Malaysia Elevator & Escalator Market is expected to grow at a 5.03% CAGR
Rising development of high-rise
commercial and residential buildings coupled with increasing capital inflow
into the real-estate sector are expected to propel the Malaysia Elevator and
Escalator Market during the forecast period.
According to TechSci Research report, “Malaysia Elevator & Escalator
Market – By Region, Competition,
Forecast and Opportunities, 2018-2028”, Increased urbanization,
rising demand for high-rise structures, and the government's focus on
infrastructure in key economic cities have propelled Malaysia Elevator &
Escalator business to new heights. The Malaysia elevator market by the
installed base is expected to reach 1 million units by 2028. The government
representatives signed an agreement to boost the number of smart domestic
factories, intending to have 30,000 such facilities operational nationally by
2022.
Increased public awareness of elevator
safety has aided the modernization of elevator market. Elevator modernization
can extend their useful lives and decrease the need for expensive elevator
replacements. The quality, functionality, and safety of elevator rises have all
been significantly improved by technological advancements. These factors have
expedited the modernization of elevators in homes, businesses, airports, and
public transportation networks. The need for elevator modernization systems is
also growing due to advantages such as reduced vibration and noise levels.
Owing to technological advancements,
businesses are now equipping elevators with appealing technologies such as
Wi-Fi, HVAC systems, music players, etc. Additionally, the adoption of AC and
permanent magnet gearless motor technology has increased the efficiency of
elevator hoisting equipment, allowing for fewer elevator trips and better
elevator balancing, both of which can lead to energy savings.
In 2021, Digital Edge purchased two
locations from Sejong Telcom, one each in Seoul and Busan. Also, according to
the Korea Elevator Safety Agency, the freight elevators increased significantly
from 2020 to 2021, around 28%. With global supply chain issues, Malaysia
intends to set up manufacturing plants across the country, leading to increased
manufacturing and industrial structures.
Browse over XX market data Figures
spread through 86 Pages and an in-depth TOC on the "Malaysia Elevator & Escalator Market."
Residential is the dominant segment in
the Malaysia Elevator Modernization Market based on end-user. The rising
urbanization and residential development have led to a greater need for
elevator installation and renovation. Elevators have many delicate parts, which
require maintenance and upgrading to maintain their effectiveness and safety.
The growing awareness of the benefits of elevator modernization has also had a
positive impact on the industry's growth.
In terms of regional analysis, the
Malaysia Elevator Modernization Market is segmented into Central Region (West
Malaysia), East Malaysia, Northern Region (West Malaysia), Southern Region
(West Malaysia), Eastern Region (West Malaysia). Central region (West Malaysia)
is the largest region in the Malaysia elevators & escalators market, owing
to the increasing investment in the construction sector and increasing
urbanization in Selangor and Kuala Lumpur. The Central region's elevators and
escalator market is expanding as a result of modernization, industrialization,
and urbanisation in infrastructure projects as well as increased demand for
green elevators. The market for elevators and escalators in this region is
expected to increase rapidly over the next few years as a result of rising
infrastructure investment, which would necessitate the installation of
elevators in high-rise residential and commercial structures.
Key market players in the Malaysia
Elevator & Escalator Market are: -
- Antah
Schindler Sdn. Bhd.,
- Hitachi
Elevator ＆
Escalator (Malaysia) Sdn.,
- Mitsubishi
Elevator Malaysia Sdn. Bhd
- Otis
Elevator Co.Sdn. Bhd.
- TK
Elevator Malaysia Sdn. Bhd.
- MS
ELEVATORS ENGINEERING SDN. BHD.
- ORS
ENGINEERING SDN. BHD.
- Hyundai
Elevator Malaysia Sdn Bhd.
- Fujitec
Elevators & Escalators (Malaysia) Sdn Bhd.
- MXC
Elevator Sdn. Bhd.
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
“The Malaysia Elevator & Escalator
market has been driven by several key factors in recent years. Rapid
urbanization and infrastructure development have led to increased demand for
vertical transportation solutions, including elevators and escalators. The
growing number of high-rise buildings and shopping malls has fueled this
demand. Additionally, a burgeoning middle-class population and improved living
standards have led to a surge in the construction of residential and commercial
complexes, further boosting the market. Technological advancements have played
a crucial role, as the adoption of energy-efficient and smart elevators and
escalators has become a priority. These innovations offer improved safety
features and enhanced user experience, making them highly attractive to
customers and property developers. Moreover, government initiatives to enhance
public infrastructure and make buildings more accessible have contributed to
market growth. The need for retrofitting older buildings with modern elevators and
escalators to meet safety and accessibility standards has also driven the
market. In summary, the Malaysia Elevator & Escalator market has
experienced substantial growth due to urbanization, increased construction
activities, technological advancements, government support, and a growing
awareness of safety and accessibility, making it a dynamic and promising
industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Malaysia
Elevators & Escalators Market Segmented By Type (Elevator, Escalator &
Moving Walkways), By Service (Maintenance & Repair, New Installation and
Modernization), By End User Industry (Residential, Commercial, Institutional,
Infrastructural & Others), By Elevator Technology (Traction, Hydraulic
& Machine room-Less traction), By Elevator Door Type (Automatic and
Manual), By Region, and By Competition, 2018-2028,”
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 Malaysia Elevator &
Escalator Market.
Contact Us-
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
M: +13322586602
Email: [email protected]
Website: www.techsciresearch.com