Rising investment on infrastructural development and increasing FDIs in construction sector are some major factors driving the growth of Malaysia elevator & escalator market.
According to TechSci Research report, “Malaysia 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”, Malaysia elevator & escalator market was valued USD 0.25 Billion in 2019 and is anticipated to be valued USD 0.30 Billion by 2025.Growing government spending on infrastructural development, increasing number of high-rise commercial & residential buildings and mounting industrial applications of elevators are some key factors propelling the growth of Malaysia elevator & escalator market. Furthermore, surging urbanization and introduction of latest technology are also positively impacting the market growth. Apart from that, Malaysia elevator & escalator market is also witnessing high demand due to increasing aging population of the country.
Additionally, increasing focus of government on modernization and maintenance of old buildings is another prominent factor contributing to the growth of Malaysia elevator & escalator market. The country is further witnessing growing demand for energy efficient devices which is pushing elevator & escalator manufacturers to come up with advanced and green elevators and escalators. Moreover, with increasing investments on improvement of public infrastructure such as construction of new airports and metro rail projects in large cities, the Malaysia elevator & escalator market is expected to grow significantly over the next five years.
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Malaysia elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. Based on type, the market can be split into elevators, escalators and moving walkways. Among them, elevators accounted for 90.60% market share in 2019 owing to growing installation of elevators in old as well as new residential and commercial buildings in the country. Moreover, the segment is expected to maintain its dominance during the forecast period and hold a market share of 90.68% by 2025
Based on service, Malaysia elevator & escalator market can be categorized into maintenance & repair, new installation and modernization. Among them, the modernization and maintenance & repair segment together accounted for 63.69% market share in 2019 and is further expected to maintain its dominance during the forecast period . The reasons behind the rise in demand for modernization and maintenance & repair services can be attributed to increasing investment by government on restoration and renovation of old buildings in the country.
Leading market players in Malaysia elevator & escalator market are KONE Corporation, Hitachi Group, Otis Elevator Company (UTC), Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Schindler Holding Ltd., Fujitec Company Limited, thyssenkrupp AG, Canny Elevator Co., Ltd. and Hyundai Elevator. Manufacturers are undergoing both organic and inorganic growth strategies such as new product launches, mergers & acquisitions, collaborations, partnerships and joint ventures in order to increase their share in Malaysia elevator & escalator market.
“Malaysian government initiatives aimed at developing high-class infrastructure to attract foreign companies is acting as a positive factor for the growth of elevator & escalator market in the country. Apart from that, the country is witnessing increasing construction of luxurious apartment complexes in major cities as well as new malls & shopping complexes where elevators and escalators are installed in large numbers.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Malaysia 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 Malaysia 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 Malaysia elevator & escalator market.
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