The market size for Elevators and Escalators Market Size was estimated at USD 90.67 billion in 2021. It is anticipated that the market for elevators and escalators will increase from USD 102.85 billion in 2022 to USD 200.32 billion in 2030, with a compound annual growth rate (CAGR) of 8.69% over the course of the forecast period (2022 - 2030).

The primary market factors accelerating market expansion are rising investments in commercial and residential infrastructure projects in established and developing nations. A sudden need for infrastructure development, including the building of high-rise buildings and infrastructure, as well as the need to meet the emerging population's housing needs, has arisen as a result of an increasing migration of a large and widened population base from the rural areas towards the established cities. The UN Department of Economic and Social Affairs estimates that 60% of the world's population will live in cities by the end of 2030, exceeding the projected period that ends in 2028.

The market for elevators and escalators is expanding as more money is invested in infrastructure projects for businesses and homes, which raises demand for these items. In addition, the need for elevators and escalators is being driven by reasons including urbanisation, rising population, and changing lifestyle patterns. Hence, these elevator and escalator-related variables have raised the global elevator and escalator market CAGR in recent years.

Market Overview

The South Korea region is witnessing substantial urbanization and infrastructural development, which are primary drivers of the elevators and escalators market. The rise in residential and commercial buildings, along with increased government investments in public infrastructure projects like airports, metro stations, and shopping malls, is propelling the demand for vertical transportation solutions. The market is characterized by high competition, with numerous global and regional players striving to enhance their market share through innovation and strategic partnerships.

MRFR recognizes the following companies as the key players in the global- Elevators and Escalators Companies

KONE Corporation
Sigma Elevator Company
Otis Elevator Company
United Technologies
Schindler
Mitsubishi Electric Corporation
ThyssenKrupp AG
FUJITEC
Hitachi Ltd
Hyundai Elevator Co., Ltd among others

Key Drivers

1. Urbanization and Population Growth: Rapid urbanization in countries like China and South Korea has led to increased construction activities in urban areas. The migration of people from rural to urban regions necessitates the development of residential complexes and commercial spaces, thereby boosting the demand for elevators and escalators.

2. Infrastructure Development: Governments across the South Korea are investing heavily in infrastructure projects. For instance, the expansion of metro networks in major cities and the construction of new airports are significant contributors to market growth. These projects require efficient and reliable vertical transportation systems to handle high passenger traffic.

3. Aging Population: Japan and South Korea, in particular, have aging populations, which increases the need for mobility solutions that can cater to the elderly. Elevators and escalators designed with advanced safety features and user-friendly interfaces are in higher demand in these regions.

4. Technological Advancements: Innovations such as energy-efficient elevators, smart elevators with IoT integration, and automated maintenance systems are attracting consumers. These advancements not only enhance user experience but also offer long-term cost benefits by reducing energy consumption and maintenance costs.

Market Segmentation

The South Korea elevators and escalators market can be segmented based on product type, service, and end-user.

1. Product Type: This includes elevators (passenger, freight, and others) and escalators (moving walkways and others). Passenger elevators dominate the market due to the high demand in residential and commercial buildings.

2. Service: The market is divided into new installations, maintenance and repair, and modernization. While new installations account for a significant share, the maintenance and repair segment is also growing due to the increasing number of aging buildings requiring regular upkeep.

3. End-User: The end-users of elevators and escalators include residential, commercial, institutional, and infrastructure sectors. The residential sector holds a major share, driven by the need for housing in urban areas. The commercial sector is also growing rapidly with the development of office spaces, shopping malls, and hotels.

Competitive Landscape

The competitive landscape of the South Korea elevators and escalators market is marked by the presence of key players such as Otis Elevator Company, Schindler Group, KONE Corporation, and Mitsubishi Electric Corporation. These companies are focusing on expanding their market presence through mergers and acquisitions, collaborations, and the introduction of innovative products.

For example, KONE has been at the forefront of integrating smart technologies into its products, offering solutions like KONE 24/7 Connected Services, which utilize IoT to monitor and manage elevator performance in real-time. Similarly, Mitsubishi Electric is known for its high-speed elevators, which are increasingly being adopted in skyscrapers and high-rise buildings across the region.

Future Outlook

The future of the South Korea elevators and escalators market looks promising, with continued growth expected in the coming years. Factors such as the ongoing urbanization, infrastructural developments, and advancements in technology will continue to drive the market. Additionally, sustainability trends and the push for green buildings are likely to influence the demand for energy-efficient and eco-friendly elevators and escalators.

Moreover, the increasing focus on safety and regulatory standards will propel manufacturers to innovate and adhere to stringent safety norms, ensuring reliable and safe vertical transportation solutions. As cities expand vertically and the need for efficient mobility solutions grows, the South Korea elevators and escalators market is set to scale new heights.

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