator market include manufacturers, suppliers, contractors, architects, building proprietors, and facility managers.
Manufacturers persistently innovate to elevate elevator performance, safety standards, and sustainability practices, while suppliers furnish essential components and materials essential for system assembly. Moreover, sustainability considerations, such as energy efficiency and material recyclability, are increasingly integrated into elevator design and operation, aligning with broader environmental goals and sustainable building principles. Consequently, the elevator market stands as a pivotal pillar of vertical mobility, enhancing functionality, accessibility, and sustainability across buildings and urban environments worldwide
Presence of Key Companies is Fuelling the Growth of the Market
The elevator and escalator market in Thailand has experienced steady growth, propelled by the increasing initiatives undertaken by elevator manufacturers to address emerging challenges and opportunities. Notably, Hitachi elevator (Thailand) Co., Ltd., a prominent player in the market, has introduced a pioneering smart building solution business. This initiative, the first of its kind in Thailand and Southeast Asia, aims to elevate the value of buildings by integrating Physical Security Systems and Digital Services for the New Normal, leveraging the Lumada IoT Platform. By introducing innovative solutions that cater to the evolving needs of buildings and occupants, Hitachi elevator (Thailand) Co., Ltd. not only contributes to the advancement of the elevator and escalator market in Thailand but also consolidates its position as a leading industry player.
Robust Urbanization within the Region Propels the Growth of the Market
The rise in concentration of people in urban areas within the region is propelling the growth of the market. The 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 Thailand serves as a significant driver for the growth of the elevator market in the country.
The Region's Market Growth Faces Impediments Due to High Initial Costs
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 incorporation of AI-powered predictive maintenance into the elevator sector presents a compelling opportunity, fundamentally transforming maintenance and operational methodologies through AI advancements. By analyzing data gathered from elevator sensors, AI algorithms can anticipate maintenance needs ahead of time, minimizing downtime and maximizing elevator operational efficiency. This proactive approach not only extends the lifespan of elevator components but also enhances safety by predicting potential breakdowns and optimizing resource allocation, resulting in substantial cost reductions for elevator companies. Moreover, well-maintained elevators contribute to heightened user satisfaction, thereby enhancing the overall experience for building occupants and visitors. Embracing AI-driven predictive maintenance allows elevator firms to remain competitive and uphold service excellence amidst a dynamic market landscape.
Competitive Landscape
The Thailand 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.
Thailand Elevator Market Key Segments
By Type
-
Passenger elevator
-
Freight elevator
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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 623.98 Million |
|
Revenue Forecast in 2030 |
USD 1118.39 Million |
|
Growth Rate |
CAGR of 7.6 % 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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