The Malaysia elevators and escalators market, as reported by TechSci Research, is projected to experience a CAGR of 5.03%, reaching USD 739.95 million by 2027. The strong growth in the Malaysian construction industry has led to a high demand for elevators and escalators in the country. The infrastructure sector is experiencing increased investments, resulting in a higher rate of residential and commercial projects, which are positively impacting the construction industry. With the increase in the vertical growth of skyscrapers that incorporate shopping complexes, retail shops, and residential apartments, the demand for elevators and escalators in Malaysia is expected to increase in the upcoming years.
MIDA reports that Malaysia has attracted USD 27.5 billion in approved investments in the manufacturing, services, and primary sectors in Q1 2022, which is likely to positively impact the Malaysia Elevator and Escalator Market. Additionally, the development of smart cities, backed by increasing government investments, is expected to be a significant driving factor for the demand for elevators and escalators in the coming years.
The Malaysia elevators and escalators market is segmented based on type, service, elevator technology, elevator door type, end-user, region, and company. The market is divided into elevator, escalator, and moving walkways under the type category, and modernization and maintenance & repair and new installation under the service category. Under the elevator technology category, the market is segmented into traction, hydraulic, and machine room-less traction, with traction elevator technology dominating the market, accounting for a market share of 84.82% in 2021. The elevator door type category is classified into automatic and manual, while the end-user category is divided into residential, commercial, institutional, infrastructural, and others. The residential end-user segment is expected to exhibit a CAGR of 4.85% in value terms, reaching USD 365.50 million in the next five years, due to increased residential construction, major upcoming projects, and government initiatives such as the Green Technology Master Plan. The construction of many high-rise residential buildings and secretariats is expected to drive revenue growth in the elevators & escalators market in the upcoming years.
Browse over 39 market data Figures spread through 106 Pages and an in-depth TOC on " Malaysia Elevators & Escalators Market" - https://www.techsciresearch.com/report/malaysia-elevator-and-escalator-market/7209.html
Key market players in the Malaysia Elevators & Escalators market include:
- 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.
- Toshiba Elevator Malaysia
- Hyundai Elevator Malaysia Sdn Bhd.
- Fujitec (Malaysia) Sdn Bhd
- MXC Elevator Sdn. Bhd.
“Central region (West Malaysia) is the largest region in the Malaysia Elevators & Escalators Market with a share of 34.81% in 2021 owing to increased investment in the construction sector and urbanization in Selangor and Kuala Lumpur. Modernization, industrialization, and urbanization, as well as rising demand for green elevators, are the primary drivers of growth in the for the Malaysia Elevators & Escalators Market in the Central Region. Over the coming years, the elevators and escalators market in this region is expected to register strong growth, backed by increasing investment in infrastructure, which would require the installation of elevators in residential and commercial high-rise buildings.” 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 (New Installation, Modernization and Maintenance & Repair), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Infrastructural, Institutional and Others) By Region, Competition Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of Elevators & Escalators market in Malaysia and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Malaysia Elevators & Escalators market.
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