The global passenger elevator industry is experiencing significant growth, fueled by urbanization, infrastructure modernization, and robust international trade. This boom is particularly evident in the expanding global market volume and dynamic export activities, with Chinese manufacturers playing an increasingly pivotal role in the international supply chain.
The global elevator and escalator market, which was valued at approximately ¥3.5 trillion ($~490 billion) in 2024, is projected to grow steadily, reaching about ¥4.13 trillion ($~578 billion) by 2031. A key driver of this growth is the strong performance in international trade. In the first quarter of 2024, China's export volume of passenger elevators saw a notable 14% year-on-year increase, reaching 20,830 units. This surge underscores the vibrant demand in the global market.
Chinese elevator companies are actively expanding their international footprint by capturing opportunities in diverse geographical markets. The export data from Q1 2024 highlights strong demand from countries including Russia (1,623 units), Saudi Arabia (1,111 units), and Indonesia (957 units), alongside significant shipments to other emerging economies in Asia, the Middle East, and Latin America. Furthermore, strategic projects, such as Xizi Elevator's contract to provide vertical transportation solutions for the Mexico Monterrey International Airport, demonstrate the industry's capability to compete and win in major global infrastructure projects.
The industry's expansion is also being propelled by technological innovation and adaptation. Companies are increasingly focusing on smart and sustainable solutions, such as IoT-based predictive maintenance and energy-efficient systems, to meet evolving global standards and client expectations. For instance, Juli Elevator showcased its smart elevator technologies and customized solutions for the Southeast Asian market at a recent international expo, highlighting the sector's move towards intelligent and green products.
This booming sector is set to continue its growth trajectory, supported by ongoing urban development and the modernization of aging infrastructure worldwide, making the passenger elevator industry a dynamic and key player in global trade.