South Korea Elevator & Escalator Market: Industry Size and Growth Trends [2028] Analyzed by TechSci Research

Introduction

The South Korea elevator and escalator market has been witnessing a significant surge in growth owing to factors such as increased urbanization, rising demand for high-rise structures, and the government's focus on infrastructure development in key economic cities. According to the latest report by TechSci Research titled "South Korea Elevator & Escalator Market – By Region, Competition, Forecast and Opportunities, 2018-2028", the market is projected to reach new heights in the coming years. This comprehensive report delves deep into the various aspects of the market, including recent trends, drivers, competitive analysis, and the benefits it offers to stakeholders.

South Korea Elevator & Escalator Market has valued at USD 2.82 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.86% through 2028. 

Recent Trends

In recent years, several trends have emerged that are shaping the landscape of the South Korea elevator and escalator market. One notable trend is the increasing adoption of smart technologies in the construction of elevators and escalators. With the advent of the Fourth Industrial Revolution, there has been a rapid advancement in automation and digitalization, leading to the development of AI-powered smart factories and buildings. This trend is driving the demand for elevators and escalators equipped with advanced features such as predictive maintenance, energy efficiency, and enhanced safety protocols.

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Another significant trend is the growing focus on sustainable and eco-friendly solutions in the construction industry. With increasing awareness about environmental conservation, developers and building owners are increasingly opting for elevators and escalators that are energy-efficient and environmentally sustainable. This trend is expected to further accelerate with the implementation of government policies and regulations promoting green buildings and sustainable infrastructure development.

Drivers

Several key drivers are fueling the growth of the South Korea elevator and escalator market. One of the primary drivers is the rapid urbanization taking place in the country. As more people migrate from rural to urban areas in search of better employment opportunities and improved quality of life, the demand for high-rise residential and commercial buildings is on the rise. This, in turn, is driving the demand for elevators and escalators to facilitate vertical mobility within these structures.

Additionally, government initiatives aimed at infrastructure development are playing a crucial role in driving market growth. The South Korean government has been actively investing in various infrastructure projects, including the development of smart cities, transportation networks, and industrial complexes. These investments create a conducive environment for the construction of new buildings and infrastructure, thereby boosting the demand for elevators and escalators.

Furthermore, advancements in technology and innovation are contributing to market growth by enabling the development of more efficient, reliable, and technologically advanced elevator and escalator systems. Manufacturers are continuously investing in research and development to introduce new features and functionalities that enhance user experience, improve safety standards, and reduce energy consumption.

Benefits of the Research Report

1. Comprehensive Market Analysis: The report provides a detailed analysis of the South Korea elevator and escalator market, including market size, growth projections, and key trends shaping the industry.
2. Insightful Market Insights: Stakeholders can gain valuable insights into market dynamics, including drivers, restraints, opportunities, and challenges influencing market growth.
3. Strategic Planning: The report helps businesses formulate strategic plans and make informed decisions by providing in-depth analysis of market segments, competitive landscape, and key market players.
4. Market Forecasting: Stakeholders can use the market forecasts provided in the report to identify potential growth opportunities and devise effective strategies to capitalize on them.
5. Competitive Analysis: The report offers a comprehensive analysis of the competitive landscape, including profiles of key market players, their market share, strategic initiatives, and future outlook.
6. Regulatory Landscape: Stakeholders can stay updated on the latest regulatory developments and government policies impacting the elevator and escalator market in South Korea.
7. Investment Opportunities: The report highlights investment opportunities in the South Korea elevator and escalator market, enabling stakeholders to identify lucrative investment avenues.
8. Risk Assessment: Stakeholders can assess potential risks and challenges associated with market entry, expansion, or investment in the South Korea elevator and escalator market.
9. Market Segmentation: The report provides detailed segmentation of the market based on product type, application, and end-user industry, helping stakeholders target specific market segments.
10. Future Outlook: Stakeholders can gain insights into future market trends, opportunities, and challenges, enabling them to adapt their strategies and stay ahead of the competition.

Competitive Analysis

The South Korea elevator and escalator market is highly competitive, with several key players vying for market share. Some of the prominent players in the market include:

1. Hyundai Elevator Co.: Hyundai Elevator Co. is a leading player in the South Korea elevator and escalator market, offering a wide range of products and solutions for various applications.
2. Fujitec Co., Ltd.: Fujitec Co., Ltd. is known for its innovative elevator and escalator systems, catering to the needs of residential, commercial, and industrial customers.
3. Mitsubishi Electric Corporation: Mitsubishi Electric Corporation is a global leader in elevator and escalator technology, known for its reliability, efficiency, and advanced features.
4. Toshiba Elevator and Building Systems Corporation: Toshiba Elevator and Building Systems Corporation specializes in the design, manufacture, and installation of elevators and escalators for diverse applications.
5. Dover Corporation: Dover Corporation offers a comprehensive range of elevator and escalator solutions, focusing on safety, reliability, and customer satisfaction.
6. Hitachi Otis Elevator Co., Ltd.: Hitachi Otis Elevator Co., Ltd. is a joint venture between Hitachi and Otis Elevator Company, offering cutting-edge elevator and escalator systems.
7. Shanghai Mitsubishi Elevator Co., Ltd.: Shanghai Mitsubishi Elevator Co., Ltd. is a leading manufacturer of elevators and escalators, known for its quality craftsmanship and innovative design.

These key players are focusing on strategies such as product innovation, partnerships, mergers and acquisitions, and geographic expansion to gain a competitive edge in the market.

The South Korea elevator and escalator market is poised for significant growth in the coming years, driven by factors such as increased urbanization, government infrastructure investments, technological advancements, and growing demand for sustainable solutions. Stakeholders can leverage the insights provided in the TechSci Research report to capitalize on emerging opportunities, mitigate risks, and stay ahead of the competition in this dynamic market landscape.

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“The number of new construction licenses in Seoul, the capital of South Korea, increased by 52 percent to 50,638 in 2021. The number of new housing permits issued in the capital region, which includes the western port city of Incheon and the nearby province of Gyeonggi, increased by 20.2 percent year over year while it increased 23.1% elsewhere in the nation.

Daegu received an annual allocation for smart cities of USD 17 million as part of a national innovation program. To create 'Smart Daegu,' the City's Smart City Plan (2021-2025) lays the groundwork for increasing citizen happiness and fostering local businesses boosting the South Korea elevator market... ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“South Korea Elevator & Escalator Market Segmented By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By End User Industry (Residential, Commercial, Institutional, Infrastructural & Others), By Elevator Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator Door Type (Automatic and Manual), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of South Korea Elevator & Escalator Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Telehealth Market.

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