South Korea Elevator and Escalator Market Insights Forecasts to 2032

• The South Korea Elevator and Escalator Market Size was valued at 50.5 Thousand Units in 2022.
• The Market Size is Growing at a CAGR of 4.2% from 2022 to 2032.
• The South Korea Elevator and Escalator Market Size is Expected to Reach 76.2 Thousand Units by 2032.

The South Korea Elevator and Escalator Market Size is Expected to Reach 76.2 Thousand Units by 2032, at a CAGR of 4.2% during the forecast period 2022 to 2032.

Market Overview

Elevators, escalators, and moving walkways are installed and used in commercial infrastructures, residential buildings, and industrial spaces. Elevators and escalators are used in residential buildings such as affordable homes, dwelling units, apartments, and guest rooms. Also, hydraulic, cable, wheelchair lifts, pneumatic lifts, and glass lifts are some of the types of lifts available in the market. For industrial spaces, elevators and escalators are utilized in industrial sites, pulp & papers, freight and cargo, and shipyard sectors. Elevators and escalators are utilized in the industrial sector for moving goods, concrete materials, and inventory from one floor to another floor.

Report Coverage

This research report categorizes the market for South Korea’s elevator and 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 South Korea elevator and 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 South Korea elevator and escalator market.

Driving Factors

Increased residential and commercial construction activity in developing and developed economies is expected to drive market growth during the forecast period. Furthermore, increasing government initiatives to increase demand for these products drive market growth during the forecast period. Increasing security and safety measures in commercial and industrial spaces are expected to reduce the number of accidents during maintenance and repair activities. Furthermore, rising product quality and high-security measures implemented by manufacturers are expected to propel market growth during the forecast period. Rising preference for energy-efficient elevator and escalator to promote South Korea elevators and escalators market growth.

Restraining Factors

Elevator and escalator casualties may limit market growth. There is growing concern about accidents occurring during elevator and escalator transportation, which will hamper the market growth over the forecast period. Elevators consume between 8% and 10% of the total energy consumed by a building. As a result, manufacturers are focusing on developing energy-efficient products. These elevators are designed to use less energy, improve hardware quality and compactness, and reduce carbon emissions.

Market Segment

• In 2022, the escalator segment accounted for the largest revenue share over the forecast period.

Based on product, the South Korea elevator and escalator market is segmented into Elevators, Escalators, and Moving Walkway. Among these, the escalator segment has the largest revenue share over the forecast period. This is due to the high demand for commercial infrastructure such as retail parks, malls, and other similar facilities. Furthermore, the growing development of aviation infrastructure raises the demand for moving walkways and escalators.

• In 2022, the maintenance segment accounted for the largest revenue share over the forecast period.

Based on business, the South Korea elevator and escalator market is segmented into new equipment, maintenance, and modernization. Among these, the maintenance segment has the largest revenue share over the forecast period. This is due to major manufacturers' product launches and product development initiatives, which accounted for a significant share of the South Korean market. The maintenance segment is expected to grow significantly over time. Manufacturers are focusing on providing customers with value-added services.

• In 2022, the residential segment accounted for the largest revenue share over the forecast period.

Based on application, the South Korea elevator and escalator market is segmented into residential, commercial, and industrial. Among these, the residential segment has the largest revenue share over the forecast period.  Elevators and escalators are widely used in residential homes, multi-family dwellings, and residential apartments. The residential segment is being driven by an increasing shift toward eco-friendly, safe, and flexible design. As a result, evolving investments in housing space are expected to contribute to market growth. Rising residential construction activity is expected to fuel market growth during the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea elevator and 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

• Hyundai
• Otis
• TK Elevato
• Mitsubishi Electric
• Schindler
• Fujitec
• Toshiba Elevator and Building Systems Corporation
• Sigma Elevator
• Handok Elevator Co Ltd
• GYG Elevator
• Nippon Elevator
• Others

Key Target Audience

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

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea elevator and escalator market based on the below-mentioned segments:

South Korea Elevator and Escalator Market, By Product

• Elevators
• Escalators
• Moving Walkway

South Korea Elevator and Escalator Market, By Business

• New Equipment
• Maintenance
• Modernization

South Korea Elevator and Escalator Market, By Application

• Residential
• Commercial
• Industrial