Thai Elevator and Escalator Market: Size and Growth Forecast 2024-2029, with key players KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, and Fujitec.

March 25, 2024, Dublin (GLOBE NEWSWIRE) - The report titled "Thailand Elevator and Escalator Market - Size and Growth Forecast 2024-2029" has been added to ResearchAndMarkets.com's offering. The Thailand elevator and escalator market by new installations was 8.1 thousand units in 2023 and is expected to grow at a CAGR of 3.81% from 2023 to 2029 to reach 10.25 thousand units in 2029. The major players in the elevator and escalator market in Thailand are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler and Fujitec. The top two suppliers including Hitachi and Mitsubishi hold 52% of the market share in Thailand.

MAIN POINTS

In October 2023, Fédération Internationale de Football Association (FIFA) selected Thailand to host the FIFA 2024 Congress to be held in May 2024. This opportunity promotes the representation of Thailand and leads to various investment opportunities.

The residential market on Phuket Island is set to benefit from its growth as a coastal tourist destination. The city's potential as an attractive global destination has recently earned it a place on Time magazine's "World's Most Magnificent Places 2023" list. It falls under the government's leadership in developing tourism infrastructure for future expansion, including land, water, air and rail transportation systems. This comprehensive plan includes Phuket Airport Phase 2, the Katu Patong Expressway, the Muang Mai-Ko Kaew Highway and the Phuket Light Rail. The plan will contribute to the expansion of the elevator and escalator market in Thailand during the forecast period.

Companies choosing to invest in the Eastern Economic Corridor (EEC) will receive a work permit with an accompanying 10-year visa. In addition, participants in this program will pay a flat income tax of 17%, creating an attractive and conducive environment for foreign companies. Indian tourists have now been granted visa-free entry for up to 30 days and companies investing in the EEC can now obtain a 10-year investor visa. These initiatives are expected to contribute significantly to Thailand's economic recovery and long-term growth, strengthening its position as a leading destination for tourism and investment in Southeast Asia.

The Real Estate Information Center (REIC) reported that the number of foreign apartment ownership transactions in Thailand increased markedly in the first half of 2023. The data indicated a 65.6% year-on-year increase in the number of units transferred, resulting in a total value of 35,211 million baht in apartment property transfers.

According to the Thai Department of Occupational Safety and Health (DOSH), 806 unsafe escalators were found in shopping centers and public places in 2017. A safety campaign (Safe Escalator Campaign) was launched to replace or repair escalators. This campaign contributes to the growth of the elevator and escalator market in Thailand.

Sustainable construction practices to increase demand for installing elevators in residential buildings The Real Estate Information Center (REIC) reported that the number of foreign apartment ownership transactions in Thailand increased markedly in the first half of 2023.

A second Kimpton hotel in Thailand will be relaunched through a partnership between Asset World Corp Public Company and IHG Hotels and Resorts. Kimpton Pattaya will consist of 193 rooms and is scheduled to open in 2028. It will be located in Pattaya and is expected to contribute to the expansion of the elevator and escalator market in Thailand.

A study by Kasikorn Bank, one of Thailand's leading financial institutions, shows that by 2029, Thailand will be categorized as a super aging society, with more than 20% of the population over 65 years old. This demographic shift could pose challenges for infrastructure, including passenger elevators, requiring changes to meet the needs of the elderly.

Investment by foreign companies in Thailand will boost new installations in the elevator and escalator market in Thailand. Radisson Hotel Group plans to expand its portfolio to include 100 additional hotels and resorts in the country by 2025. This strategic expansion in Thailand is a key element of the group's broader plan to transform the current collection of 400 properties into an impressive 2,000 hotels and resorts through operations and development by 2025. The Radisson Hotel Group currently operates six properties in Thailand, with four hotels already in operation in Bangkok and two more under construction in Phuket and Pattaya.

The Thai government is planning to create a smart city in Chonburi province. On July 11, 2022, a plan to create a modern metropolis at a cost of about US$37 billion near Bangkok was approved. The smart city is planned to be built about 160 kilometers southeast of Bangkok, in the Huay Yai sub-district of Chonburi province, near an industrial zone.

Imax is expanding its partnership with Major Cineplex and plans to install up to ten new Imax laser systems in Thailand. The agreement includes five new systems (two confirmed and three preliminary) in various market regions and the upgrade of four key locations by 2025. The locations are in Bangkok, Nonthaburi, and Chiang Mai, including one upgraded location in Cambodia.

KEY PLAYERS IN THE MARKET

Mitsubishi Electric, Schindler, TK Elevator, KONE, Hitachi, Otis, Hyundai Elevator, Fujitec, Toshiba Elevator and Building Systems Corporation, Stannah Lifts Holdings Ltd, OMC Elevator, Kalea Lifts, Cibes Lift Group, Nachaleeti Group, Aritco Lifts, Win Consult and Supply.

ANSWERS TO KEY QUESTIONS

What is the size of the elevator and escalator market in Thailand? What will be the growth rate of the elevator and escalator market in Thailand? How many elevators and escalators are installed in the market in Thailand in 2023? What factors are contributing to the development of the modernization segment in the elevator and escalator market in Thailand? Who are the key players in the elevator and escalator market in Thailand?