Bangladesh: Expanding Elevator Market
Bangladesh is growing quickly in South Asia. Elevator in Bangladesh market has strong growth potential. Economic progress, fast urbanization, and real estate growth are key drivers. Reports indicate an annual growth rate of 8%-10%, expected to continue.
● Market Size and Growth Potential
Elevator in Bangladesh market is developing, with demand rising yearly. Dhaka and Chittagong are major areas for elevator use. High-rise buildings, apartments, and commercial spaces are increasing demand.
Government projects, like airports and metro systems, offer more opportunities. High population density and limited land push cities to build vertically. More multi-story buildings arise as families seek affordable and luxury homes, boosting elevator demand further.
Top 10 Elevator in Bangladesh
1. Mitsubishi Elevator
Overview: A leading Japanese brand founded in 1921. Known globally for high-quality elevators and escalators. Popular in Bangladesh for luxury hotels and high-end commercial buildings.
Founded: 1921
Features: Premium elevators with energy-saving and smart control systems. Ideal for tall buildings and busy areas.
2. Otis Elevator
Overview: A US-based pioneer in the elevator industry, established in 1853. Well-known in Bangladesh for safety, innovation, and good after-sales service.
Founded: 1853
Features: Focuses on safety with advanced features like emergency braking and energy-efficient designs.
3. FUJI Elevator
Overview: A Chinese brand with Japanese technology collaboration. Popular for its affordable solutions, especially in mid- and low-end residential projects.
Founded: 1987
Features: Cost-effective and reliable, suitable for small and medium buildings.
4. Schindler Elevator
Overview: A Swiss manufacturer established in 1874. A top supplier in global and Bangladeshi markets, serving high-end residential, commercial, and airport projects.
Founded: 1874
Features: Offers smart and energy-efficient technologies with customized solutions for vertical transportation.
5. Thyssenkrupp Elevator
Overview: Part of Germany's Thyssenkrupp Group, founded as a separate division in 1999. Focuses on high-end commercial projects in Bangladesh.
Founded: 1999
Features: Advanced technologies like machine-room-less elevators and double-deck cabins for diverse buildings.
6. Hitachi Elevator
Overview: A key division of Japan's Hitachi Group, established in 1920. Known in Bangladesh for durable and energy-efficient products.
Founded: 1920
Features: High-speed and ultra-high-speed elevators designed for tall and busy buildings.
7. KONE Elevator
Overview: A Finnish global leader, established in 1910. Known for eco-friendly and smart solutions. Strong in high-end Bangladeshi markets.
Founded: 1910
Features: Focuses on sustainability and accessibility, offering innovative elevator designs.
8. Electra Elevator
Overview: A Bangladeshi company specializing in elevator manufacturing, installation, and maintenance. Serves residential, commercial, and industrial buildings.
Founded: 2010
Features: Provides passenger, freight, and panoramic elevators. Known for smooth, quiet, and energy-efficient designs.
9. Liftco
Overview: A local Bangladeshi company offering safe and cost-effective elevator solutions.
Founded: 2008
Features: Durable elevators with energy-saving systems that reduce costs and power use.
10. Orion Elevator
Overview: A Bangladeshi company providing affordable and reliable elevators for small and medium buildings.
Founded: 2012
Features: Compact, easy-to-install, and low-maintenance designs. Focuses on safety with multiple protective features.
Key Factors Driving the Elevator in Bangladesh Market
● Urbanization
Urbanization is growing fast in Bangladesh. More people are moving to cities, increasing the need for high-rise buildings and elevators.
● Economic Growth
The economy is expanding, and incomes are rising. This allows businesses and individuals to invest in better building facilities, including elevators.
● Government Support
The government is investing in infrastructure and housing, especially through the "Dhaka 2041 Vision." These projects are creating more demand for elevators.
● Real Estate Growth
Real estate developers are improving building features to attract buyers. Elevators have become essential in multi-story buildings.
Competitive Overview of Elevator in Bangladesh Market
● International Brands
Global brands lead the high-end market. Their advanced technology, reliable products, and strong after-sales support make them the top choice for luxury hotels, commercial towers, and government projects.
● Local Brands
Local companies target the low-cost market. They provide affordable products and stand out with quick service and flexibility.
● Chinese Brands
Chinese brands are growing rapidly. Their cost-effective solutions and improved technology make them popular in residential and mid-sized commercial buildings.
Challenges and Opportunities of Elevator in Bangladesh Market
1. Main Challenges
● Price Sensitivity
Customers in Bangladesh are very price-conscious. Low-cost products are often chosen over advanced, premium elevators.
● Weak After-Sales Service
After-sales service and maintenance are not well-developed, especially in rural areas. This creates problems for elevator users.
● Complicated Imports
The market depends on imported elevators. Complex import rules and high tariffs increase costs and supply chain issues.
2. Key Opportunities
● Government Investments
The government is heavily investing in infrastructure projects like transport hubs and public buildings. This creates more demand for elevators.
● Growing Middle Class
The rise of the middle class has increased the need for better housing. Elevators are now a basic requirement in many residential buildings.
● Smart and Energy-Saving Elevators
Smart and energy-efficient technologies are creating new opportunities, especially in commercial properties.
FUJI Elevator Company
FUJI Elevator has over 35 years of experience in designing and producing elevators and escalators. We are a trusted manufacturer with a good reputation in the industry.
We focus on both quality and competitive pricing. Our products are cost-effective with high standards. This helps customers get the best value for their money.
If you need assistance, feel free to contact us anytime.