The global passenger elevator market is experiencing a significant demand surge, driven by a combination of **post-pandemic aviation recovery**, **infrastructure modernization**, and **rising urbanization** in emerging economies. This growth is reflected in both the new installation sector and the expanding after-service market, which is projected to be worth approximately **¥300 billion** in China alone.
A key growth driver is the **robust export performance** from manufacturing hubs. For example, Fujian Province in China reported a **34.6% year-on-year increase** in passenger elevator exports in the first five months of 2025, with ASEAN countries accounting for nearly half of these shipments. Companies like Guizhou Zhonghang Elevator have also secured new contracts in markets such as Egypt, supplying batches of elevators for urban complexes in Cairo.
Simultaneously, the industry is shifting from a focus on new installations to a **service-oriented model**. With over 11.5 million elevators in operation in China-including 900,000 units over 15 years old-maintenance, modernization, and replacement have become critical. The after-service market, including upgrades and digital maintenance solutions, is expected to constitute nearly half of the industry's value by 2025.
Innovations in **smart and sustainable technologies** are shaping the next generation of elevators. Features such as IoT-based predictive maintenance, energy recovery systems, and AI-powered crowd monitoring are enhancing both safety and efficiency. Brands like Otis are strengthening their global footprint through strategic acquisitions, such as the planned takeover of Schindler's South Korean operations.
This demand surge underscores a dynamic phase for the elevator industry, blending technological advancement with evolving service needs worldwide.