Home » Building & Construction » Thailand Elevator Modernization Market

Thailand Elevator Modernization Market By Type (Traction System, Hydraulic System, Machine Room-Less (MRL) Elevators); By Application (Residential Buildings, Commercial Buildings, Industrial Buildings, Institutional Buildings); By Component (Control System, Door System, Cab Enclosure, Power Units, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Price: $2699

Published: | Report ID: 70366 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period  2019-2022
Base Year  2023
Forecast Period  2024-2032
Thailand Elevator Modernization Market Size 2023  USD 48.30 Million
Thailand Elevator Modernization Market, CAGR  13.05%
Thailand Elevator Modernization Market Size 2032  USD 128.85 Million

Market Overview

The Thailand Elevator Modernization Market is projected to grow from USD 48.30 million in 2023 to USD 128.85 million by 2032, registering a CAGR of 13.05% during the forecast period.

The Thailand elevator modernization market is driven by the rapid urbanization and infrastructure development in the country, leading to an increased demand for modernized and efficient elevator systems. The aging infrastructure of existing elevators, coupled with the growing focus on safety, energy efficiency, and environmental sustainability, further accelerates the need for modernization. Technological advancements such as smart elevators, IoT integration, and machine learning for predictive maintenance are also playing a significant role in driving market growth. Additionally, government regulations and policies focused on building safety and energy efficiency are contributing to the adoption of elevator modernization solutions. Trends such as the increasing use of eco-friendly materials and the demand for enhanced passenger experience are expected to continue shaping the market. As the demand for high-rise buildings and commercial spaces increases, elevator modernization becomes essential to meet the evolving needs of urban landscapes.

The Thailand elevator modernization market is characterized by regional growth driven by urbanization, infrastructure development, and rising demand for energy-efficient and safe elevator systems. Key players such as Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. are leading the market by offering innovative solutions tailored to the evolving needs of various regions. These companies play a crucial role in upgrading existing elevator systems, providing smart technologies, and meeting stringent safety standards. As regions like Bangkok, the Eastern Economic Corridor, Chiang Mai, and Southern Thailand continue to grow, these key players are capitalizing on the demand for modernization in both residential and commercial buildings. Their contributions are shaping the landscape of vertical transportation in Thailand, ensuring the sector remains competitive and sustainable.

Design Element 2

Access crucial information at unmatched prices!

Request your free sample report today & start making informed decisions powered by Credence Research!

Download Free Sample

CTA Design Element 3

Market Insights

  • The Thailand elevator modernization market is valued at USD 48.30 million in 2023 and is expected to grow to USD 128.85 million by 2032, at a CAGR of 13.05%.
  • Rapid urbanization and infrastructure development in Thailand are key drivers, particularly in major cities like Bangkok and the Eastern Economic Corridor.
  • Technological advancements, including smart elevators and energy-efficient systems, are shaping modernization trends.
  • Increased focus on sustainability and energy efficiency is encouraging building owners to invest in modernization.
  • The market faces challenges, including high initial investment costs and the complexity of integrating modern systems with older infrastructure.
  • Regional growth is led by Bangkok, with significant opportunities in the Eastern Economic Corridor and Chiang Mai due to urban development.
  • Major players like Mitsubishi Electric, Fujitec, and KONE dominate the market, focusing on safety, efficiency, and innovation to stay competitive.

Market Drivers

Rapid Urbanization and Infrastructure Development

Thailand’s ongoing urbanization and infrastructure development are key drivers of the elevator modernization market. The country’s expansion, particularly in major cities like Bangkok, has led to an increased demand for high-rise residential and commercial buildings. As more tall structures are being built, the need for efficient and modernized elevator systems becomes crucial to ensure smooth and safe transportation within these buildings. For instance, Hitachi Elevator (Thailand) Co., Ltd. has introduced smart building solutions that integrate physical security systems and digital services, leveraging the Lumada IoT Platform to enhance building value. This demand for vertical mobility in urban areas has been instrumental in boosting the modernization of older elevator systems to align with contemporary architectural standards.

Aging Elevator Infrastructure

A significant portion of Thailand’s elevator systems are outdated, with many installations operating beyond their expected service life. These aging systems pose safety and operational challenges, requiring frequent repairs and leading to inefficiencies. Modernizing these elevators not only enhances safety but also improves energy efficiency and reduces maintenance costs. The growing awareness of the need to upgrade these aging infrastructures is a critical driver for the elevator modernization market in Thailand.

Technological Advancements and Innovation

The continuous evolution of elevator technology is another important factor propelling the market forward. Innovations such as smart elevators, IoT connectivity, and predictive maintenance tools are reshaping the industry. For instance, KONE’s UltraRope® technology, which is now available in Thailand, reduces elevator energy consumption by up to 60% and allows for travel heights of up to 1,000 meters. These technologies enable real-time monitoring, improved energy efficiency, and reduced downtime, making modernization an attractive option for building owners. The integration of advanced features like touchless controls and enhanced user interfaces further contributes to the appeal of modernized elevators, ensuring better passenger experiences and operational efficiency.

Government Regulations and Safety Standards

Government regulations in Thailand related to building safety and energy efficiency are also fueling the growth of the elevator modernization market. Stricter codes for elevator performance, alongside sustainability goals, are encouraging building owners and managers to invest in upgrading their systems. These regulations emphasize the need for safer, more energy-efficient elevators that comply with both national standards and global best practices, ensuring long-term sustainability and reducing operational risks for building owners.

Market Trends

Integration of Safety and Security Features

Safety continues to be a critical aspect of elevator modernization trends in Thailand. Modernized elevators are being equipped with advanced safety features such as emergency communication systems, real-time monitoring, and automated fault detection. For instance, the Thai Lift Safety Code 03-20219-10307 (EN81-20) mandates the inclusion of seismic sensors and emergency communication systems in all modernized elevators. With stringent building codes and regulations focused on occupant safety, elevators are being upgraded to meet these standards. Enhanced security measures, including surveillance cameras and biometric access control systems, are also becoming standard features, ensuring both safety and security for building occupants. This trend aligns with the growing focus on creating safer, more secure urban spaces.

Shift Towards Smart and Connected Elevators

A notable trend in the Thailand elevator modernization market is the increasing adoption of smart elevator systems. These elevators integrate advanced technologies such as IoT and AI, allowing for real-time data collection, predictive maintenance, and remote monitoring. For instance, Otis’ Gen3™ elevators, launched in Thailand, incorporate flat-belt technology for energy-efficient operation and a smooth, quiet ride. Building owners and operators are increasingly investing in smart elevators to enhance user experience, improve operational efficiency, and reduce downtime. The ability to monitor elevator performance remotely and anticipate maintenance needs is becoming a key selling point for modernization projects, ensuring both cost savings and improved service reliability.

Focus on Energy Efficiency and Sustainability

With a growing emphasis on sustainability, energy-efficient elevator systems are gaining traction in Thailand’s elevator modernization market. Modernized elevators with energy-saving technologies, such as regenerative drives and LED lighting, reduce energy consumption and operating costs. These energy-efficient solutions also help buildings meet environmental standards and regulations, contributing to the broader trend of green building initiatives. As environmental consciousness rises, building owners are prioritizing elevator upgrades that offer long-term cost savings while minimizing their carbon footprint.

Enhanced Passenger Experience and Accessibility

The demand for improved passenger experience is another key trend driving elevator modernization in Thailand. Modernized elevators offer enhanced features such as touchless controls, smoother rides, and improved accessibility for individuals with disabilities. In response to evolving consumer expectations, elevator systems are being upgraded to provide greater comfort and convenience. Additionally, the focus on aesthetic design and user-friendly interfaces is gaining momentum as building owners aim to create a more enjoyable and inclusive environment for tenants and visitors.

Market Challenges Analysis

High Initial Investment Costs

One of the primary challenges in the Thailand elevator modernization market is the high initial cost of upgrading outdated elevator systems. While modernization offers long-term benefits such as energy savings, reduced maintenance costs, and improved safety, the upfront investment required for installing advanced technologies can be significant. For instance, KONE’s modernization solutions, which include the installation of regenerative drives and energy-efficient motors, can reduce energy consumption by up to 70%, but the initial costs can be substantial. Many building owners are reluctant to invest in modernization due to budget constraints or concerns about the return on investment (ROI). This challenge is particularly prevalent in older buildings where the cost of modernization may exceed expectations, making it a barrier for smaller building owners or those with limited financial resources.

Complexity of Integration and Downtime During Modernization

Another challenge facing the elevator modernization market in Thailand is the complexity involved in integrating new systems with existing infrastructure. The process of upgrading elevators in older buildings often requires significant modifications, which can result in extended downtime. This downtime can disrupt the daily operations of commercial and residential buildings, leading to tenant dissatisfaction and financial losses for building owners. Additionally, coordinating the modernization process with minimal disruption to the building’s occupants can be challenging, particularly in high-traffic areas. The need for specialized expertise and careful planning adds to the complexity of the modernization process, further complicating its adoption in some cases.

Market Opportunities

The Thailand elevator modernization market presents significant opportunities due to the country’s growing urbanization and expansion of high-rise buildings. As more skyscrapers and commercial spaces are constructed, the need for modern, efficient, and safe elevator systems increases. Building owners and operators are recognizing the long-term benefits of upgrading older elevator systems to meet the demands of modern infrastructure. This provides a key opportunity for elevator modernization providers to offer tailored solutions that enhance safety, reduce energy consumption, and improve the overall passenger experience. Additionally, as urban areas continue to expand, there will be a higher demand for vertical transportation systems that can accommodate the growing population and workforce, further driving the market’s potential.

Another notable opportunity lies in the increasing focus on sustainability and energy efficiency. With stricter environmental regulations and a global push toward green building initiatives, there is an opportunity for elevator modernization companies to offer eco-friendly solutions. Elevators equipped with energy-efficient technologies, such as regenerative drives and LED lighting, align with sustainability goals and help building owners reduce operating costs. The integration of smart technologies, such as IoT and AI, further enhances the potential for predictive maintenance and real-time monitoring, creating a more efficient and environmentally friendly system. As building owners and developers prioritize sustainability, modernization projects that incorporate these innovations will be in high demand, positioning the market for substantial growth in the coming years.

Market Segmentation Analysis:

By Type:

The Thailand elevator modernization market is segmented by elevator type, including traction systems, hydraulic systems, and machine room-less (MRL) elevators. Traction systems dominate the market due to their widespread use in high-rise buildings, offering efficiency, speed, and smooth performance. These systems are preferred for modernization projects because they allow for energy-saving upgrades, improved safety features, and better load capacity. Hydraulic systems, though less common in high-rise structures, remain relevant in mid-rise buildings. Their low initial cost and reliability make them suitable for modernization in residential and smaller commercial buildings. Machine Room-Less (MRL) elevators are gaining traction as an increasingly popular option due to their space-saving design and energy efficiency. MRL systems offer modern solutions for both residential and commercial applications, making them ideal for building owners who wish to optimize space without sacrificing performance.

By Application:

In terms of application, the market is segmented into residential buildings, commercial buildings, industrial buildings, and institutional buildings. Residential buildings, with their rapid urbanization, represent a significant portion of the elevator modernization market as older systems require upgrades to ensure safety and efficiency. Commercial buildings, which often have high traffic, require elevators that can manage large volumes of users, creating demand for modernized, high-performance systems. Industrial buildings also require robust elevator systems for heavy-duty use, presenting opportunities for tailored modernization solutions. Institutional buildings, including hospitals and schools, need elevators that comply with accessibility standards and enhance user experience. Each of these sectors has specific demands, driving the need for customized modernization solutions that meet safety, operational, and regulatory requirements.

Segments:

Based on Type:

  • Traction System
  • Hydraulic System
  • Machine Room-Less (MRL) Elevators

Based on Application:

  • Residential Buildings
  • Commercial Buildings
  • Industrial Buildings
  • Institutional Buildings

Based on Component:

  • Control System
  • Door System
  • Cab Enclosure
  • Power Units
  • Others

Based on the Geography:

  • Bangkok
  • Eastern Economic Corridor (EEC)
  • Chiang Mai
  • Southern Thailand

Regional Analysis

Bangkok

Bangkok, the capital city and economic hub of Thailand, holds the largest market share in the elevator modernization industry. This region is home to a significant portion of the country’s high-rise buildings, including commercial, residential, and mixed-use skyscrapers. As the most urbanized city in Thailand, Bangkok is experiencing rapid infrastructure development and renovation, leading to an increased demand for modernized elevator systems. With a market share of approximately 45%, Bangkok remains the focal point for elevator modernization projects. The city’s high population density and concentration of commercial spaces require reliable and efficient vertical transportation systems, prompting building owners to invest in upgrading outdated elevator systems to meet modern standards of safety, efficiency, and environmental sustainability.

Eastern Economic Corridor (EEC)

The Eastern Economic Corridor (EEC), which encompasses Chonburi, Rayong, and Chachoengsao, is a rapidly developing industrial and economic zone in Thailand. The EEC is expected to experience significant growth in the elevator modernization market, with a projected market share of around 30%. As the government pushes for large-scale industrial and infrastructural projects in this region, there is a rising demand for modernization of elevator systems in commercial and industrial buildings. The EEC’s focus on attracting foreign investment, coupled with its growing population and development of smart cities, makes it a key market for modernization. The region’s expanding real estate sector, including office buildings, industrial parks, and residential complexes, is further driving the demand for efficient and modernized elevator systems that meet international safety and energy standards.

Chiang Mai

Chiang Mai, located in northern Thailand, holds a smaller but growing share of the elevator modernization market, approximately 15%. The city, known for its cultural heritage and growing tourism industry, is experiencing an uptick in urban development, particularly in the hospitality and residential sectors. As new construction projects emerge and older buildings undergo renovations, the demand for elevator modernization is increasing. Chiang Mai’s expanding real estate market, especially in the tourism and residential sectors, is driving the need for modern elevator solutions that offer greater energy efficiency, enhanced safety features, and improved user experience. While not as large as Bangkok or the EEC, Chiang Mai presents significant opportunities for modernization as the region continues to grow and develop.

Southern Thailand

Southern Thailand, encompassing provinces like Phuket, Krabi, and Surat Thani, has a market share of approximately 10% in the elevator modernization industry. This region is popular for its tourism industry, which includes resorts, hotels, and commercial properties that require modern elevator systems to cater to a growing number of visitors. As the region continues to attract investments in tourism-related infrastructure, there is a notable rise in the demand for elevator modernization in both residential and commercial buildings. The increasing number of high-rise hotels, resorts, and mixed-use developments is contributing to the need for upgraded elevator systems. Although Southern Thailand holds a smaller market share compared to Bangkok and the EEC, the region’s steady economic growth and rising infrastructure investments make it a valuable market for modernization efforts in the coming years.

Key Player Analysis

  • Mitsubishi Electric Corporation
  • Fujitec Co., Ltd.
  • Hitachi Elevator Engineering Company
  • Toshiba Elevator and Building Systems Corporation
  • KONE Corporation
  • Otis Elevator Company
  • Schindler Group
  • Thyssenkrupp AG
  • SJEC Corporation
  • Canny Elevator Co., Ltd.

Competitive Analysis

The Thailand elevator modernization market is highly competitive, with leading players like Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. Leading players differentiate themselves by providing innovative technologies, such as IoT-enabled smart elevators, which offer enhanced energy management, predictive maintenance, and real-time monitoring. Companies are also focusing on modernizing older elevator systems to ensure they meet current safety, performance, and energy efficiency standards. To stay competitive, market leaders are continuously expanding their service offerings, focusing on sustainability, and adopting environmentally friendly solutions, such as regenerative drives and LED lighting. For instance, Schindler’s modernization process involves precise fitting of new components into existing systems, which can be complex and time-consuming but ensures minimal disruption and enhanced performance. Additionally, the growing demand for machine room-less elevators, which optimize space and enhance energy efficiency, is shaping the market’s direction. Companies are also enhancing their maintenance services, offering tailored solutions to address specific needs across various sectors, including residential, commercial, and industrial buildings. This strategic focus on innovation, energy efficiency, and customer-specific solutions helps companies maintain a strong foothold in Thailand’s rapidly evolving elevator modernization market.

Recent Developments

  • In December 2024, Fujitec Indonesia successfully delivered 19 modernized elevators to the iconic Wisma 46office building in Jakarta. This modernization includes the introduction of the EZSHUTTLE destination dispatch system, which automates elevator assignments based on passenger destinations, improving operational efficiency.
  • In October 2024, Otis Elevator announced its involvement in the modernization of elevators at the Eiffel Towerin Paris, enhancing the duolift™ elevators that serve millions of visitors annually. Additionally, they are set to begin modernization work at the Burj Khalifa in Dubai, which will include a 10-year maintenance and upgrading contract for 34 elevators.
  • In September 2024, KONE Corporation unveiled its ambitious strategy called “Rise” for 2025-2030, which emphasizes driving modernization to unlock growth opportunities and enhance customer experiences. This strategy includes a focus on digital transformation and sustainability initiatives.
  • In September 2024, Thyssenkrupp AG (TK Elevator) was awarded a contract to modernize escalators for the Cologne subway system in Germany. The project includes installing 23 victoria-type escalators equipped with MAX Smart Maintenance technology, which aims to reduce maintenance efforts and enhance operational efficiency.

Market Concentration & Characteristics

The Thailand elevator modernization market is characterized by moderate concentration, with a few key players holding a significant share while several smaller companies cater to niche segments. The market is highly competitive, driven by the demand for advanced elevator solutions that offer improved energy efficiency, safety, and user experience. Major players in the market focus on innovation, offering cutting-edge technologies such as IoT-enabled systems, regenerative drives, and smart elevators that enable real-time monitoring and predictive maintenance. These technologies not only enhance the operational efficiency of elevators but also align with the growing emphasis on sustainability in the construction industry. In terms of characteristics, the market is heavily influenced by the rapid urbanization of major cities such as Bangkok and the expansion of the Eastern Economic Corridor (EEC). There is also an increasing demand for modernization in residential, commercial, and industrial buildings, as well as a rising focus on compliance with stringent safety regulations. Companies in the market aim to offer tailored solutions that address specific needs, with a focus on energy savings, reduced downtime, and minimal disruption during the modernization process. As a result, the market is experiencing steady growth, driven by both technological advancements and the need for upgrading outdated elevator systems in older buildings.

Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!

Report Coverage

The research report offers an in-depth analysis based on Type, Application, Component and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. The Thailand elevator modernization market is expected to grow significantly, driven by the increasing demand for energy-efficient and safe elevator systems.
  2. Technological advancements, such as smart elevators and IoT-enabled systems, will play a major role in shaping the future of elevator modernization.
  3. There will be a growing focus on sustainability, with more emphasis on regenerative drives and energy-saving solutions to reduce carbon footprints.
  4. The demand for machine room-less (MRL) elevators will rise due to their space-saving design and energy efficiency.
  5. The increasing urbanization of cities like Bangkok and the expansion of the Eastern Economic Corridor will drive the need for modernization in high-rise buildings.
  6. Building owners will increasingly prioritize elevator systems that comply with global safety standards and improve passenger experience.
  7. The market will see greater adoption of predictive maintenance technologies to minimize downtime and optimize elevator performance.
  8. Rising infrastructure investments in residential, commercial, and industrial buildings will contribute to the modernization demand.
  9. The introduction of government incentives and regulations supporting energy-efficient upgrades will further boost market growth.
  10. Competitive pressure will push companies to innovate and offer customized modernization solutions to meet the diverse needs of different building types.

CHAPTER NO. 1 : INTRODUCTION 19
1.1.1. Report Description 19
Purpose of the Report 19
USP & Key Offerings 19
1.1.2. Key Benefits for Stakeholders 19
1.1.3. Target Audience 20
1.1.4. Report Scope 20
CHAPTER NO. 2 : EXECUTIVE SUMMARY 21
2.1. Elevator Modernization Market Snapshot 21
2.1.1. Thailand Elevator Modernization Market, 2018 – 2032 (USD Million) 22
CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 23
3.1. Russia-Ukraine and Israel-Palestine War Impacts 23
CHAPTER NO. 4 : ELEVATOR MODERNIZATION MARKET – INDUSTRY ANALYSIS 24
4.1. Introduction 24
4.2. Market Drivers 25
4.2.1. Increasing urbanization and aging building infrastructure 25
4.2.2. Growing focus on energy efficiency and sustainability in building operations 26
4.3. Market Restraints 27
4.3.1. High initial investment cost for modernization projects 27
4.4. Market Opportunities 28
4.4.1. Integration of IoT and AI in elevator modernization systems 28
4.5. Porter’s Five Forces Analysis 29
4.6. Buying Criteria 30
CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 31
5.1. Import Analysis by Thailand 31
5.1.1. Thailand Elevator Modernization Market Import Volume/Revenue, By Thailand, 2018 – 2023 31
5.2. Export Analysis by Thailand 32
5.2.1. Thailand Elevator Modernization Market Export Volume/Revenue, By Thailand, 2018 – 2023 32
CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33
6.1. Demand Analysis by Thailand 33
6.1.1. Thailand Elevator Modernization Market Demand Volume/Revenue, By Thailand, 2018 – 2023 33
6.2. Supply Analysis by Thailand 34
6.2.1. Thailand Elevator Modernization Market Supply Volume/Revenue, By Thailand, 2018 – 2023 34
CHAPTER NO. 7 : PRODUCTION ANALYSIS 35
7.1. Production Analysis by Thailand 35
7.1.1. Thailand Elevator Modernization Market Production Volume/Revenue, By Thailand, 2018 – 2023 35
CHAPTER NO. 8 : PRICE ANALYSIS 36
8.1. Price Analysis by Type 36
8.1.1. Thailand Elevator Modernization Market Price, By Type, 2018 – 2023 36
8.1.2. Thailand Type Market Price, By Type, 2018 – 2023 36
CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 37
9.1. Key Raw Materials and Suppliers 37
9.2. Key Raw Materials Price Trend 37
CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 38
10.1. Manufacturing Cost Analysis 38
10.2. Manufacturing Process 38
CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 39
11.1. Company Market Share Analysis – 2023 39
11.2. Value Chain Analysis 39
11.2.1. Thailand Elevator Modernization Market: Company Market Share, by Volume, 2023 40
11.2.2. Thailand Elevator Modernization Market: Company Market Share, by Revenue, 2023 41
11.2.3. Thailand Elevator Modernization Market: Top 6 Company Market Share, by Revenue, 2023 41
11.2.4. Thailand Elevator Modernization Market: Top 3 Company Market Share, by Revenue, 2023 42
11.3. Thailand Elevator Modernization Market Company Volume Market Share, 2023 43
11.4. Thailand Elevator Modernization Market Company Revenue Market Share, 2023 44
11.5. Company Assessment Metrics, 2023 44
11.5.1. Stars 44
11.5.2. Emerging Leaders 44
11.5.3. Pervasive Players 44
11.5.4. Participants 44
11.6. Start-ups /SMEs Assessment Metrics, 2023 44
11.6.1. Progressive Companies 44
11.6.2. Responsive Companies 45
11.6.3. Dynamic Companies 45
11.6.4. Starting Blocks 45
11.7. Strategic Developments 46
11.7.1. Acquisitions & Mergers 46
New Product Launch 46
Thailand Expansion 46
11.8. Key Players Product Matrix 47
CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 48
12.1. PESTEL 48
12.1.1. Political Factors 48
12.1.2. Economic Factors 48
12.1.3. Social Factors 48
12.1.4. Technological Factors 48
12.1.5. Environmental Factors 48
12.1.6. Legal Factors 48
12.2. Adjacent Market Analysis 48
CHAPTER NO. 13 : ELEVATOR MODERNIZATION MARKET – BY TYPE SEGMENT ANALYSIS 49
13.1. Elevator Modernization Market Overview, by Type Segment 49
13.1.1. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 50
13.1.2. Elevator Modernization Market Attractiveness Analysis, By Type 51
13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 51
13.1.4. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 52
13.2. Traction System 53
13.3. Hydraulic System 54
13.4. Machine Room-Less (MRL) Elevators 55
CHAPTER NO. 14 : ELEVATOR MODERNIZATION MARKET – BY APPLICATION SEGMENT ANALYSIS 56
14.1. Elevator Modernization Market Overview, by Application Segment 56
14.1.1. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 57
14.1.2. Elevator Modernization Market Attractiveness Analysis, By Application 58
14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 58
14.1.4. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 59
14.2. Residential Buildings 60
14.3. Commercial Buildings 61
14.4. Industrial Buildings 62
14.5. Institutional Buildings 63
CHAPTER NO. 15 : ELEVATOR MODERNIZATION MARKET – BY COMPONENT SEGMENT ANALYSIS 64
15.1. Elevator Modernization Market Overview, by Component Segment 64
15.1.1. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 65
15.1.2. Elevator Modernization Market Attractiveness Analysis, By Component 66
15.1.3. Incremental Revenue Growth Opportunity, by Component, 2024 – 2032 66
15.1.4. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 67
15.2. Control System 68
15.3. Door System 69
15.4. Cab Enclosure 70
15.5. Power Units 71
15.6. Others 72
CHAPTER NO. 16 : ELEVATOR MODERNIZATION MARKET – THAILAND ANALYSIS 73
16.1. Type 73
16.1.1. Thailand Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73
16.2. Thailand Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73
16.3. Application 74
16.3.1. Thailand Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74
16.3.2. Thailand Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74
16.4. Component 75
16.4.1. Thailand Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75
16.4.2. Thailand Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75
CHAPTER NO. 17 : COMPANY PROFILES 76
17.1. Mitsubishi Electric Corporation 76
17.1.1. Company Overview 76
17.1.2. Product Portfolio 76
17.1.3. Swot Analysis 76
17.1.4. Business Strategy 77
17.1.5. Financial Overview 77
17.2. Fujitec Co., Ltd. 78
17.3. Hitachi Elevator Engineering Company 78
17.4. Toshiba Elevator and Building Systems Corporation 78
17.5. KONE Corporation 78
17.6. Otis Elevator Company 78
17.7. Schindler Group 78
17.8. Thyssenkrupp AG 78
17.9. SJEC Corporation 78
17.10. Canny Elevator Co., Ltd. 78

List of Figures
FIG NO. 1. Thailand Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 22
FIG NO. 2. Porter’s Five Forces Analysis for Thailand Elevator Modernization Market 29
FIG NO. 3. Thailand Elevator Modernization Market Import Volume/Revenue, By Thailand, 2018 – 2023 31
FIG NO. 4. Thailand Elevator Modernization Market Export Volume/Revenue, By Thailand, 2018 – 2023 32
FIG NO. 5. Thailand Elevator Modernization Market Demand Volume/Revenue, By Thailand, 2018 – 2023 33
FIG NO. 6. Thailand Elevator Modernization Market Supply Volume/Revenue, By Thailand, 2018 – 2023 34
FIG NO. 7. Thailand Elevator Modernization Market Production Volume/Revenue, By Thailand, 2018 – 2023 35
FIG NO. 8. Thailand Elevator Modernization Market Price, By Type, 2018 – 2023 36
FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 37
FIG NO. 10. Manufacturing Cost Analysis 38
FIG NO. 11. Manufacturing Process 38
FIG NO. 12. Value Chain Analysis for Thailand Elevator Modernization Market 39
FIG NO. 13. Company Share Analysis, 2023 40
FIG NO. 14. Company Share Analysis, 2023 41
FIG NO. 15. Company Share Analysis, 2023 41
FIG NO. 16. Company Share Analysis, 2023 42
FIG NO. 17. Elevator Modernization Market – Company Volume Market Share, 2023 43
FIG NO. 18. Elevator Modernization Market – Company Revenue Market Share, 2023 44
FIG NO. 19. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 50
FIG NO. 20. Market Attractiveness Analysis, By Type 51
FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 51
FIG NO. 22. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 52
FIG NO. 23. Thailand Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 53
FIG NO. 24. Thailand Elevator Modernization Market for Hydraulic System, Revenue (USD Million) 2018 – 2032 54
FIG NO. 25. Thailand Elevator Modernization Market for Machine Room-Less (MRL) Elevators, Revenue (USD Million) 2018 – 2032 55
FIG NO. 26. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 57
FIG NO. 27. Market Attractiveness Analysis, By Application 58
FIG NO. 28. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 58
FIG NO. 29. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 59
FIG NO. 30. Thailand Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 60
FIG NO. 31. Thailand Elevator Modernization Market for Commercial Buildings, Revenue (USD Million) 2018 – 2032 61
FIG NO. 32. Thailand Elevator Modernization Market for Industrial Buildings, Revenue (USD Million) 2018 – 2032 62
FIG NO. 33. Thailand Elevator Modernization Market for Institutional Buildings, Revenue (USD Million) 2018 – 2032 63
FIG NO. 34. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 65
FIG NO. 35. Market Attractiveness Analysis, By Component 66
FIG NO. 36. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 66
FIG NO. 37. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 67
FIG NO. 38. Thailand Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 68
FIG NO. 39. Thailand Elevator Modernization Market for Door System, Revenue (USD Million) 2018 – 2032 69
FIG NO. 40. Thailand Elevator Modernization Market for Cab Enclosure, Revenue (USD Million) 2018 – 2032 70
FIG NO. 41. Thailand Elevator Modernization Market for Power Units, Revenue (USD Million) 2018 – 2032 71
FIG NO. 42. Thailand Elevator Modernization Market for Others, Revenue (USD Million) 2018 – 2032 72

List of Tables
TABLE NO. 1. : Thailand Elevator Modernization Market: Snapshot 21
TABLE NO. 2. : Drivers for the Elevator Modernization Market: Impact Analysis 25
TABLE NO. 3. : Restraints for the Elevator Modernization Market: Impact Analysis 27
TABLE NO. 4. : Thailand Elevator Modernization Market Revenue, By Type, 2018 – 2023 36
TABLE NO. 5. : Key Raw Materials & Suppliers 37
TABLE NO. 6. : Thailand Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73
TABLE NO. 7. : Thailand Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73
TABLE NO. 8. : Thailand Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74
TABLE NO. 9. : Thailand Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74
TABLE NO. 10. : Thailand Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75
TABLE NO. 11. : Thailand Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75

Frequently Asked Questions:

What is the current size of the Thailand Elevator Modernization Market?

The Thailand elevator modernization market is valued at USD 48.30 million in 2023 and is projected to grow to USD 128.85 million by 2032, registering a CAGR of 13.05% during the forecast period.

What factors are driving the growth of the Thailand Elevator Modernization Market?

The market growth is driven by rapid urbanization, infrastructure development, and the increasing demand for energy-efficient and safe elevator systems. Other key factors include aging elevator infrastructure, government regulations focused on safety and sustainability, and technological advancements like IoT-enabled systems and predictive maintenance solutions.

What are the key segments within the Thailand Elevator Modernization Market?

The market is segmented by type (traction systems, hydraulic systems, and machine room-less elevators), application (residential, commercial, industrial, and institutional buildings), and components (control systems, door systems, cab enclosures, power units, and others). Geographically, the key regions include Bangkok, the Eastern Economic Corridor, Chiang Mai, and Southern Thailand.

What are some challenges faced by the Thailand Elevator Modernization Market?

Key challenges include high initial investment costs for upgrading older elevator systems and the complexity of integrating modern technologies with existing infrastructure. Additionally, downtime during modernization processes can disrupt building operations, leading to tenant dissatisfaction and logistical challenges for building owners.

Who are the major players in the Thailand Elevator Modernization Market?

Major players in the market include Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. These companies focus on innovation, safety, and energy efficiency to meet the evolving needs of the market.

Thailand Grid Modernization Market

Published:
Report ID: 74983

Thailand Industry Vertical Modernization Services Market

Published:
Report ID: 72444

Thailand Military Aircraft Modernization Market

Published:
Report ID: 71351

Thailand Medical Gas and Equipment Market

Published:
Report ID: 70369

Thailand Peripheral Vascular Devices Market

Published:
Report ID: 68812

Thailand Peritoneal Dialysis Market

Published:
Report ID: 67377

Thailand Water Pump Market

Published:
Report ID: 66898

Thailand Mainframe Modernization Services Market

Published:
Report ID: 66756

Thailand Data Center Market

Published:
Report ID: 61908

Russia Interior Fit Out Market

Published:
Report ID: 74973

Poland Interior Design Market

Published:
Report ID: 74693

UK Interior Design Market

Published:
Report ID: 74681

U.S. Interior Design Market

Published:
Report ID: 74675

Switzerland Interior Design Market

Published:
Report ID: 74671

Sweden Interior Design Market

Published:
Report ID: 74665

South Korea Interior Design Market

Published:
Report ID: 74659

Russia Interior Design Market

Published:
Report ID: 74651

South Africa Interior Design Market

Published:
Report ID: 74620

France Interior Design Market

Published:
Report ID: 73855

Denmark Interior Design Market

Published:
Report ID: 73849

Canada Interior Design Market

Published:
Report ID: 73839

Purchase Options

The report comes as a view-only PDF document, optimized for individual clients. This version is recommended for personal digital use and does not allow printing.
$2699

To meet the needs of modern corporate teams, our report comes in two formats: a printable PDF and a data-rich Excel sheet. This package is optimized for internal analysis and multi-location access, making it an excellent choice for organizations with distributed workforce.
$3699

The report will be delivered in printable PDF format along with the report’s data Excel sheet. This license offers 100 Free Analyst hours where the client can utilize Credence Research Inc.’s research team. It is highly recommended for organizations seeking to execute short, customized research projects related to the scope of the purchased report.
$5699

Smallform of Sample request

Have a question?

User Profile

Don’t settle for less – trust Mitul to help you find the best solution.

Report delivery within 24 to 48 hours

– Other Info –

What people say?-

User Review

I am very impressed with the information in this report. The author clearly did their research when they came up with this product and it has already given me a lot of ideas.

Jana Schmidt
CEDAR CX Technologies

– Connect with us –

Phone

+91 6232 49 3207


support

24/7 Research Support


sales@credenceresearch.com

– Research Methodology –

Going beyond the basics: advanced techniques in research methodology

– Trusted By –

Pepshi, LG, Nestle
Motorola, Honeywell, Johnson and johnson
LG Chem, SIEMENS, Pfizer
Unilever, Samsonite, QIAGEN