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China's Elevator Output Growth Slows Down

Mar 15, 2018

With the improvement of living standards, users' requirements for the convenience of elevators have led to an increase in the density of elevators. Compared with previous years, the demand for high-rise buildings, low-rise ladders, and villa ladders has increased. According to the prospective database statistics, in 2000, China installed 1.65 elevators per 10,000 square meters (real estate completed area), and by 2014, the elevator deployment density rose to 6.51 units per 10,000 square meters, about 4 times of 2000.

     According to data released by the Industry Research Institute of Forward-looking Industry Research Institute, the output of elevators in China has increased rapidly from 63,200 units in 2002 to 776,000 units in 2016, representing a compound annual growth rate of 19.6%. As of the end of 2016, the number of elevators in China has reached 4.939 million units, ranking No. 1 in the total.

China Elevator Production and Growth Trends (Unit: 10,000 units)

From the point of view of the national elevator output and the growth of the number of possessions, the growth rate will slow down and enter a stable stage. The data shows that in 2017, the cumulative output of elevators in China was 679,000 units, a cumulative increase of 5.1%. According to the forward-looking database, the cumulative elevator production in China in 2018 was 725,300 units, a cumulative increase of approximately 6.8 percentage points.

China Elevator Production Forecast

The growth rate of the market slowed gradually and steadily, but the number of elevator companies in China is gradually increasing and the pressure of industry competition is increasing. By the end of 2015, the number of companies that hold elevator manufacturing licenses has grown to 696, with 10,326 elevator installation and maintenance license companies and 200 elevator accessory industries. At present, China's elevator market is dominated by foreign brands such as the United States (Otis), Europe (Thyssenkrupp, Schindler, KONE) and Japan (Mitsubishi, Hitachi, Fujitec, Toshiba). After more than 10 years of development, national brands account for about 30% of the domestic market share.

    About 70% of China's elevator market share is occupied by foreign brands. Among them, Otis, Mitsubishi, Hitachi, etc. accounted for about 45% of the market, Schindler, KONE, Thyssen, Toshiba, Fujitec and other foreign brands accounted for about 25% of the market share, national brands accounted for about 30% of the market share. Under the pressure of greater industry competition, customers with strong strength and ability to face the impact not only provide the company with good anti-risk capability, but also may benefit from the increase in industry concentration and bring about steady growth in performance.

China Elevator  Elevator manufacturing   Elevator output