Home elevators began to be installed in large quantities in the early 21st century. With the construction of self-built houses in rural areas and villas in cities, my country has become the world's largest market for newly installed home elevators. Besides the huge demand from newly built houses and villas, the secondary and tertiary renovations of existing houses and villas also generate demand for elevator installation. As my country's population ages, installing elevators in self-built houses and villas has become a necessity for most residents.
According to presentations at the annual meeting of the Design and Manufacturing Professional Committee of the China Elevator Association held in November 2020, the annual demand for home elevators in my country in 2020 was approximately 45,000 to 50,000 units, equivalent to the annual elevator demand in India. Based on an average price of 200,000 yuan per unit for home elevator equipment and installation, the market size of home elevators in my country in 2020 was approximately 9 billion to 10 billion yuan [1-2]. According to relevant forecasts, the demand for home elevators in my country will maintain an annual growth rate of 20% in the coming years. The sheer size of the home elevator market deserves serious attention.
