The elevator market in Southeast Asia is at the growth stage. Of the four countries covered in the study, Thailand led the elevator demand in Southeast Asia by revenue and market share. This is followed by Vietnam, Indonesia, and the Philippines in descending order. Although the Philippines has the lowest share, it is expected to register the fastest growth in the region's elevator market. Additionally, the market dynamic is expected to change at the end of the forecast period of 2021 with Vietnam and Indonesia.
The Southeast Asia region has observed rapid growth in its urban population, particularly in developing countries. Building construction development, especially in the residential and commercial units, will drive a greater demand for new elevators. On the other hand, elevator modernization works are expected to be driven by the increasing focus on development of smart and green buildings or cities.
Growth of mega cities in Southeast Asia is a key market trend and opportunity. As a greater number of people migrate into these mega cities, the population densities are expected to increase. This is likely to drive the demand for tall buildings, which makes the need for elevators unavoidable. Next, the growing acceptance of machine-roomless elevators in recent years due to their attractive pricing and lack of need for machine rooms at the top level of the buildings has prompted higher demand for such elevators. Going forward, the market will experience consolidation of market participants, whereby large and international elevator companies will acquire local brands in Southeast Asia.
The market trends have been analyzed for a study period of 2016 to 2021. In addition to market revenue and unit shipment, key trends have been provided in each of the four countries covered in this study. Companies mentioned in the study include Hyundai Elevator, Kone, Mitsubishi Elevator, OTIS, Schindler, Sigma, and ThyssenKrupp Elevator.
Key Questions this Study will Answer:
• How is the elevator market growing in the fastest growing economies in Southeast Asia?
• Which are the leading elevator companies in these Southeast Asian countries?
• What are the key success factors and how is it different in each Southeast Asian elevator market?
• Where are the key opportunities and elevator customer segments in these countries?
• Are there any innovations in elevator’s technology and other market trends? How are they affecting the market?