Japan Elevator & Escalator Market Size Insights Forecasts to 2033

• The Japan Elevator & Escalator Market Size was valued at USD 3.12 Billion in 2023
• The Market Size is Growing at a CAGR of 3.07% from 2023 to 2033.
• The Japan Elevator & Escalator Market Size is Expected to Reach USD 4.22 Billion by 2033.

The Japan Elevator & Escalator Market size is expected to reach USD 4.22 Billion by 2033, at a CAGR of 3.07% during the forecast period 2023 to 2033.  

Market Overview

Elevators, also known as lifts, move in a vertical direction and transport people and goods between multistory buildings. The majority of modern elevators are moved by electric motors using a network of cables and sheaves with the help of pulleys. An escalator is an upward and downward-moving staircase that connects malls, subways, and other densely populated pedestrian areas to various floors or levels. Steel is used in the elevator car's construction for strength and durability. Escalators consist of two sets of gears that turn a pair of chains to move the steps, and the entire mechanism for connecting floors is housed in a large metal framework known as a truss. The elevator and escalator market are divided into residential, commercial, and industrial segments. The expansion of the construction sector is one of the primary drivers of the Japanese elevator and escalator market. The growing number of new hotel and shopping mall projects is propelling the country's construction industry forward. Furthermore, significant FDI inflows into the retail and construction sectors indirectly boost the country's escalator and elevator markets. Furthermore, large construction players in the industry are emerging, resulting in increased investments in infrastructure development and technological advancements for economic transformation. This is expected to have a positive impact on the country's construction market over time, boosting the country's escalator and elevator market.

Report Coverage

This research report categorizes the market for the Japan elevator & escalator market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan elevator & escalator                     market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Japan elevator & escalator market.                 

Driving Factors

One of the primary drivers of the elevator and escalator market in Japan is the country's rapid urbanization and ongoing infrastructure development, and elevators and escalators play an important role in ensuring that older people and those with mobility challenges have access to various facilities and services, driving demand for these systems in public spaces and residential buildings. Improvements in elevator and escalator technology have also helped to drive market growth. Furthermore, rapid urbanization and the construction of tall buildings increase demand for elevators and escalators, which provide efficient vertical transportation. Government initiatives have played an important role in the expansion of the Japanese elevator and escalator market.

Restraining Factors

Elevators and escalators have high initial installation costs, especially for customized or high-capacity systems, which may deter some potential customers. Additionally, elevators and escalators require regular maintenance and repairs, which can result in significant operational costs for building owners. Customers have expressed concern about elevator and escalator system accidents and safety issues, which has resulted in stricter regulations and standards, potentially increasing compliance costs.

Market Segment

• In 2023, the escalator segment accounted for the largest revenue share over the forecast period.

Based on type, the Japan elevator & escalator market is segmented into elevator, escalator, and moving walkways. Among these, the escalator segment has the largest revenue share over the forecast period. Escalators are commonly used in public places to move large crowds between levels, such as airports, shopping malls, and train stations. The escalator market is expected to grow as urbanization continues and more commercial buildings and public spaces are built. Escalators are in high demand due to their utility and effectiveness in congested areas.

• In 2023, the new installation segment is witnessing significant growth over the forecast period.

Based on service, the Japan elevator & escalator market is segmented into maintenance & repair, new installation and modernization. Among these, the new installation segment is witnessing significant growth over the forecast period. Due to the expansion of high-rise residential buildings, a growing commercial segment, and increased capital inflows into the real estate industry. In addition, an increase in new plans and projects for skyscraper construction is driving market growth. Furthermore, the government's emphasis on smart cities and progress in infrastructure, such as metro and railway development projects, is expected to have a positive impact on the Japan elevator and escalator market. Furthermore, an increasing number of tourists, the development of green buildings, and infrastructure projects all drive demand for elevators and escalators.

• In 2023, the traction segment accounted for the largest revenue share over the forecast period.

Based on elevator technology, the Japan elevator & escalator market is segmented into traction, hydraulic & machine room-less traction. Among these, the traction segment has the largest revenue share over the forecast period. Traction elevators are a popular type of elevator in commercial and residential buildings. Traction elevators currently use flat steel belts instead of conventional steel ropes. Flat steel belts are extremely lightweight due to their carbon fiber core and high-friction coating, and they can run without oil or lubricant. As a consequence of the aforementioned factors, the traction elevator is projected to expand at a faster rate.

• In 2023, the commercial segment is witnessing significant growth over the forecast period.

Based on end user industry, the Japan elevator & escalator market is segmented into residential, commercial, institutional, infrastructural & others. Among these, the commercial segment is witnessing significant growth over the forecast period. The commercial segment is a significant contributor to Japan's elevator and escalator market. The growth of the commercial real estate sector, propelled by urbanization and business expansion, has prompted an increase in demand for elevator and escalator installations. Japan's burgeoning corporate landscape, which includes IT parks, business centers, and shopping malls, has fueled this expansion. Commercial buildings in India prioritize modernization and aesthetics. Building owners and developers strive to create impressive and technologically advanced spaces that attract businesses and consumers, and sustainability and energy efficiency are becoming increasingly important factors in commercial buildings. Finally, the commercial segment of the Japan elevators and escalators market is experiencing strong growth, driven by a focus on modernization, aesthetics, energy efficiency, sustainability, and adherence to accessibility and safety standards.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan elevator & escalator market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• KONE Corporation
• Hitachi Group
• Otis Elevator Company (UTC)
• Mitsubishi Electric Corporation
• Schindler Holding Ltd.
• Fujitec Company Limited
• ThyssenKrupp AG
• Toshiba Elevator and Building Systems Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2023, Hitachi has announced a JPY 30 billion (USD 225 million) investment to develop new elevator and escalator technologies. The investment will be used to create new energy-efficient and environmentally friendly products, as well as new safety and maintenance technologies.

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Japan Elevator & Escalator Market based on the below-mentioned segments: 

Japan Elevator & Escalator Market, By Type

• Elevator
• Escalator
• Moving Walkways

Japan Elevator & Escalator Market, By Service

• Maintenance & Repair
• New Installation
• Modernization

Japan Elevator & Escalator Market, By Elevator Technology

• Traction
• Hydraulic
• Machine room-Less traction

Japan Elevator & Escalator Market, By End User Industry

• Residential
• Commercial
• Institutional
• Infrastructural
• Others