Rising number of commercial and residential buildings and increasing number of smart cities to drive the Malaysia Elevators & Escalators Market through 2026.
According to TechSci Research report, “Malaysia Elevators & Escalators MarketBy Type (Elevator, Escalator and Moving Walkways), By Service (Modernization, Maintenance & Repair and New Installation), 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, Competition, Forecast & Opportunities, 2016-2026F”, Malaysia elevator & escalator market was valued USD411.94 million in 2020 and is forecast to grow at a CAGR of 5.44% in value terms, to reach USD572.39 million by 2026. Growth in the market can be attributed to increasing capital flow into real estate and increased government’s investment as part of “smart city plan” initiative. As part of the smart city plan, the government is planning to address issues and improve the quality of life of urban dwellers.
In addition, increased development of high-rise residential and commercial buildings to accommodate increased population and increasing urbanization are positively influencing Malaysia elevators & escalators market through 2026. The degree of urbanization is drastically increasing in the country, with a shift towards metro cities such as Kuala Lumpur, Seberang Perai, etc., from rural cities. This is resulting in the growing demand for real estate properties that are modernized enough to encapsulate the population within it. In addition, various government schemes have been implemented to increase urbanization which is expected to increase the demand for elevators & escalators in the country.
Browse 39 market Figures spread through 102 Pages and an in-depth TOC on“ Malaysia Elevator & Escalator Market”
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Malaysia elevator & escalator market is segmented based on type, service, elevator technology, end-user, elevator door type, and regional distribution. Based on type, the market is fragmented into elevator, escalator and moving walkways. Elevator segment led the market with a share of 90.49% in 2020 and the trend is likely to continue through 2026, which is majorly attributable to the growing infrastructural development in the country including ongoing and planned construction projects such as Merdeka 118, Tun Razak Exchange, and Bukit Bintang City Centre (BBCC), among others.
Based on service, the market can be categorized into modernization, maintenance & repair and new installation. Modernization, maintenance & repair segment is projected to account for the share of 64.90% in 2026 as all the new & existing elevators & escalators require routine repair & maintenance in order to ensure proper functioning. When compared with 2020, market share of above-mentioned segment is anticipated to increase through 2026 due to aging infrastructure requiring repair and maintenance.
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KONE Elevator (M) Sdn. Bhd, Antah Schindler Sdn. Bhd., Hitachi Elevator Engineering (Malaysia) Sdn. Bhd., Mitsubishi Elevator Malaysia Sdn Bhd, Otis Elevator Company Sdn. Bhd., Tk Elevator Malaysia Sdn. Bhd., MS Elevators Engineering Sdn. Bhd., Hyundai Elevator Malaysia Sdn Bhd., and Fujitec (Malaysia) Sdn Bhd, among others are leading players operating in the Malaysia elevator & escalator market. Malaysia elevator & escalator is a highly competitive market with four companies, including KONE Elevator (M) Sdn. Bhd, Otis Elevator Company Sdn. Bhd., TK Elevator Malaysia Sdn. Bhd, Antah Schindler Sdn. Bhd, occupying 60% of the market share in 2020. Companies operating in the market are investing in product development and getting quality certification to stay ahead in the competitive market. TK elevator Malaysia Sdn. Bhd. uses twin elevator technology which involves two independently operating cabs in the same shaft. Twin technology is used for reducing power requirement while increasing the floor space.
“Elevator aesthetics is turning out to be a key component in influencing customer elevator purchase decisions. Nowadays, more and more property owners are starting to consider the aesthetical value of their building’s elevators in order to ensure that they make the best first impression on visitors and prospective clients. Moreover, the country’s government is focusing on smart cities and smart building development, which includes the adoption of smart technologies to enhance the operational efficiency and effectiveness of the vertical transportation system.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Malaysia Elevators & Escalators Market By Type (Elevator, Escalator and Moving Walkways), By Service (Modernization, Maintenance & Repair and New Installation), 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, Competition, Forecast & Opportunities, 2016-2026F”, has evaluated the future growth potential of Malaysia Elevator & Escalator market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the market.
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