Home Elevator Market Trend Forecast in 2023

The home elevator market has also entered a stage of rapid development with the urbanization process and aging growth rate. According to statistics, during the period from 2011 to 2020, the compound growth rate of elevators in China reached 11.4%. With the development of society and the improvement of living standards, the output of elevators will continue to increase in the future. It is estimated that by 2026, the new increase of elevators in China will reach 2.01 million units.

Home Elevators, as a market segment of the elevator industry, have also experienced rapid growth driven by the development of the real estate industry. China is also the world's largest home elevator market. In the next year, it is expected that the domestic home elevator market will maintain an annual growth rate of 20%, and the average annual sales will reach 50 billion US dollars.

So, what development trends will the home elevator market have in 2023? What should home elevator companies pay attention to?

1. Changes in the competition pattern of elevators

The distribution of home elevator companies is relatively concentrated, mainly in Guangdong, Jiangsu, Shandong, Zhejiang, Hebei and other provinces, of which Guangdong and Jiangsu have the largest number of companies. my country's home elevator industry now has a complete industrial cluster, and elevator parts and complete machine manufacturing are also concentrated in the Yangtze River Delta, Pearl River Delta and Beijing-Tianjin-Hebei region, so Jiangsu, Guangdong and other places have become elevator manufacturing bases.

2. Foreign brands compete with domestic brands

According to statistics, the domestic home elevator market size is about 150 billion yuan, of which foreign brands account for about 70%, while domestic brand competition is relatively scattered. There are no prominent brands that can monopolize a large market share, and domestic brands have a relatively large substitution space.

3. Complete range and technology improvement

At present, the domestic home elevator market mainly includes three categories: screw elevators, traction elevators, and hydraulic elevators.

The screw elevator adopts the nut-screw operation principle, has no machine room, zero bottom pit, self-contained shaft, and beautiful design. The traction elevator has mature technology, low noise and wide application range. Hydraulic elevators have low requirements for civil engineering, but there is a risk of oil leakage, and are gradually being eliminated by the market.

The mainstream traction elevators on the market are all steel belt traction elevators, which have high space utilization rate, do not need pits like screw elevators, and have low civil construction difficulty. They are more popular types of home elevators on the market. At the same time, technologies such as face recognition, language control, and intelligent systems have also been added to make home elevators look more high-end.

4. Owners pursue aesthetic home quality

A home elevator is not just an elevator, but a work of art. In addition to focusing on product quality, owners are also raising their aesthetic requirements. Home elevators are customized products, and each owner has different requirements for elevators. This also tests the design ability and aesthetic ability of home elevator manufacturers, and puts forward higher requirements for the elevator experience and atmosphere.

5. Possess perfect elevator maintenance as a key capability

The domestic elevator market has huge potential, and related technical maintenance talents are also beginning to be popular. Enterprises with complete after-sales service teams and technical teams are ushering in excellent opportunities. Especially in the home elevator market as a vertical field, companies with complete quality assurance and self-operated service teams are quite likely to stand out from many competitors.

The home elevator market has entered a mature stage, and the market is also in a state of complete competition. Technological innovation and service improvement are the future development directions of home elevator companies, and will also be the focus of every home elevator brand.