China’s Elevator Stock Exceeds 12 Million Units, Renewal & Installation in Old Buildings Drive Growth


According to joint data from the State Administration for Market Regulation and China Elevator Association, by June 2026, China’s elevator stock exceeded 12 million units, ranking first globally for consecutive years. Among them, over 1.1 million elevators have been in service for more than 15 years, entering a concentrated renewal period. Annual new installation growth has slowed to 3%–5%, while the renewal and installation market grows at over 15% annually, becoming the industry’s most reliable growth driver.

Driven by urban renewal and “quality housing” policies, demand for elevator installation in old residential buildings continues to surge: 150,000 units are expected to be installed nationwide in 2026, covering 31 provinces. Elevator installation in existing multi-story residential buildings has become a core livelihood project. Meanwhile, renewal demand for old elevators in hospitals, schools and old commercial complexes is rising, focusing on safety upgrades, energy-saving transformation, intelligent operation and maintenance, and elderly-friendly design.

Industry estimates indicate that from 2026 to 2030, China’s old elevator renewal market will exceed 300 billion RMB, and the installation market will exceed 80 billion RMB. The after-market (maintenance + renovation + renewal) will account for over 60% of the industry by 2030, up from 35% currently. Foreign trade enterprises may focus on stock renovation demand in Southeast Asia, the Middle East, Latin America and other overseas markets, exporting mature integrated solutions for old elevator renewal, installation and intelligent operation and maintenance.