The elevator and escalator market in Thailand is projected to grow at a CAGR of 5.80% from 2025 to 2032, increasing from USD 557.22 million in 2024 to USD 874.81 million by 2032. This growth is primarily driven by urbanization and infrastructure development, particularly the rising construction of high-rise buildings and commercial spaces. The increasing adoption of smart and energy-efficient elevator technologies is reshaping the industry by enhancing user experience while reducing operational costs.
Government initiatives aimed at expanding public infrastructure further support market expansion, creating opportunities for manufacturers in the commercial sector, particularly in shopping malls, airports, and urban transportation networks in Bangkok and Central Thailand. Both global and local market players are continuously introducing innovations to strengthen their competitive position.
For example, in May 2024, Mitsubishi Electric Asia (Thailand) Co., Ltd. launched the NEXIEZ-Fit elevator, designed for low-rise residential buildings, offering cost-effective and optimized performance.
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Technological Innovations Fuel Market Growth
Advancements in elevator, escalator, and moving walkway technologies are a significant market driver. Integrating smart features, such as artificial intelligence (AI) and the Internet of Things (IoT), has improved efficiency and safety through predictive maintenance and real-time diagnostics, minimizing downtime. Additionally, the industry is shifting towards eco-friendly designs that align with sustainability initiatives.
Companies are developing innovative solutions, including cable-free elevators and interactive user interfaces, enhancing connectivity and overall functionality.
For instance, in August 2024, Otis Elevator Company (Thailand) Ltd. introduced the Gen3 connected elevator platform in Thailand. This system builds on the Gen2 series and seamlessly integrates with modern building ecosystems, enhancing connectivity and passenger experience.
New Product Launches Strengthen Demand
The introduction of new elevators with advanced technologies is driving market demand, particularly in residential and healthcare sectors. Smart elevators with digital connectivity and energy-efficient features are gaining traction, meeting the increasing needs of urban development while supporting sustainability goals. As manufacturers develop next-generation elevator solutions, the market is expected to see continuous expansion.
For example, in December 2024, KONE Public Company Limited launched the high-rise Minispace™ DX elevator in Southeast Asia. Designed for buildings with at least 60 floors, this model reduces energy consumption by up to 30% per day. It features KONE UltraRope, which is 80% lighter and three times more durable than traditional steel cables.
New Installations Drive Market Growth
The market’s expansion is primarily driven by new elevator and escalator installations, fueled by increasing urban infrastructure projects and rising architectural complexity. These installations incorporate smart technologies to ensure efficiency and compliance with sustainability regulations.
This trend is particularly strong in residential, commercial, and healthcare sectors, where building codes and regulatory standards mandate modernized elevator systems. As cities continue to expand, construction and high-rise developments will sustain the demand for innovative elevator solutions.
For instance, in December 2024, Honour Group unveiled Pattaya’s tallest sustainable luxury condominium, an 8-billion-baht, 56-story development. The project includes newly installed zoned elevators designed for enhanced convenience and exclusivity.
Central Thailand Leads the Market
Central Thailand, particularly Bangkok, holds the largest share of the elevator and escalator market due to its role as the country’s economic and commercial hub. The rapid pace of urban development in the region, alongside increased investment in infrastructure, has driven demand for advanced elevator systems. High-rise commercial and residential buildings require state-of-the-art solutions that prioritize safety, energy efficiency, and modernized building management.
Government and private sector projects aimed at upgrading transport and commercial infrastructure further fuel demand. The expansion of metro systems and public transport networks also necessitates new installations.
For example, in May 2024, Northern Bangkok Monorail Company Limited introduced a new moving walkway at the Nonthaburi Civic Centre Station along the MRT Pink Line, improving commuter convenience.
Future Market Trends (2025-2032F)
- The adoption of smart elevator technologies, including IoT integration and predictive maintenance, will continue to enhance operational efficiency and user experience.
- Urban expansion will drive demand for vertical transportation solutions, particularly in high-rise buildings and commercial hubs.
- Increased government investment in public infrastructure will create further opportunities for new installations and modernization of existing elevator systems.
- A growing emphasis on sustainable building practices will drive demand for energy-efficient and eco-friendly elevator solutions, aligning with global environmental trends.
Report Scope
The report, “Thailand Elevator and Escalator Market Assessment, Opportunities, and Forecast, 2018-2032F”, provides a comprehensive analysis of Thailand’s elevator and escalator industry. It includes market size projections, segmental shares, growth trends, opportunities, and a competitive landscape review, profiling key industry players and their market strategies.
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