The “golden era” of elevator sector in China gives its place to “Platinum Era”. Ageing of the population, the obligation to use elevators in old buildings, revision of existing elevators, including the construction of higher buildings, shopping malls, airports, subway stations, high-speed train stations other public buildings have considerably increased the demands on elevator in China.

China is currently the largest and the fastest growing elevator market in the world. The number of elevators, which was 285.000 in 2001, has increased to 4.200.00 at the end of 2017. According to these numbers, the increase rate of elevator numbers in China is over 20% on annual basis. As per the public statistics, Chinese Elevator Industry has expanded its scale up to 300 billion yuans with an increase of 16% compared to the previous year, where the total profit amount reached to approximately 27.004.000.000 yuans with an increase of 19%. According go the data of the year 2017, the elevator production volume of China increased to 800.000 (in quantity) in annual basis.

Due to fast growing of elevator industry since 2003, some elevator producers, especially those with a history of foreign investments, took valuable opportunities in the Chinese market, leading them to grow substantially. Named as the “Golden Era”, this period will be called as “Platinum Era” in the near future based on the developments in China.

Ageing of the population, the obligation to use elevators in old buildings, revision of existing elevators, including the construction of higher buildings, shopping malls, airports, subway stations, high-speed train stations other public buildings have considerably increased the demands on elevator in China

- Lifting the ban on having the second child

Development of the elevator industry is in direct proportion to the wealth of real property sector. Establishing elevators to the new buildings is of vital importance for the development of the industry. Fast urbanization in China, as well as lifting the ban on having the second child, and the living quarters to be required, have been critical for the development of real property sector in China. With rapid growth of real estate property in China will make it inevitable for the elevator market to grow concurrently.

The number of residences that are projected to be built with “Affordable Residence Construction Program” in China by the end of 2015 is estimated to increase by 10% after lifting the ban on having the second child. 

10% increase within the scope of “Affordable Residence Construction Program”, within which 36 million of residence are projected to be built, will raise an additional need of 100.000 elevators in the sectors, thus bringing in a market of 40 billion yuans.

- Subway stations being built in 49 cities

As in all the metropolitan cities of the world, traffic is a major problem in China as well, and the most effective solution for this problem is the public rail transportation vehicles; in other words, the subway.

According to the regulation introduced concerning the building of public rail transportation system in China in 2003, it is required for the city, where subway station will be built, to have a population over 300 million, as well as the city to contribute 100 billion yuans to the general budget of China, and the passenger flow during the peak busy hour to be over 30.000 in one direction within the projected subway line.

Many cities in China to meet the requirements that are prescribed for building a subway station, and having ongoing subway station projects currently in 49 cities, offer important opportunities for elevator and escalator industry.