Increasing funding by government on infrastructural development projects is a major factor driving the growth of Indonesia elevator & escalator market.
According to TechSci Research report, “Indonesia Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2015- 2025”, Indonesia elevator & escalator market was valued USD 0.30 Billion in 2019 and is expected to be valued USD 0.43 Billion by 2025. Major factors propelling the growth of Indonesia elevator & escalator market are rapid urbanization, growing infrastructural & construction activities and development of high-rise commercial buildings such as office spaces and shopping malls in the country. Moreover, rise in funding by government on infrastructural development projects and increased inflow of FDI funding in construction sector are also acting as major growth driver for elevator & escalator market in the country. Apart from that, Indonesia is witnessing growing demand for cost-effective elevators & escalators due to which manufacturers are coming up with advanced, low-cost products in the market. With growth in real estate sector and construction of high-rise residential complexes in order to accommodate the growing population of the country, the Indonesia elevator & escalator market is anticipated to grow significantly during the forecast period.
Furthermore, Indonesia is in a phase of economic recovery and is currently undergoing development of new airports, railroads and construction of major high-rise projects. All these factors are providing profitable growth opportunities for elevator & escalator manufacturers in the country. In addition to this, government plans such as shifting of capital from present Jakarta to the heavily forested area of East Kalimantan is also likely to support the growth of Indonesia elevator & escalator market in coming years.
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Indonesia elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. Based on type, the market is segmented into elevators, escalators and moving walkways. Among them, elevators accounted for 88.95% market share in 2019 as they are highly being installation at both commercial as well as residential complexes to provide comfortable commute to the people. Moreover, the segment is further expected to dominate the market and hold a market share of around 89% by 2025.
Based on end user, the Indonesia elevator & escalator market can be split into residential, commercial, institutional, infrastructural and others. Among them, the residential segment is expected to hold dominance during the forecast period owing to several government projects such as introduction of One Million Houses (OMH) programme per year.
Leading market players in Indonesia elevator & escalator market are KONE Corporation, Hitachi Group, Otis Elevator Company (UTC), Mitsubishi Electric Corporation, Schindler Holding Ltd., Hyundai Elevator, thyssenkrupp AG and Toshiba Elevator and Building Systems Corporation. Key growth strategies being adopted by escalator & elevator manufacturers are new product launches, mergers & acquisitions, collaborations and partnerships in order to increase their share in Indonesian market.
“Indonesia has more than 300 active large-scale construction projects at present which are creating high demand for escalators and elevators in the country. Moreover, decline in import taxes and free trade agreements with some Southeast Asian countries are also providing lucrative opportunities for escalators and elevators companies in Indonesia.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Indonesia Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Indonesia elevator & escalator market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Indonesia elevator & escalator market.
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