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) and Others- Opportunity Analysis and Industry Forecast, 2024 –2030
Industry: Construction & Manufacturing | Publish Date: 17-Jul-2025 | No of Pages: 167 | No. of Tables: 129 | No. of Figures: 74 | Format: PDF | Report Code : CM1666
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
Urbanization and Infrastructure Development Fuel Elevator Demand
Thailand's urban population reached 53.61% in 2023, reflecting a steady trend towards urban living, particularly in major cities like Bangkok, Chiang Mai, and Pattaya. This urban growth has led to increased construction of high-rise residential and commercial buildings, necessitating efficient vertical transportation solutions. The expansion of urban areas and the development of smart cities have further amplified the demand for modern elevator systems that offer energy efficiency and enhanced safety features.
Government Initiatives and Smart City Projects
The Thai government's push towards smart city initiatives aims to enhance urban living through technology integration. The Digital Economy Promotion Agency (DEPA) is spearheading efforts to develop smart cities, with plans to establish up to 105 smart cities by 2027. These projects often involve the development of intelligent buildings equipped with advanced elevator systems that offer energy efficiency, safety, and user-friendly interfaces. Such initiatives align with the country's goals for sustainable urban development.
High Costs of Installation and Maintenance
The significant capital investment required for elevator installation, especially in existing structures, poses a challenge. Retrofitting elevators in older buildings not originally designed for such systems can be financially burdensome. Additionally, ongoing maintenance expenses and the need for compliance with updated safety and energy efficiency standards add to the financial strain on building owners and developers. These financial considerations may deter some developers from incorporating elevator systems, particularly in low-rise buildings or in regions with budget constraints.
Integration of AI And IoT in Elevator Systems
The adoption of Artificial Intelligence (AI) and Internet of Things (IoT) technologies presents opportunities for the elevator market in Thailand. These technologies enable predictive maintenance, real-time monitoring, and enhanced user experiences. Companies like Otis have introduced digitally connected elevators, such as the Gen3™ model, in Thailand, incorporating IoT and AI technologies to enhance performance and user experience. This technological advancement aligns with Thailand's push towards smart infrastructure and offers a competitive edge to companies embracing these innovations.
Competitive Landscape
The Thailand elevator market comprises various market players, such as Schindler Group, Otis Worldwide Corporation, TK Elevator (TKE), KONE Corporation, Fujitec Co. Ltd, Hyundai elevator Co. Ltd, Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Hitachi Ltd., OMC Sanyu Elevator CO., LTD, Cibes Lift Thailand Ltd, Thai Ji Elevator Co., Ltd., Ltd., Aritco, Nibav Lifts, Kalea Lift Thailand and others.
Thailand Elevator Market Key Segments
By Type
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Passenger elevator
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Freight elevator
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Others
By Technology
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Traction
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Machine Room [MR] Traction
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Machine Roomless [MRL] Traction
-
-
Hydraulic
By Service
-
New Installation
-
Maintenance
-
Modernization
By Capacity
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Less than 1500 kg
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1500 to 2500 kg
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2501 to 4000 kg
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More than 4000 kg
By Speed
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Less than 1 M/S
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Between 1 to 4 M/S
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More than 5 M/S
By Deck Type
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Single Deck
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Double Deck
By Designation Control
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Smart
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Conventional
By Door Type
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Automatic
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Manual
By End-user
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Residential
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Low Rise: 10 floors
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Mid Rise: 11-30 floors
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High Rise: above 30 floors
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Affordable Housing
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Villa/home
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-
Commercial
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Airport
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Hotel
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Marine
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Medical
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Office
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Leisure and Education
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Retail
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Public Transportation
-
-
Industrial
KEY PLAYERS
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Schindler Group
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Otis Worldwide Corporation
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TK Elevator (TKE)
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KONE Corporation
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Fujitec Co. Ltd
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Hyundai elevator Co. Ltd
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Mitsubishi Electric Corporation
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Toshiba Elevator and Building Systems Corporation
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Hitachi Ltd.
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OMC Sanyu Elevator CO., LTD
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Cibes Lift Thailand Ltd
-
Thai Ji Elevator Co., Ltd.
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Aritco
-
Nibav Lifts
-
Kalea Lift Thailand
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 |
15 |
|
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. |
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