Global Elevators & Escalators "China Elevators Pricing Tracker Q2 2026" Zheng

Research evidence excerpt

Global Elevators & Escalators "China Elevators Pricing Tracker Q2 2026" Zheng

Global Research

20 July 2026ab

Global Elevators & Escalators Equities

Europe Ex. UKChina Elevators Pricing Tracker Q2 2026

Industrial, Diversified

Jingyi Zheng

Our E&E Pricing Tracker is based on a database of over 13k contract awards in China Analyst

annually, covering c30% of the market (c100k units) with direct pricing data on c20%. jingyi.zheng@ubs.com

+44-20-7568 3962

Bottom line: ASP was -4% y/y and down -5% sequentially in Q2 26, in line with Andre Kukhnin

seasonality. We think Q2 is overall supportive of a continuation of stabilization Analyst

although mix could weigh negatively. ASP YTD is tracking broadly in line with 2025 andre.kukhnin@ubs.com

by the end of May, and slightly lower vs 2025 in June as government-funded large +44-20-7567 2162

volume projects weighed negatively on the mix. We continue to think current pricing Hemal Bhundia, CFA

level could prove to be a support level after years of intense pricing competition and Analyst

profitability squeeze. This is consistent with our channel check in Feb (link) where the hemal.bhundia@ubs.com

expert expected flat pricing with possibility of slight growth (1-2%) for 2026. However, +44-20-7901 6515

we note that there could be a negative mix impact as government trade-in/equipment Ed Hussey

renewal modernisation project volumes ramp up. Analyst

edward.hussey@ubs.com

+44-20-7568 3946

Stock implications. We expect 2026 to be another year of E&E orders down-cycle

(UBSe -10%), hence unlikely to lead to a demand-driven pricing recovery, or arguably Sven Weier

Analyst

pressure easing. However, we do see a possibility of stabilisation after years of pricing

sven.weier@ubs.com

squeeze and evidence of pricing increases from suppliers so far.