Market structure and drivers:

First, huge stock scale, 12 million in-service elevators nationwide, annual maintenance demand over 10 million times;

Second, old renewal boom, 2.16 million elevators over 15 years, 10% annual increase in over-service, 18.9 billion yuan national subsidy in 2026, supporting 126,000 units renewal;

Third, retrofit acceleration, 150,000 retrofit units in 2026, 62.5 billion yuan national subsidy + local tiered subsidies, high-floor priority;

Fourth, strong renovation demand, intelligent upgrade, energy-saving renovation, safety renewal annual growth 18%;

Fifth, market pattern, maintenance 45%, renovation 30%, renewal 25%, leading enterprise concentration increased, small and medium factories under pressure.


Technical trends: AI predictive maintenance, permanent magnet synchronous energy saving, IoT monitoring become standard, annual power saving 2,500 kWh per elevator, failure rate reduced by 30%+. After-market has become the industry's core profit growth point, up 15 percentage points from 2020.