As large-scale apartment construction decreases, the domestic elevator industry is ramping up efforts to capture premium complexes by promoting reconstruction and redevelopment. Domestic companies plan to differentiate themselves with robotic integration services to capture the elevator market favored by foreign-made options in the Gangnam area of Seoul.
According to the elevator industry on the 7th, the major battleground for domestic and international companies is in areas like Ichon-dong, Banpo, Shinbanpo, Apgujeong-dong, Daechi-dong, and Jamsil along the Han River, where reconstruction and redevelopment are underway. These areas are likely to rise as premium complexes that lead local real estate prices upon completion of reconstruction and redevelopment. Recently, with the approval of the redevelopment plan for the Eunma Apartment, the elevator industry has been intensifying sales activities targeting key complexes, including this one.
Core complexes in Gangnam and Seocho districts are fiercely competing between Hyundai Elevator and foreign elevator companies. In the Gangnam area, elevators for 27 apartment complexes with a usage approval date within 10 years, over 500 units, and a price of 2 billion won or more for 84㎡ are equally divided among Hyundai Elevator, Mitsubishi, and TK Elevator. Specifically, there are 13 complexes by Hyundai Elevator, 7 by Mitsubishi, 6 by Thyssenkrupp, and 1 by Fujitec.
Mitsubishi has a particularly high market share in the Gangnam area. According to the Korea Elevator Safety Agency, among the 48,884 elevators newly installed last year, Mitsubishi's market share was 3.9% (1,871 units). While this is one-tenth of Hyundai Elevator's market share, the leading company at 37.4% (18,269 units), Mitsubishi's share in Gangnam premium complexes exceeds 25%.
An industry official noted, "There is a tendency to prefer Japanese elevators in high-end apartment complexes. Competition between domestic and Japanese companies will become intense."
Hyundai Elevator has taken a bold step with cutting-edge technology. The company aims to present elevators incorporating the latest technology in line with the trend of premiumization and advanced features in apartments. They have prominently introduced maintenance services called MIRI that analyze replacement cycles of parts and abnormal signals, as well as an autonomous delivery robot service that integrates elevator and robotic technology.
Currently, more than 20 domestic hospitals, hotels, and apartments are utilizing this service. Overseas elevator companies have yet to introduce such services domestically.
Development of modular elevator technology has also been completed. Modular elevators refer to elevators that have over 70% of their components manufactured at a factory, requiring only installation and finishing on-site. They can be installed similarly to assembling Lego blocks, significantly reducing construction time.
Elevator installation is necessary before full-fledged post-processes like interior design can begin, and faster elevator installation compared to previous methods can expedite the move-in schedule.