Thailand's elevator and escalator market to grow 3.2% CAGR through 2031 amid urbanization and construction boom

The Thailand elevator and escalator market is projected to grow at a compound annual growth rate (CAGR) of 3.2% from 2025 to 2031, driven by rapid urbanization and expanding commercial infrastructure. Key players like Otis, KONE, and Mitsubishi dominate the market, which faces challenges such as pricing pressure and the need for strong after-sales service networks. Growth is especially strong in commercial escalators used in malls, transit hubs, and airports. The entry of low-cost Chinese manufacturers is increasing competition, particularly in price-sensitive segments.