China Elevator Market Overview, 2029

China's elevator market has experienced remarkable growth in recent years, driven by rapid urbanization, infrastructure development, and technological advancements. As the world's most populous country and a major economic powerhouse, China has witnessed a construction boom, particularly in the residential and commercial sectors. This has led to a surge in demand for efficient vertical transportation solutions, making China the largest elevator market globally. Also China has one of the greatest construction industries in the world, and it has grown significantly over the past few decades. Construction activities, including those for homes, businesses, and infrastructure, have increased dramatically in China as a result of the country's rapid urbanization and industrialization. However, rules intended to deleverage real estate developers have put constant pressure on the building industry in recent years, encouraging more eco-friendly construction activities. The Chinese government has also ordered the construction sector to reorganize its supply chain and operational procedures to cut carbon emissions, implement digital technologies, and enhance the quality and safety of buildings. Notably, the prefabricated building sector must provide approximately 30% of the nation's output for new development. Another area that the government wants suppliers and contractors to focus on is robotics, notably maintenance companies and factories that produce building components. Due to the need for construction companies to use newer technology and cut carbon emissions, China expects the market to continue to innovate over the next three to four years. The Chinese government has implemented various initiatives to regulate and support the elevator and escalator industry in the country. The Urbanization Plan announced by the Chinese government, aims to promote urbanization in rural areas and smaller cities. The Chinese government has also implemented regulations for energy-efficient and environmentally friendly elevators.

According to the research report "China Elevator Market Overview, 2029," published by Bonafide Research, the China elevator market is anticipated to grow at more than 6.14% CAGR from 2024 to 2029. In China, where urbanization and infrastructure development are on the rise, there is a growing need for vertical mobility solutions like elevators and escalators. Mitsubishi Electric's strategic move to emphasize the building systems business aims to cater to the evolving needs of China's urban landscape. By positioning itself as a prominent player in the country's elevator market, Mitsubishi Electric aims to provide innovative solutions and meet the rising demand for vertical mobility solutions not only in China but also across Europe. This strategic alignment underscores the company's commitment to addressing the changing dynamics of China's urban environment and its broader implications for the elevator market. China's elevator market is propelled by technological advancements and innovation. With rapid urbanization and the construction of increasingly complex buildings, there is a growing need for elevators equipped with advanced features such as energy efficiency, safety enhancements, and smart technologies. elevator manufacturers in China are investing heavily in research and development to meet these evolving demands and stay competitive in the market. The integration of Internet of Things (IoT) technology and artificial intelligence (AI) in elevators is gaining traction, offering improved performance, predictive maintenance, and enhanced user experience. As China continues to prioritize technological innovation across various industries, the elevator market stands to benefit from the adoption of cutting-edge solutions, driving demand for modern and efficient elevator systems in both commercial and residential buildings. One of the recent start-ups in China that creates smart city management software and apps is Freedo. A smart city, also known as a digital, intelligent, or wired city, is a metropolitan area where technology and sensors are used to gather data, which is then used in real-time to manage the city's utilities and resources.

Hydraulic elevators are less commonly used in China compared to other types. These elevators rely on a hydraulic system to move the elevator car, making them more suitable for low-rise buildings, typically those with less than six stories. In China, hydraulic elevators are mostly found in older, small residential or commercial buildings. Due to the country’s rapid urbanization and preference for taller structures, the demand for hydraulic elevators is declining. They are now mostly seen in specific industrial applications or small-scale constructions. Traction elevators, which use a counterweight and steel ropes or belts to move the elevator car, are the most commonly used in China. They are highly efficient for mid-rise and high-rise buildings, which are prevalent in China’s urban areas. Traction elevators are the go-to choice for both residential and commercial skyscrapers, and they dominate the Chinese elevator market due to the country's significant urban growth and high-density city structures. Urban skyscrapers, commercial complexes, and high-rise residential towers across major cities like Beijing, Shanghai, and Shenzhen. MRL elevators are growing in popularity in China due to their space-saving design. These elevators do not require a separate machine room, making them ideal for buildings with limited space. MRL traction elevators are commonly used in medium to high-rise buildings and have become popular in residential and commercial projects due to their energy efficiency and modern technology. Others category includes specialty elevators such as dumbwaiters, home elevators, and freight elevators. These are used in niche markets, including factories, warehouses, and residential homes. Though their market share is smaller compared to the other types, these elevators serve essential roles in specific sectors.

The new equipment segment refers to the installation of elevators in new constructions. This segment dominates the Chinese market due to the country’s rapid urbanization and continuous high-rise developments. With major cities like Beijing, Shanghai, and Shenzhen undergoing massive infrastructure projects, the demand for new elevators is consistently high. China’s booming construction industry, particularly in residential, commercial, and public buildings, drives the strong performance of this segment. Primarily in expanding urban centers such as Shanghai, Shenzhen, and other major cities where new residential and commercial projects are prevalent. China has a significantly higher demand for new elevator equipment due to its fast-paced urban development, outpacing other countries with more mature markets where construction is slower. The maintenance segment involves servicing and maintaining the large number of elevators already installed in buildings. As China’s elevator fleet ages, there is a growing demand for routine maintenance and safety upgrades. Regular elevator maintenance is particularly crucial in cities with high building density, where safety regulations are strictly enforced. This segment is expanding, especially in high-rise buildings and older residential complexes. Major cities like Beijing and Guangzhou, where older high-rise buildings require constant maintenance to ensure safety. China’s focus on safety regulations and the sheer volume of elevators make its maintenance sector robust, though it still trails mature markets like Japan in maintenance innovation. Other segment includes modernization services and other value-added services for elevators. Elevator modernization is becoming more common as older buildings need technological upgrades to improve energy efficiency and performance.

The residential segment is the largest user of elevators in China, driven by the country’s massive urban population and high-rise apartment buildings. Most residential elevators in China are traction and machine room-less traction (MRL) types. These elevators are efficient, space-saving, and suitable for the towering residential complexes common in China’s urban centers. Residential developments often rely on mid-speed elevators due to the need for frequent stops across many floors. High-density cities like Beijing, Guangzhou, and Shanghai have a high concentration of residential elevators, especially in high-rise apartment complexes. Residential applications dominate China’s elevator usage due to the country's rapid urbanization and population growth. The commercial sector, which includes office buildings, shopping malls, hotels, and hospitals, also has significant elevator demand. In this sector, high-speed traction elevators are more commonly used, especially in office skyscrapers and luxury hotels. Elevators in commercial settings often need to handle heavier traffic, particularly during peak hours, making speed and capacity critical factors. Cities with a strong business presence, like Shanghai, Shenzhen, and Beijing, have a high demand for commercial elevators in high-rise office buildings and malls. Industrial elevators are less common but play a crucial role in factories, warehouses, and other industrial facilities. These elevators are generally freight elevators designed to carry heavy loads rather than passengers. They are built for durability and strength, often with a focus on transporting goods between floors in production facilities. Industrial elevators are found in manufacturing hubs such as Guangdong and Jiangsu, where factories and logistics centers are prevalent.



COVID-19 impacts:
The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in China due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of China prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years.

Considered in this report
• Geography: China
• Historic Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• China Elevator & Escalator Market with its value and forecast along with its segments
• Application wise tire industry distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type:
• Hydraulic
• Traction
• Machine Room-Less Traction
• Others

By Business:
• New Equipment
• Maintenance
• Others (Modernization)

By Application:
• Residential
• Commercial
• Industrial

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & escalator industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.