Lifts in High Demand Local Manufacturers Redefining the Elevator Market

Once considered a luxury, lifts have now become essential as high-rise buildings have become more common in big cities. Today, lifts are indispensable for apartment residents, creating promising opportunities for local manufacturers and offering benefits for buyers.
Due to limited opportunities for horizontal building expansion in our country, vertical construction has become the primary approach, making elevators a crucial element in such projects. High-rise buildings are now unimaginable without elevators. Over time, even five- or six-storey buildings have started incorporating them. As a result, the use of elevators in the country is steadily increasing, and the elevator market is experiencing growth.
Two well-known local manufacturers, Walton and Pran-RFL (Property Lift), have made significant strides in this industry. Their entry has benefited buyers by providing quality products at affordable prices, coupled with reliable after-sales services. The presence of these local companies is helping to build a strong foundation in the elevator market.
Previously, the lift industry relied entirely on imported products. However, local companies are gradually making their mark, with many local assemblers sourcing materials from different places to sell their products. According to insiders from elevator manufacturers and importers, around 6,000 lifts are sold annually in the country, with the market valued at approximately one thousand crore Taka.
Despite this progress, 70-80 percent of the components are still imported. For instance, motors—a critical component of lifts that cannot be manufactured locally—are typically sourced from Germany or Korea.
The market today offers various types of lifts, including passenger, cargo, hydraulic car lifts, scissor lifts, home lifts, hospital lifts, and capsule-type lifts. These elevators are used in homes, multi-storied shopping malls, hospitals, and industries. Domestic manufacturers are now producing all types of lifts.
In 2016, Walton, a leading domestic company in the electronics sector, began commercial production of elevators. The company currently manufactures elevators with capacities ranging from 300 kg to 5000 kg. Walton officials have stated that about 15 safety devices have been incorporated into their elevators to ensure customer safety, and they provide nationwide after-sales service.
“Passenger lifts are in higher demand compared to cargo lifts in industrial areas or hospital lifts. Currently, the growth rate of the lift industry is around 20 percent per year, indicating that lifts are becoming essential products,” says Zakibur Rahman Shejan, Brand Manager at Walton Lift.
Pran-RFL Group began its elevator import business in 1988, and in 2020, it started manufacturing lifts in Bangladesh under the brand name ‘Property Lift’. Currently, they sell both locally manufactured and imported lifts.
“We always maintain high standards in our lifts. There are many safety devices in lifts, and the absence of any component can create hazards at any time. Using SS sheets is essential for lifts, and we adhere to the European standard of Grade 304. In contrast, other local assembling companies use Grade 201 to offer lifts at a lower price, which is half the cost of Grade 304. This difference in sheet grade can reduce costs by up to 2 lakh Taka,” says Arun Kumar, Chief Engineer at Property Lifts.
Additionally, lifts assembled by unauthorized assemblers in various workshops across the country attract customers with lower prices compared to local branded or imported lifts. The price difference between local brands and those that assemble lifts from different parts is around 1-4 lakh Taka.
“We can provide a lift for a seven-storey building at 17.5-18 lakh Taka, depending on the size of the cabin and doors, which are the most in-demand features. The cost increases by 75,000 Taka for each additional floor,” says Arun Kumar of Property Lifts.
General consumers often lack detailed knowledge about lifts and typically gain experience only after years of use. However, users are now becoming more aware of lift safety. After-sales service is essential for maintaining lifts, and this is an area where assemblers often fall short. Local brands, however, ensure comprehensive maintenance services.
“Some safety devices are missing in locally assembled lifts, which buyers may not be aware of, but these are essential for ensuring lift safety. Before purchasing a lift, one needs to consider how many safety devices the company offers, such as Automatic Rescue Devices (ARD) and safety shutters. Buyers should avoid purchasing any ‘cloned’ lifts of famous foreign brands,” shares Zakibur Rahman Shejan.
Regarding after-sales service, Arun Kumar states, “We have a toll-free hotline available 24 hours a day. Our service providers will reach the site within 30 minutes of receiving a call. We also provide a one-year free service warranty, which is why the demand for our lifts is increasing day by day.”
To ensure consistent standards, fitness, and safety of lifts in buildings, regular government supervision is essential.