CHICAGO , Nov. 23, 2022 /PRNewswire/ -- According to Arizton's latest research report, the Philippines elevator and escalator market by new installations is expected to reach 3.4 thousand units by 2028 from 2.3 thousand units in 2021, growing at a CAGR of 5.36% during the forecast period (2022-2028). The elevators and escalators modernization market revenue are estimated to reach $300 million by 2028. The maintenance market was valued at $288.5 million in 2021 and is expected to grow exponentially. By 2028, it is anticipated that the installed base of elevators & escalators will reach 51K units in the Philippines .
The industry has strong expectations as tourism demand will lead to hotel construction, several logistics centers, and an increased commercial market in the Philippines . The expansion of the building sector in the Philippines is directly related to the increase in home elevators. Many households need to install these machines due to the development of private homes, particularly the significant increase in two- and three-story buildings.
The Philippines escalator market by the installed base is growing at a CAGR of 4%. Further, the parallel escalators accounted for the largest market share of around 33.7% in 2021 because of the high preference of people in the commercial sector. The Philippines has ongoing railway projects, the North-South Commuter Railway project (NSCR) and Malolos-Clark Railway Project (MCRP); therefore, many escalators must be installed to reduce congestion among travelers.
Philippines Elevator and Escalator Market Report Scope
Market Size by New Installations (2028)
Market Size by New Installations (2021)
Market Size by Installed Base (2028)
Market Segmentation by Carriage Type
2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
Commercial, Residential, Industrial, and Others
Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, Fujitec, Toshiba Elevator and Building Systems Corporation, Cibes Lift Group, HD Home lift solutions Corp, Dazen Elevator, and Kalea Lifts
Metro Manila, Cebu, and Davao
Rapid urbanization through internal migration and growth in the construction sector, increasing investment in real estate, and expansion of the building sector
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The City of Makati and a joint venture between Philippine Infradev and the Chinese companies Greenland Holdings Group, Jiangsu Provincial Construction Group, and China Harbor Engineering Company are working together on the USD 3.5 billion projects as a public-private partnership (PPP). The primary business district of Makati will be served by ten stations along the 10-kilometer route, which is anticipated to handle about 700,000 passengers daily. This project is expected to be finished by 2025.
The expansion of Cebu's coworking sector is strongly predicted, with the development of start-ups, solo planners, and BPO companies that need office space quickly to meet their business needs. An estimated 788 BPO firms are comprised of large and small businesses. This number is expected to increase as outsourcing firms play a crucial role and provide more employment opportunities to Filipinos.
The National AI Plan aims to make the nation a regional AI powerhouse. By 2030, AI's use can potentially boost the Philippine economy by USD 92 billion . The country will construct the government-initiated National Centre for AI Research (NCAIR), which the private sector will manage under the National AI roadmap.
Philippines Government To Focus On Increasing Revenue From Tourist Sector
Makati's existing hotel supply is 9,000 rooms, the second largest in Metro Manila, coming from 55 hotels. Metro Manila is set to add 7,000 hotel rooms over the next five years by following Developers such as Megaworld Corporation and Ayala LandInc. (ALI), Filinvest Land Inc. (FLI) and Double Dragon Properties are looking forward to expanding their presence in the Philippines .
To control the travel influx under the BBB program, the Department of Tourism and its attached agencies have completed 214 airport projects under the Duterte administration. A few completed airport projects include the Bicol International Airport, Butuan Airport, Catarman Airport, Siquijor Airport, the corporate building and second runway of the Mactan International Airport, and General Santos International Airport.
With the constant demand for accommodation and staycations, the construction in hospitality will be a driving factor for the escalator and elevator market in the Philippines .
Technological Advancement Impacting the Market:
Smart elevators connected to the Internet
Interactive Touch Panels are gaining popularity
Elevator manufacturers are building cable-free elevators that can move both vertically and horizontally.
Green elevators help lower energy usage and recover energy.
The report considers the present scenario of the Philippines elevator and escalator market and market dynamics for 2022−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of the Philippines elevator and escalator market.
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Key Vendors Profiled in the Report
Toshiba Elevator and Building Systems Corporation
HD Home lift solutions Corp
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Greece Elevator and Escalator - Market Size and Growth Forecast 2022-2028: The Greece elevator and escalator market was valued at 7.5 thousand units in 2021 and is expected to reach 9.2 thousand units by 2028. The Greece elevators market by the installed base is expected to reach 455,259 units by 2028. The Greece escalators market used in the commercial sector accounted for the largest share of around 35.7% in 2021, about urban development projects in the pipeline.
Turkey Elevator and Escalator - Market Size and Growth Forecast 2022-2028: Turkey's Elevator and escalator market was valued at 19.6 thousand units in 2021 and is expected to reach 21.5 thousand units by 2028. Growth in residential and office infrastructure investment to be long-term demand drivers for Elevator and Escalator Market in Turkey . The Turkey elevator market is expected to reach 644,930 units (installed base) by 2028. The Turkey escalators market is expected to grow at a CAGR of 1.34%.
France Elevator and Escalator - Market Size and Growth Forecast 2022-2027: France Elevator and Escalator market is expected to grow at a CAGR of over 3.9% from 2022 to 2028 and is expected to cross 34 thousand units by 2028 from 26 thousand units in 2021. France's elevators and escalators market is witnessing moderate growth as the increased migration of people from rural to urban regions has increased the need for escalators in multi-story structures and the public transportation sector. Furthermore, rising disposable income and an aging metropolitan population have fueled the market expansion.
UK Elevators and Escalators - Market Size & Forecast 2022-2028: UK Elevators and escalators market was valued at 9.3 thousand units in 2021 and is expected to reach 12.8 thousand units by 2028 at a CAGR of 4.7% during the forecast period (2022-2028). Growth in residential and office infrastructure investment will be A long-term demand driver for Escalator and Elevator Market.
1. Introduction 1.1. Market Scope 1.2. Market Snapshot of Elevators 1.3. Market Snapshot of Escalators 1.4. Executive Summary 2. Philippines Elevators Market 2.1. Future Outlook -Philippines Elevator Market By Volume 2.2. Philippines Elevator Market- By Segments 2.2.1. Philippines Elevators Market, By Volume 2.2.1.1. Philippines Escalators Market Size and Forecast, Volume (Units), 2019–2028 2.2.2. Philippines Elevators Market, By Type 2.2.2.1. Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2019–2028 2.2.2.2. Machine Room Traction, Market Size and Forecast, Volume (Units), 2019–2028 2.2.2.3. Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019–2028 2.2.2.4. Others, Market Size and Forecast, Volume (Units), 2019–2028 2.2.3. Philippines Elevators & Escalators Market by Carriage Type 2.2.3.1. Passenger, Market Size and Forecast, Volume (Units), 2019–2028 2.2.3.2. Freight, Market Size and Forecast, Volume (Units), 2019–2028 2.2.4. Philippines Elevators Market by Persons 2.2.4.1. 2-15 Persons, Market Size and Forecast, Volume (Units), 2019–2028 2.2.4.2. 16-24 Persons, Market Size and Forecast, Volume (Units), 2019–2028 2.2.4.3. 25-33 Persons, Market Size and Forecast, Volume (Units), 2019–2028 2.2.4.4. 34 Persons and Above, Market Size and Forecast, Volume (Units), 2019–2028 2.2.5. Philippines Elevators Market by End Users 2.2.5.1. Commercial, Market Size and Forecast, Volume (Units), 2019–2028 2.2.5.2. Residential, Market Size and Forecast, Volume (Units), 2019–2028 2.2.5.3. Industrial, Market Size and Forecast, Volume (Units), 2019–2028 2.2.5.4. Others, Market Size and Forecast, Volume (Units), 2019–2028 3. Philippines Escalators Market 3.1. Future Outlook - Philippines Escalators Market by Volume 3.2. Philippines Escalators Market- By Segments 3.2.1. Philippines Escalators Market, By Volume 3.2.1.1. Philippines Escalators Market Size and Forecast, Volume (Units), 2019–2028 3.2.2. Philippines Escalator Market by Type Parallel, Market Size and Forecast, Volume (Units) , 2019–2028 3.2.2.1. Multi-parallel, Market Size and Forecast, Volume (Units) , 2019–2028 3.2.2.2. Walkway, Market Size and Forecast, Volume (Units) , 2019–2028 3.2.2.3. Crisscross, Market Size and Forecast, Volume (Units) , 2019–2028 3.2.3. Philippines Escalator Market by End users 3.2.3.1. Commercial, Market Size and Forecast, Volume (Units), 2019–2028 3.2.3.2. Public Transit, Market Size and Forecast, Volume (Units), 2019–2028 3.2.3.3. Others, Market Size and Forecast, Volume (Units), 2019–2028 4. Philippines Elevators &Escalators Market, By service (Maintenance & Modernization) 5. Geographical Analysis 5.1. Key Economic divisions in Philippines 6. Market Dynamics 6.1. Market Drivers, Opportunities, Restraints, Trends 7. Technological Development 8. Competitive Landscape 8.1. Company Profile of major Vendors 8.2. Other Prominent vendors 9. Report Summary 9.1. List of Abbreviations 10. Appendix (Report Scope & Definition) 10.1. Research Methodology 10.2. Market Definition, Inclusion & Exclusion
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