According to Arizton’s latest research report, the Philippines elevator and escalator market is growing at a CAGR of 4.35% during 2024-2030.
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Report Summary
Market Size by New Installations (2030): 3.55 Thousand Units
Market Size by New Installations (2024): 2.75 Thousand Units
CAGR – New Installations (2024-2030): 4.35%
Market Size by Installed Base (2030): 59.77 Thousand Units
Market Size by Modernization (2030): $52.56 Million
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
The Philippines elevator and escalator market is experiencing strong growth. This growth is driven by rapid urbanization, infrastructure development, and a booming construction sector, particularly high-rise buildings. Government initiatives, such as the Build Better More (BBM) program and the approval of 194 infrastructure projects, support market expansion. The growing real estate sector, particularly in secondary cities, and the demand for modernization and maintenance of aging buildings also contribute to market growth. Additionally, the tourism sector’s development of foreign-operated hotels and the adoption of AI in vertical transportation further boost the industry. Despite challenges like inflation, rising construction costs, and labor shortages, the market is poised for continued growth, supported by increased infrastructure spending and a strong demand for vertical transportation solutions.
AI Integration in the Philippines Elevator and Escalator Market Driving Market Expansion
The integration of Artificial Intelligence (AI) into the Philippines elevator and escalator market is unlocking new opportunities for growth and modernization of urban infrastructure. AI-driven solutions enhance the safety, efficiency, and overall user experience of vertical transportation systems. By using real-time data from sensors, AI predicts and prevents potential malfunctions, reducing downtime and boosting equipment reliability. Global companies like KONE and Otis have already adopted AI-based predictive maintenance systems in the region, including the Philippines, demonstrating the technology’s potential. Additionally, the recent bid win by IFE Elevator for the IBIS Style Hotel Malate Project highlights AI’s role in driving market expansion, with plans to design and implement advanced passenger and freight elevators using AI technology. This move further accelerates the market’s growth by improving operational performance and expanding the adoption of AI in vertical transportation.
Surge in Demand for 2-15 Passenger Elevators Amidst Philippines Infrastructure Growth
The demand for 2-15 passenger elevators in the Philippines is increasing, primarily driven by growth in the residential and commercial sectors. These elevators are particularly prominent in airports, residential buildings, and mixed-use developments. The Philippine government’s infrastructure program, which includes 186 flagship projects valued at approximately $163 billion, is expected to significantly reshape the real estate market by 2025. Additionally, the development of more master-planned communities near public transportation projects, such as airports and railways, will further drive the demand for 2-15 passenger elevators. Key infrastructure projects like the Tops Redevelopment Project in Cebu and the Tagbalai Heights Amenities in Cebu City are also expected to contribute to this growing demand.
Recent Developments in the Philippines Elevator & Escalator Market
- In August 2024, Otis unveiled its Gen3™ connected elevator platform at its ‘Platform for Possibility’ launch event in Southeast Asia.
- In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, NEXIEZ-Fit, which is an elevator that combines superior cost performance with carefully selected specifications.
- In December 2024, KONE announced the launch of its High-Rise MiniSpaceTM DX elevator in Southeast Asia. The elevator comes with KONE UltraRope®, which is 80% lighter than traditional steel rope and three times more durable.
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Key Vendors
- Otis
- KONE
- TK Elevator
- Schindler
- Mitsubishi Electric
- Hitachi
- Hyundai Elevator
- Fujitec
- Aritco
- Sigma Elevators
- Cibes Lift
- ECOLIFT Elevator & Escalator Corportation
- Nippon Elevator
- SEC Elevator Co., Ltd.
- Dazen Elevator
- Kalea Lifts Philippines
Elevator Market Segmentation by
Machine Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
- Climbing
- Elevators
- Industrial Elevators
Carriage Type
- Passenger
- Freight
Capacity
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
End-User
- Commercial
- Residential
- Industrial
- Others
- Public Transit
- Institutional
- Infrastructural
Escalator Market Segmentation by
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
Key Questions Answered in the Report:
How big is the Philippines elevator and escalator market?
What is the number of installed bases in the Philippines elevator and escalator market in 2024?
What will be the growth rate of the Philippines elevator and escalator market?
What are the key opportunities in the Philippines elevator and escalator market?
What are the key Philippines elevator and escalator market players?
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