Bangladesh now boasts over Tk1,500cr lift market

With the increase in residential and commercial establishments in the country, elevators have emerged as a vital feature in modern buildings.

According to manufacturers and importers, the elevator market in the country has now expanded to an annual worth of Tk1,500 crore, reflecting a surge in the use of lifts every year.

However, 70% of the country's elevator market is still dependent on imports, said traders and organisers at the two exhibitions of elevators and escalators started at International Convention City Bashundhara (ICCB) in the capital today (10 October) with the participation of local and foreign manufacturers and marketers. 

One of the exhibitions, titled "Global Elevator and Escalator Expo 2024", has been organised by Virgo Communications and Exhibitions Private Ltd from India, while the other show, "International Beelia elevator expo 2024'' by Bangladesh Elevator Escalator and Lift Importer Association (Beelia). The expos will end on Saturday.

At present, two domestic companies – Walton and Pran-RFL Group are manufacturing and marketing elevators, contributing to cementing a strong base for the sector. 

Visiting the exhibitions and talking to the organisers on the inaugural day, it was learned that around 150 local and foreign companies, including from countries such as China, Japan, Italy, Turkey, Finland, India, and Spain are exhibiting their escalators, elevators, and various safety equipment at the exhibitions. 

The foreign companies have participated through their dealers and distributors.

Anitha Raghunath, director of Virgo Communication and Exhibition, told The Business Standard, "Annually, around 6,000 to 6500 lifts are sold in Bangladesh. The country has an annual market worth of over Tk1,500 crore, and the demand is growing by 10% every year."

Mentioning that the elevator has now become an essential item, he said, "The India elevator market size was valued at $4.29 billion in 2023, and the total India elevator market revenue is expected to grow at a CAGR (compound annual growth rate) of 8.9 % from 2024 to 2030, reaching nearly $7.79 billion." 

Anitha Raghunath added, "Now is the time for the Bangladesh government to establish an organisation to monitor the industry so that quality elevators are imported and manufactured in the country."

At the fair, Walton was selling elevators as well as their components in its pavilion. 

Jenan Ul Islam, chief business officer of Walton Lift, told TBS that at present, Walton supplies 15% of the country's total demand for lifts.

He said they have been manufacturing lifts with machineries of German, European and Chinese origin.  "Walton has been making its own elevators since 2018. 

Md Shafiul Alam Uzzwal, general secretary of the Bangladesh Elevator Escalator and Lift Importer Association (Beelia), told TBS that the association currently has 91 members. 

"We have been importing elevators and escalators from world-famous brands such as Fuji International, Sigma, Hideos, Kone, Handoc for many years."

He stressed the need to adopt government policy for local elevator factories to attract foreign investment. 

According to the Bangladesh Elevator Escalator and Lift Importer Association, currently, around 150 to 200 companies are selling elevators in the country.

Property Lifts, a concern of Pran-RFL Group, is selling an average of about 500 lifts of their own brand every year in the local market, said Rajib, assistant manager (Corporate sales) of the brand.

In a significant milestone, the year 2020 marked the beginning of Property Lifts' venture into manufacturing lifts under its own brand.

"In addition, as a distributor of brands such as Kone, SRH, and MP, we sell about 1200 lifts every year. The demand is increasing every year," Rajib added.

According to the Fortune Business insight, the global elevator and escalator market size was valued at $88.59 billion in 2023. The market is projected to grow from $94.05 billion in 2024 to $167.62 billion by 2032.