Dublin, Jan. 02, 2025 (GLOBE NEWSWIRE) — The “South Korea Elevator & Escalator Market, By Region, Competition Forecast & Opportunities, 2019-2029F” report has been added to ResearchAndMarkets.com’s offering.
The South Korea Elevator & Escalator Market was valued at USD 2.82 Billion in 2023, and is expected to reach USD 4.00 Billion by 2029, rising at a CAGR of 5.86%
The South Korea elevator and escalator market is characterized by robust growth driven by urbanization, technological advancements, and stringent safety regulations. With increasing urban density in cities like Seoul and Busan, demand for efficient vertical transportation solutions continues to rise. This trend is further fueled by infrastructure developments, including high-rise buildings, mixed-use complexes, and transportation hubs.
Technological innovation plays a crucial role, with a shift towards smart and connected elevator systems that offer features like IoT connectivity, predictive maintenance, and energy efficiency. The market also emphasizes safety enhancements, driven by regulatory requirements and consumer expectations for reliable and secure vertical transportation.
Moreover, sustainability is a key focus, influencing the adoption of eco-friendly elevator and escalator solutions with energy-efficient components and materials. Manufacturers and service providers in South Korea are expanding their offerings to include customizable designs, advanced safety features, and tailored maintenance solutions to meet diverse market needs.
Smart and Connected Technologies:
The integration of smart and connected technologies is transforming the South Korean elevator and escalator market. Smart features such as IoT-enabled sensors, remote monitoring capabilities, and predictive maintenance systems are becoming increasingly prevalent. These technologies enhance operational efficiency by enabling real-time data monitoring, proactive maintenance scheduling, and performance optimization. Property owners and facility managers in South Korea are embracing these innovations to improve reliability, reduce downtime, and enhance user experience.
Moreover, advancements in touchless controls and biometric authentication systems are gaining traction, especially in the post-pandemic era, emphasizing hygiene and user safety.
Focus on Energy Efficiency and Sustainability:
Energy efficiency and sustainability have emerged as prominent trends in the South Korean elevator and escalator market. With increasing environmental regulations and corporate sustainability goals, there is a growing demand for eco-friendly vertical transportation solutions. Manufacturers are developing elevators and escalators equipped with regenerative drives, energy-efficient motors, LED lighting, and materials that minimize environmental impact throughout their lifecycle.
Green building certifications such as LEED (Leadership in Energy and Environmental Design) and local standards like Korea Green Building Certification (KGBC) drive adoption of sustainable elevator technologies. Property developers and building owners prioritize energy-efficient designs to achieve operational cost savings and meet regulatory requirements.
Retrofitting and Modernization Projects:
The market in South Korea is witnessing a surge in retrofitting and modernization projects aimed at upgrading existing elevator and escalator systems. Many older buildings require enhancements to comply with current safety standards, improve energy efficiency, and enhance performance. Government incentives and regulations promoting safety upgrades and accessibility improvements further stimulate demand for modernization solutions.
Retrofitting initiatives often involve replacing outdated components, installing advanced control systems, and integrating modern safety features. This trend is driven by the need to extend the lifespan of aging infrastructure, enhance building value, and meet evolving user expectations for comfort and reliability.
Urbanization and High-Rise Developments:
South Korea’s urbanization trend continues to fuel demand for elevators and escalators, particularly in high-rise residential and commercial buildings. Cities like Seoul and Busan are experiencing vertical growth, with developers constructing tall buildings to accommodate population density and maximize land use efficiency. This trend necessitates efficient vertical transportation systems that can handle high traffic volumes while prioritizing safety and comfort.
The development of integrated transport hubs, mixed-use complexes, and mega-projects further amplifies the need for advanced elevator and escalator solutions tailored to diverse urban environments. Market players are responding by offering customizable designs, high-speed models, and intelligent traffic management systems to optimize passenger flow in densely populated areas.
Demand for Customization and Design Innovation:
Increasingly, there is a demand for customized elevator and escalator solutions in South Korea, driven by architectural trends and user preferences. Property developers and building owners seek designs that complement building aesthetics, enhance interior spaces, and provide a unique user experience. This trend encourages manufacturers to innovate in design flexibility, offering a wide range of finishes, cabin sizes, and architectural integration options.
Design innovation also encompasses ergonomic considerations, accessibility features, and user-friendly interfaces tailored to diverse demographic needs. Elevator and escalator manufacturers collaborate closely with architects, interior designers, and developers to create visually appealing and functional transportation solutions that align with modern urban lifestyles.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $2.82 Billion |
| Forecasted Market Value (USD) by 2029 | $4 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | South Korea |
Report Scope:
Key Market Players
- KONE Corporation
- Hitachi, Ltd.
- Otis Worldwide Corporation
- Mitsubishi Electric Corporation
- Schindler Holding Ltd.
- Fujitec Co. Ltd.
- thyssenkrupp AG
- Toshiba Elevator and Building Systems Corporation
South Korea Elevator & Escalator Market, By Type:
- Elevator
- Escalator & Moving Walkways
South Korea Elevator & Escalator Market, By Service:
- Maintenance & Repair
- New Installation
- Modernization
South Korea Elevator & Escalator Market, By End User Industry:
- Residential
- Commercial
- Institutional
- Infrastructural
- Others
South Korea Elevator & Escalator Market, By Elevator Technology:
- Traction
- Hydraulic & Machine room-Less traction
South Korea Elevator & Escalator Market, By Elevator Door Type:
South Korea Elevator & Escalator Market, By Region:
- North Chungcheong
- South Chungcheong
- Gangwon State
- Gyeonggi
- North Gyeongsang
- South Gyeongsang
- Rest of South Korea
For more information about this report visit https://www.researchandmarkets.com/r/2xaagr
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- South Korean Elevator & Escalator Market
