The market is witnessing a robust recovery driven by government infrastructure spending and aggressive private commercial expansion. Service revenue is stabilizing through modernization mandates, while new technologies like AI and regenerative drives are becoming standard procurement requirements.
Chicago, Dec. 02, 2025 (GLOBE NEWSWIRE) — The Philippines elevator and escalator market size was valued at US$ 910.55 million in 2024 and is projected to hit the market valuation of US$ 1,406.24 million by 2033 at a CAGR of 5.07% during the forecast period 2025–2033.
The trajectory of the Philippines elevator and escalator market remains exceptionally robust through 2025. Fueled by the government’s “Build Better More” initiative, the unprecedented P1.507 trillion infrastructure outlay anchors demand for heavy-duty mobility solutions. Critical mass transit milestones, such as the approaching fit-out phases for the 17-station Metro Manila Subway, guarantee high-volume equipment orders from the public sector. Simultaneously, the private commercial landscape is accelerating. A strong resurgence in IT-BPM tenancy, responsible for 45% of total office uptake, is rapidly absorbing 615,000 sqm of new supply. Tightening vacancy rates in prime districts like BGC compel developers to invest in premium traffic management systems, ensuring sustained growth for vertical transport providers.
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Expansion is aggressively shifting toward regional hubs and sustainable development. Leading developers are channeling capital into Visayas and Mindanao, evidenced by Cebu Landmasters’ P36 billion launch pipeline. The hospitality sector supports this provincial boom with 158 active hotel projects designed to accommodate 7.7 million annual visitors. Furthermore, environmental compliance is evolving into a key market driver. With green building adoption hitting 73% in financial hubs, building owners are prioritizing regenerative drives and energy-efficient retrofits. Forecasts placing the modernization sector at USD 52.6 million by 2030 highlight a lucrative secondary market. These converging factors solidify the Philippines elevator and escalator market as a high-growth landscape for both new installations and long-term service contracts.
Key Findings in Philippines Elevator and Escalator Market
| Market Forecast (2033) | US$ 1,406.24 Million |
| CAGR | 5.07% |
| By Component Type | Services (62.13%) |
| By Product Type | Elevator (75.39%) |
| By Technology | Traction (70.44%) |
| By End Users | Commercial Consumers (31.53%) |
| Top Drivers |
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| Top Trends |
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| Top Challenges |
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Government Spending on Infrastructure Drives Vertical Mobility Demand
The Philippines elevator and escalator market is witnessing a surge driven by the 2025 National Budget of P6.352 trillion. A significant 10.1% increase over 2024 provides the fiscal space for expansion. Specifically, P1.507 trillion targets infrastructure outlays. Such funding represents 5.8% of the country’s Gross Domestic Product. Developers are witnessing the rollout of 197 Infrastructure Flagship Projects. Even flood control initiatives received P360 billion, necessitating industrial-grade lifts for pumping stations. Government data shows P148.3 billion in infrastructure disbursement during Jan-Feb 2025 alone. Momentum for construction is undeniable.
Mass transit projects create direct equipment orders for the industry. The 33-kilometer Metro Manila Subway requires heavy-duty units across 17 confirmed stations. Planners aim for a 35-minute travel time from Quezon City to NAIA. Current progress sits at 14.48% completion as of mid-2024. Station fit-outs will soon demand robust vertical transport systems. Consequently, the Philippines elevator and escalator market benefits directly from these synchronized public-private mobility efforts.
IT-BPM Sector Resurgence Fuels Office Tower Vertical Transport Needs
Commercial real estate dynamics heavily influence the Philippines elevator and escalator market. Year-to-date office space demand hit 966,000 sqm by October 2025. Another 615,000 sqm of new supply enters the market in 2025. Occupancy shifts are clear and impactful. IT-BPM firms now drive 45% of total office demand. These tenants are replacing exited gaming operators. POGOs vacated 489,000 sqm, which landlords are retrofitting with modern lifts for traditional corporate occupiers.
Leasing activity signals a robust recovery for equipment suppliers. H1 2025 recorded 740,000 sqm in leasing volume. Traditional occupiers absorbed 449,000 sqm. Q3 2024 alone saw 319,000 sqm in net demand. Metro Manila vacancy rates stabilized at 18% in 2025. Prime districts show tighter supply. BGC vacancy dropped to 9%, while Makati sits at 10%. High occupancy rates necessitate efficient elevator traffic management. Thus, the Philippines elevator and escalator market sees sustained service contract opportunities.
Aggressive Mall Expansions Necessitate Heavy Duty Escalator Installations
Retail giants are accelerating capital expenditures to capture consumption growth. SM Prime Holdings allocated P100 billion for 2024 expansion efforts. Their 2025 commercial budget stands at P33 billion. Of that amount, P21 billion targets new mall construction. The Philippines elevator and escalator market thrives on these volume orders. SM aims to add 500,000 sqm of Gross Floor Area in 2025. Three specific projects confirm 205,400 sqm for immediate launch.
Regional developments require massive equipment volumes. SM City Sta. Rosa plans a 190,000 sqm expansion. SM City Laoag adds 113,000 sqm. Late 2024 saw the opening of the 123,000 sqm SM City J Mall in Cebu. Megaworld Corporation also reports strong growth. Their mall revenue reached P6.3 billion in 2024. A P55 billion capital expenditure budget fuels their township acceleration. These expansions guarantee steady orders for the Philippines elevator and escalator market.
Tourism Rebound Triggers High Speed Elevator Orders For Hotels
Hospitality growth creates premium opportunities for the Philippines elevator and escalator market. Developers have 158 private hotel projects in the confirmed pipeline. These developments will add 40,084 new keys. Investment value for the sector totals P250 billion. Construction activity is peaking rapidly. Builders scheduled 4,300 new rooms to open in Q4 2025 alone. Future supply looks strong with 5,210 rooms forecast for 2026.
Tourism fundamentals support this infrastructure build-out. The Department of Tourism targets 7.7 million arrivals for 2025. Actual 2024 arrivals reached 5.95 million. Visitor spending hit a record-breaking P760 billion. Megaworld’s hospitality revenue grew to P5.1 billion. Approximately 50% of the pipeline is in Luzon. Such density requires high-speed passenger units. Consequently, the Philippines elevator and escalator market must adapt to luxury specifications.
Vertical Residential Projects Demand Efficient Passenger Lift Systems
High-density living defines the current residential landscape. Unsold condominium inventory reached 79,400 units in Metro Manila. An inventory lifespan of 31 months suggests a shift toward finishing existing projects. Developers completed 7,100 units in the second half of 2024. Notably, 80% of new supply is in the Bay Area. The Philippines elevator and escalator market plays a crucial role in these high-rise communities. Megaworld’s P51 billion real estate revenue confirms sustained activity.
Government housing initiatives also drive demand for mobility equipment. DHSUD cites a 6.5 million housing backlog. Planners are pushing the “4PH” vertical program. Fifty-six vertical projects were active as of Jan 2025. Cebu Landmasters launched “The North Grove” with over 1,000 units. A DHSUD-UP agreement covers 321 rental units. Furthermore, a P13 billion subsidy budget supports interest rates. Affordable housing towers rely on durable equipment from the Philippines elevator and escalator market.
Regional Decentralization Shifts Installation Focus To Visayas And Mindanao
Growth is expanding beyond the capital city. Cebu Landmasters (CLI) plans P36 billion in new launches between 2025 and 2026. The developer initiated 12 projects in late 2024. These specific ventures hold a collective value of P29 billion. Regional offices are outperforming Manila assets. Cebu IT Park records a low 6% vacancy rate. Such activity opens new frontiers for the Philippines elevator and escalator market in the Visayas region.
Sustainability trends are sharper in provincial hubs. Data shows 23% of Cebu’s office stock is Green Certified. New buildings in Cebu boast a 44% green adoption rate. Davao follows with 24% of its office stock certified. Energy-efficient elevators are mandatory here. Suppliers must provide regenerative drives to meet these standards. Regional decentralization effectively diversifies the client base for the Philippines elevator and escalator market.
Smart City Developments Require Integrated Vertical Mobility Solutions
New Clark City represents the future of urban planning in the country. Infrastructure milestones are unlocking vertical development zones. Contractors will complete the 57.18-kilometer road network by end-2025. Crews already finished 41.48 kilometers as of November 2024. Connectivity is established. The 19.8-kilometer Airport-to-New Clark City road opened in June 2024. Smart city integrators in the Philippines elevator and escalator market are preparing for massive tenders.
Population targets necessitate high-rise density. Planners aim for a resident capacity of 1.2 million. Housing construction has commenced. A 65-hectare Philippine Air Force housing complex started development in Nov 2024. Such large-scale districts require integrated mobility networks. Suppliers must offer IoT-connected lifts for these smart ecosystems. New Clark City acts as a distinct catalyst for the Philippines elevator and escalator market.
Green Building Certifications Force Modernization And Efficiency Upgrades
Sustainability is no longer optional for premium towers. Fort Bonifacio (BGC) boasts a 73% green building adoption rate. Ortigas Central Business District follows closely at 66%. Landlords are upgrading assets to compete. The commercial green building sector holds an estimated value of USD 2 billion. Environmental standards directly impact procurement within the Philippines elevator and escalator market.
Modernization is a lucrative emerging segment for stakeholders. Older structures need retrofitting to meet energy codes. Forecasts value the elevator modernization market at USD 52.6 million by 2030. Property owners invest in regenerative drives and destination control systems. Reducing carbon footprints drives these purchasing decisions. Consequently, the Philippines elevator and escalator market is evolving from simple installation to high-tech lifecycle management.
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Competitive Landscape Highlights Premium High Rise Equipment Installations
Top-tier players dominate the luxury segment of the industry. Jardine Schindler secured the Solaire Resort North project. They installed 42 elevators in the complex. Additionally, 25 Schindler escalators service the property. These units support a massive 156,000 sqm Gross Floor Area. Premium resorts demand flawless reliability from the Philippines elevator and escalator market.
Competitors are launching specialized high-rise solutions to capture market share. KONE introduced its “High-Rise MiniSpace™ DX” in late 2024. The product targets buildings exceeding the 150-meter height threshold. Developers of skyscrapers need such specific engineering. Innovation remains the primary competitive differentiator. Leading brands are raising the technical bar for the entire Philippines market.
Top Players in the Philippines Elevator and Escalator Market
- Schindler Group
- Mitsubishi Electric Corporation
- Hitachi Elevator Philippines Corporation (Hitachi, Ltd.)
- Hyundaielevator Co.,Ltd.
- Access Lift & Electronics Corporation (GEEC)
- Asia PTS Elevator Inc.
- The Lift Company Philippines Inc.
- LIFTASIA
- Toshiba Elevator and Building Systems Corporation
- Otis Worldwide Corporation
- KONE Corporation
- Nippon Elevator
- Other Prominent Players
Market Segmentation Overview
By Product Type
- Product/Equipment
- Services
- New Installation
- Maintenance & Repair
- Modernization
By Product
- Elevators
- Passenger Elevator
- Service Elevator
- Freight Elevator
- Dumbwaiter
- Escalators
- Parallel Escalator
- Stairway escalators
- Belt-Type Escalators
- Curved Escalators
- Wheelchair-Accessible Escalator
- Step Type Escalator
- Crisscross Escalator
- Multi-story Escalators
- Outdoor Escalators
- Moving Walkways
By Elevation Technology
- Hydraulic
- Roped Hydraulic
- Conventional Hydraulic
- Hole-less Hydraulic
- Traction
- Geared
- Gearless
- Machine-Room-Less (MRL) Elevator
- Vacuum
By End User
- Residential
- Commercial
- Retail
- Education
- Enterprise
- Healthcare
- Others
- Industrial
- Infrastructure
- Airports
- Railway Stations
- Others
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