With the improvement of China’s economic level, the progress of urbanization, and the improvement of people’s quality of life, China’s elevator industry has achieved rapid development. According to the data, elevator output increased from 168,000 units in 2006 to 760,000 units in 2015, with a CAGR of approximately 19.53%. In 2015, China's elevator production increased by 6% year-on-year, and the number of elevators exceeded 4.26 million units. The annual output and quantity of elevators in China ranks first in the world. In the next two years, the production and sales volume of elevators in China will remain at an annual average of more than 700,000 units.

 

Although the number of elevators in China has grown rapidly, due to the large population base in China, the average number of elevators per capita in China is only about 24 units per million people. Compared with European and American developed countries with higher rates of urbanization, less than half of Japan and one third of Germany still have a huge gap. In the long run, the ratio of elevators in China will still be in a stage of improvement in the future, which is one of the main factors for the steady growth of elevator sales.

 

In the past ten years, China's elevator export volume has maintained a rapid growth. The fastest growth rate of China's elevator exports in 2011-2013 is three years. The growth rate of export volume reached 27.64%, 15.43%, and 20.12%, respectively, and entered 2014 and 2015. The export volume of elevators has gradually entered a stage of steady growth, with an annual growth rate of 4.46% and 7.53% respectively. In 2015, elevator exports reached a new high, totaling 71,666 units. Compared with the domestic market, overseas markets have more space and growth.

 

Under the background of explosive growth in elevator sales and steady growth, the number of domestic elevators has increased year by year. What follows is a huge market opportunity for the elevator market, the maintenance and repair market. Elevators belong to special safety equipments and are managed by the AQSIQ Special Equipment Bureau in China. They need regular inspection, maintenance and maintenance. The "Special Equipment Safety Law" stipulates that elevators should perform lubrication, adjustment and inspection of elevators at least once every 15 days in accordance with the requirements of the national safety technical specifications, and have stable and continuous maintenance requirements. Therefore, the market size of the maintenance business is directly related to the amount of elevator ownership.

 

The analysis of the “Demand Forecast and Investment Analysis Report of the Elevator Industry Market” issued by the Industrial Development Research Institute pointed out that the market demand of the domestic elevator accessories industry will mainly come from two aspects: First, the new building new ladder, the old ladder update, the old building ladder The market demand related to the new elevator output, such as the new elevator export, and the market demand related to the use of ladders to transform and maintain the elevators in use.

 

At present, China is still in the process of accelerating industrialization and urbanization. Investment in residential construction, commercial real estate, and infrastructure construction will remain at a relatively high level. The elevator industry is far from saturated, and the market prospects for elevator products are good. Showing a good development trend.