This Access Asia report analyses the market for elevators (or lifts) in China, and the background construction market in sectors such as airports, retail, hotels, transport and housing. The report also explores the impact of the Beijing 2008 Olympics.
In 1996, China became the largest elevator (lift) market in the world. China has also emerged as one of the three leading elevator-manufacturing nations globally (along with the USA and Japan), a process that has occurred largely through inward investment by Taiwanese, American and Japanese companies as well as growing domestic demand for elevators. Indeed, Asia as a whole is the major continental market for elevators, accounting for 50% of total worldwide sales currently. The growth in demand for elevators has emerged since China’s economic reforms and open-door policy were launched under Deng Xiaoping in the 1980s. The construction industry has become one of the main beneficiaries of these reforms with new building taking place across China, both residential, commercial, hotel and retail space. Cranes have become a fixture of the skyline of all China’s major cities. Currently, China’s total building projects account for approximately one-fourth of the world’s total. Despite the boost to the construction industry in China, the country still has the world’s greatest potential elevator market. The major markets within China are currently Beijing, Shanghai, Chongqing, Guangzhou and Shenzhen (the latter two in Guangdong province).