South Korea Elevator and Escalator Market Assessment, By Type [Elevators, Escalators, Moving Walkway], By Working Mechanism [Hydraulic, Traction, Others], By Solution [New Installation, Maintenance, Modernization], By Application [Residential, Commercial, Industrial, Others], By Region, Opportunities, and Forecast, 2018-2032F

South Korea elevator and escalator market is projected to witness a CAGR of 6.70% during the forecast period 2025-2032, growing from USD 2.62 billion in 2024 to USD 4.40 billion in 2032. The South Korean elevator and escalator market is experiencing significant growth due to urbanization, technological advancements, and increased safety standards. With cities expanding, especially in metropolitan areas such as Seoul and Busan, the demand for efficient vertical transportation solutions is rising. This trend is further accelerated by ongoing infrastructure projects that include high-rise buildings, commercial complexes, and public transit systems. One of the main drivers of this market is technological innovation, where the market has shifted towards smart and connected systems. Innovations such as integrating IoT, predictive maintenance, and energy-efficient designs in elevators coupled with efficient operations bolster the demand for elevators. The ongoing trend of smart cities and advancements in vertical transportation technologies are contributing further to market growth. Additionally, the aging population necessitates efficient and safe mobility solutions, which elevates demand for modern elevators and escalators. Furthermore, developments in eco-friendly and sustainable elevator designs are gaining traction, aligning with global green building standards, and creating new avenues for growth in the South Korean market. Companies are responding by manufacturing elevators and escalators that incorporate sustainable technologies. Manufacturers are focusing on advanced safety features in line with strict regulatory requirements, which ensure that the products are up to the mark of safety and reliability for which they are setting up manufacturing plants and research and development (R&D) centers abroad.

For instance, in August 2024, GS Engineering & Construction (GS E&C) announced that it would sell its elevator manufacturing subsidiary, GS Elevator, to a Chinese company with assets of approximately USD 6.8 billion. This move comes as the Chinese firm seeks to enter overseas markets indirectly following a decline in elevator exports due to the U.S.-China trade conflict.

New Launches Bolster Market Demand

South Korea elevator and escalator market is growing at a robust rate, driven by urbanization and infrastructure development. Cities are becoming increasingly dense, and efficient vertical transportation solutions are required in high-rise buildings. New construction projects in real estate are coming up across the country, increasing the demand for advanced elevators and escalator systems that emphasize safety and comfort and support technological innovations by integrating IoT and innovating with improved features. For instance, in March 2024, Sigma Elevator Co. Ltd, with global headquarters in Seoul, South Korea, launched the ACRA 2.0 and Solon 2.0 elevators for low- to mid-rise buildings. ACRA 2.0 features compact machine room configuration, enhancing installation efficiency and releasing space for building developers and owners to lease or use in different ways. Companies further promote this market to modernize the infrastructure, a vital component of South Korea's urban landscape and economic development strategy.

Commercial Segment Drives the Market

The commercial segment drives the elevator and escalator market in South Korea, mainly driven by the high growth in construction and urban development. High-rise buildings, shopping malls, and mixed-use complexes are multiplying in number, thus requiring sophisticated vertical transportation solutions. Government initiatives further support this growth, focusing on infrastructure enhancement and smart city projects. Energy-efficient and technologically advanced systems, including IoT-enabled elevators and escalators, are in demand to meet modern safety and operational standards. With urban expansion still progressing, the commercial sector holds paramount importance for reliable and efficient mobility solutions, ensuring it maintains a dominant position in the market landscape.

For instance, in October 2024, Otis Elevator Korea Co. Ltd. completed two major elevator modernizations in Seoul, South Korea: The 45-story Gangnam Financial Center (GFC) and the 30-story Seoul Finance Center, both owned by GIC Pvt. Ltd. and managed by CBRE.

Elevator Segment Dominates the Market

The elevator segment dominates the South Korea market for elevators, escalators, and moving walkaway markets, mainly due to rapid urbanization and high-rise building construction. This growth is driven by a rise in demand for efficient vertical transportation systems that cater to residential and commercial spaces. Technological advancements, such as smart elevators with IoT capabilities, enhance operational efficiency and user experience. Additionally, modernization initiatives undertaken by the government further contribute to this trend. Therefore, elevators play a crucial role in the development of urban cities. The increase in the population and the subsequent rise in demand for mobility solutions in cities would make the elevator segment grow more prominently in the market.

For instance, in August 2024, South Korea’s Hyundai Elevator Co. Ltd. signed a Memorandum of Understanding (MoU) with Kakao Mobility Corp. to develop standards for integrating elevators and robots. The solution facilitates remote inspections, fault analysis, and integration of delivery robots utilizing the Internet of Things, AI, and cloud technology. In South Korea, more than 33,000 sites are using MIRI, and that is expected to reach 45,000 by the end of 2024.

Gyeonggi Leads the Market

Gyeonggi leads the elevators and escalators market in South Korea for elevators and escalators, primarily due to its strategic location around Seoul with rapid urbanization. The province's infrastructure development of residential complexes, commercial centers, and public transportation systems contributes extensively to the demand for vertical transportation solutions. Gyeonggi's population growth and increasing density require efficient mobility options in high-rise buildings and urban environments. Besides, provincial government development measures to enhance local infrastructure strengthen market growth. Technology adoption, such as smart elevators and escalators in the region, is supported since the safety aspects and energy-efficient elevators are paramount. Subsequently, Gyeonggi province will remain one of the prime locations in the South Korea elevator and escalator industry.

For instance, in November 2023, Otis Elevator Korea Co. Ltd. completed the modernization of an elevator at the Namsan Seoul Tower, a popular tourist destination in Seoul. Namsan Seoul Tower is a multi-functional cultural space in the Yongsan-gu area of Seoul that hosts 12 million visitors annually. Otis Korea was awarded the contract to replace the high-speed elevator at Namsan Seoul Tower after maintaining it for three decades.

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Future Market Scenario (2025-2032F)

• The South Korean elevator and escalator market is expected to increasingly adopt smart technologies, including IoT connectivity and predictive maintenance systems, enhancing operational efficiency and user experience.
• As environmental regulations tighten, a growing demand for sustainable elevator and escalator solutions will be prompting manufacturers to develop energy-efficient models that align with sustainability goals.
• Continued urbanization will drive the construction of high-rise buildings, leading to a sustained need for efficient vertical transportation systems that can accommodate increased passenger traffic in densely populated areas.
• A rise in retrofitting and modernization projects will emerge as older buildings seek to comply with safety standards and improve energy efficiency, creating new opportunities for market players to enhance existing systems.

Report Scope

“South Korea Elevator and Escalator Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the South Korea elevator and escalator market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2024
Historical Period	2018-2023
Forecast Period	2025-2032
Projected Growth Rate	CAGR of 6.70% between 2025 and 2032
Revenue Forecast in 2032	USD 4.40 billion
Segments Covered	Type, Working Mechanism, Solution, Application
Regions Covered	North Chungcheong, South Chungcheong, Gangwon, North Gyeongsang, Gyeonggi, South Gyeongsang, Jeju, North Jeolla, South Jeolla
Key Companies Profile	TK Elevator Korea Ltd., Otis Elevator Korea Co. Ltd., Hitachi Korea Co., Ltd., Fujitec Korea Co., Ltd., Mitsubishi Elevator Korea Co., Ltd. (KMEC), Hyundai Elevator Co., Ltd, SILVER Elevator Korea Co., Ltd, GYG ELEVATOR Co., Ltd, Shin Han Elevator Co., Ltd., MODEUN ELEVATOR CO., LTD
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs.
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, South Korea elevator and escalator market has been segmented into the following categories: 

• By Type
  • Escalator
  • Elevator
  • Moving Walkaway
• By Working Mechanism
  • Hydraulic
  • Traction
  • Others
• By Solution
  • New Installation
  • Maintenance
  • Modernization
• By Application
  • Residential
  • Commercial
  • Industrial
  • Others
• By Sales Channel

o   Direct

o   Channel

• By Region
  • North Chungcheong
  • South Chungcheong
  • Gangwon
  • North Gyeongsang
  • Gyeonggi
  • South Gyeongsang
  • Jeju
  • North Jeolla
  • South Jeolla

Key Players Landscape and Outlook

The competitive landscape of the South Korean elevator and escalator market is marked by the presence of both multinational corporations and local players. Major global companies dominate the market with extensive product offerings and strong distribution networks. The increasing demand for advanced safety features and sustainable technologies intensifies the competition, prompting all manufacturers to innovate continuously. Price sensitivity among customers also drives companies to balance cost-efficiency with quality. Overall, the market remains dynamic, with ongoing developments in technology and infrastructure fueling competitive strategies among key players. Companies are reducing their reliance on imports of elevators and components, which boosts the local manufacturing of quality products.

For instance, in August 2024, with K-Escalator, its new joint venture (JV) with small and medium-sized enterprises (SMEs), opening in September in Gyeonggi Province, South Korea’s Hyundai Elevator Co. Ltd. is reducing its reliance on escalators and components imported from China. With its new JV with SMEs, Hyundai Elevator aims to take the lead in efforts to reduce dependence on Chinese imports, boosting the production of elevators and components on South Korean land.

Key Players Operating in South Korea elevator and escalator market are:

• TK Elevator Korea Ltd.,
• Otis Elevator Korea Co. Ltd.
• Hitachi Korea Co., Ltd.
• Fujitec Korea Co., Ltd.
• Mitsubishi Elevator Korea Co., Ltd. (KMEC)
• Hyundai Elevator Co., Ltd
• SILVER Elevator Korea Co., Ltd
• GYG ELEVATOR Co., Ltd
• Shin Han Elevator Co., Ltd.
• MODEUN ELEVATOR CO., LTD

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