Report Description

Forecast Period


Market Size (2023)

USD 544.84 Million

Market Size (2029)

USD 739.97 Million

CAGR (2024-2029)


Fastest Growing Segment

New Installation

Largest Market


Market Overview

Malaysia Elevators & Escalators Market has valued at USD 544.84 Million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.03% through 2029.  An elevator, or lift, serves as a mechanical apparatus installed within a structure to vertically convey people or objects between floors. It finds utility across diverse settings including residential complexes, commercial establishments, shopping centers, medical facilities, and industrial sites, facilitating the movement of passengers and goods efficiently. Elevators also serve industrial purposes, aiding in the transportation of equipment, materials, and finished products within factories and plants.

Escalators, alternatively termed as moving staircases, operate on electric power and are characterized by a system comprising a chain and drive sprocket, supported by dual tracks. Elevators are categorized into traction, hydraulic, and machine room-less traction variants, each tailored to specific architectural and functional requirements. Escalators are further classified into two types: moving stairs, providing inclined transportation, and moving walkways, facilitating horizontal movement.

Key Market Drivers

Urbanization and Infrastructure Development:

One of the primary drivers of the elevator and escalator market in Malaysia is the rapid urbanization and continuous infrastructure development in the country. As Malaysia's cities expand and become more densely populated, the demand for high-rise buildings, commercial complexes, and residential towers has surged. To accommodate these vertical structures, there is an increasing need for reliable vertical transportation solutions, making elevators and escalators an essential part of modern urban infrastructure.

Aging Population:

Malaysia, like many developed countries, is experiencing an aging population. With a growing elderly demographic, there is a heightened need for accessibility and mobility solutions. Elevators and escalators play a pivotal role in ensuring that older individuals and those with mobility challenges can access various facilities and services, which further drives the demand for these systems in public spaces and residential buildings.

Building Safety Regulations:

The Malaysian government has introduced and enforced stringent building safety regulations over the years. Compliance with these regulations has led to a significant increase in the installation and maintenance of elevators and escalators. Building owners and developers must adhere to these safety standards to ensure the well-being of occupants, thereby fostering a competitive market for elevator and escalator solutions.

Technological Advancements:

Advancements in elevator and escalator technology have also contributed to market growth. Malaysian manufacturers have been at the forefront of developing cutting-edge, energy-efficient, and smart elevator and escalator systems. These innovations enhance user experience, improve energy efficiency, and reduce maintenance costs, making them more appealing to businesses and property owners.

Tourism and Hospitality Industry:

Malaysia's thriving tourism and hospitality industry, driven by its rich cultural heritage and world-class attractions, has spurred the construction of hotels, resorts, and entertainment complexes. These facilities demand top-quality vertical transportation solutions to ensure the comfort and convenience of guests. As a result, the elevator and escalator market benefits from the continuous expansion of the tourism sector.

Foreign Investment and Partnerships:

Foreign investment and partnerships have played a significant role in the Malaysian elevator and escalator market's growth. Many global elevator and escalator manufacturers have established a presence in the country or formed collaborations with local companies. This has led to the introduction of international expertise, advanced technologies, and a wider range of product offerings, ultimately driving market expansion.

Sustainable Practices and Energy Efficiency:

Environmental concerns and the push for sustainability have prompted a shift towards more energy-efficient and eco-friendly elevator and escalator systems. Malaysia's commitment to reducing its carbon footprint has led to a preference for elevators and escalators that consume less energy and incorporate sustainable materials. This aligns with global efforts to combat climate change and encourages the adoption of modern, eco-conscious solutions.

Government Initiatives:

Government initiatives have played a vital role in the Malaysian elevator and escalator market's growth. Financial incentives, subsidies, and regulatory support have been provided to encourage property owners and developers to install energy-efficient and accessible vertical transportation systems. These initiatives not only promote industry growth but also align with broader societal goals.

Rising Commercial Real Estate:

Malaysia's burgeoning commercial real estate sector, driven by a dynamic business environment and global investments, has led to an increasing number of office buildings, corporate parks, and mixed-use developments. In these modern spaces, elevators and escalators are essential for efficient vertical transportation, further boosting the market.

Infrastructure Modernization:

The need to upgrade and modernize existing buildings and infrastructure has created a substantial demand for elevator and escalator replacement and retrofit projects. As Malaysia continues to rejuvenate older structures, there is a growing market for the replacement and upgrading of outdated vertical transportation systems, providing ample opportunities for manufacturers and service providers. The Malaysian elevator and escalator market has experienced remarkable growth, thanks to a confluence of factors. Rapid urbanization, aging population, stringent safety regulations, technological advancements, tourism, foreign investment, sustainability initiatives, and government support have all played pivotal roles in propelling this industry. With the market poised for further expansion, it is essential for businesses and investors to keep a close eye on these key drivers as they navigate the dynamic landscape of Malaysia's elevator and escalator sector.

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Key Market Challenges

The elevator and escalator market in Malaysia has witnessed substantial growth in recent years, driven by various factors. However, along with opportunities, this industry also faces several challenges that have the potential to impact its continued expansion. In this comprehensive analysis, we will delve into the key challenges that the Malaysian elevator and escalator market faces and explain their implications for the industry.

Regulatory Compliance and Safety Standards:

One of the major challenges in the Malaysian elevator and escalator market is the need to comply with stringent regulatory standards. The government has imposed strict safety regulations to ensure the well-being of users and prevent accidents. Manufacturers, installers, and building owners must adhere to these standards, which can be complex and demanding. Non-compliance can lead to costly delays, fines, or even legal repercussions.

While these regulations are crucial for user safety, they can pose challenges for market players in terms of compliance costs and project timelines. However, adherence to these standards is essential for maintaining public trust and the reputation of the industry.

Aging Infrastructure:

Malaysia, like many developed nations, has a significant number of aging buildings, including those with outdated elevator and escalator systems. Modernizing these structures and retrofitting them with newer, more efficient systems can be a complex and expensive process. Many property owners are reluctant to invest in upgrades due to cost considerations, which can hinder market growth.

Implication: The need for infrastructure modernization presents both opportunities and challenges. While it offers a market for elevator and escalator replacement projects, convincing property owners to invest in these upgrades can be difficult, and cost barriers may slow down the adoption of modern systems.

Economic Volatility:

The Malaysian economy, like any other, is susceptible to fluctuations, both domestic and international. Economic uncertainties can impact the construction industry, which, in turn, affects the demand for elevators and escalators. A sluggish economy can lead to delays in new construction projects and reduce investments in vertical transportation systems.

Implication: Economic volatility can disrupt the steady growth of the elevator and escalator market. Manufacturers and service providers may need to adapt to these fluctuations and find ways to remain competitive during economic downturns.


The elevator and escalator market in Malaysia is highly competitive, with both domestic and international players vying for market share. Intense competition can lead to price wars, reducing profit margins for companies in the industry. Additionally, the need to differentiate through innovation and service quality can be challenging. The competitive landscape necessitates constant innovation and cost-effective solutions. Companies must continually invest in research and development to stay ahead of the competition, which can strain resources.

Labor Shortages and Skilled Workforce:

A shortage of skilled labor in the elevator and escalator industry is a significant challenge. The installation, maintenance, and repair of these systems require specialized knowledge and skills. As the industry grows, recruiting and retaining a skilled workforce becomes more critical, and shortages can lead to delays and service quality issues. The lack of skilled workers can lead to inefficiencies and reduced customer satisfaction. Companies may need to invest in training programs and offer competitive salaries to attract and retain skilled professionals.

Environmental Sustainability:

While environmental sustainability is a driver for market growth, it also poses challenges. Elevator and escalator systems must become more energy-efficient and eco-friendly to meet the demands of environmentally conscious consumers. Achieving this while maintaining high-performance standards can be technically challenging and costly. Balancing performance and sustainability can be a complex task. Manufacturers need to invest in eco-friendly technologies and materials, which may increase production costs. Finding cost-effective solutions that meet environmental standards is a constant challenge.

Maintenance and Downtime:

Elevators and escalators require regular maintenance to ensure safety and efficiency. Downtime for maintenance and repairs can be disruptive to building owners and users. Minimizing service interruptions while maintaining safety standards is a continuous challenge for the industry.

Balancing maintenance schedules with minimal disruptions is crucial. Companies must invest in predictive maintenance technologies to reduce unexpected downtime and improve service efficiency.

Technological Advancements:

While technological advancements can be a driver, they can also present challenges. Rapid technological changes require companies to continually upgrade their systems and offer innovative features. This can be costly, and there's a risk of market saturation as customers wait for the next big technological leap.

Companies need to balance the adoption of new technologies with cost considerations. Overreliance on technological advancements can lead to high production costs without a corresponding increase in market demand.

Supply Chain Disruptions

The Malaysian elevator and escalator market relies on the supply of various components and materials. Disruptions in the global supply chain, whether due to natural disasters, political conflicts, or other factors, can lead to delays in manufacturing and installation, affecting project timelines and costs. Companies need to diversify their supply chain sources and establish contingency plans to mitigate the impact of supply disruptions.

Changing Demographics:

Malaysia, like many developed nations, is experiencing demographic changes, including a declining birth rate and an aging population. These shifts can impact the demand for elevator and escalator systems in different ways. A smaller younger population may mean less demand for new residential buildings, while an aging population may increase the need for retrofitting existing structures.

Market players must adapt to changing demographics by exploring niche markets or diversifying their product and service offerings to meet evolving needs.

The Malaysian elevator and escalator market faces a range of challenges that require strategic planning and innovation to overcome. These challenges include regulatory compliance, aging infrastructure, economic volatility, competition, labor shortages, environmental sustainability, maintenance, technological advancements, supply chain disruptions, and changing demographics. Addressing these challenges is essential for the industry's continued growth and success. Market players must adapt, invest in research and development, and navigate these obstacles to thrive in a competitive and evolving landscape.

Key Market Trends

Smart and Connected Systems:

Smart and connected elevator and escalator systems have gained immense popularity in Malaysia. These systems are equipped with sensors, internet connectivity, and data analytics capabilities. They offer enhanced user experiences, increased energy efficiency, and real-time monitoring and maintenance, thereby ensuring smooth and secure vertical transportation.

Manufacturers and service providers need to invest in IoT (Internet of Things) technology, data analytics, and cybersecurity to meet the growing demand for smart systems. This trend also opens doors for new service offerings such as predictive maintenance.

Energy Efficiency and Sustainability:

As Malaysia, like many other nations, prioritizes environmental sustainability, there's a growing demand for eco-friendly and energy-efficient elevator and escalator solutions. This trend aligns with government initiatives and global efforts to reduce carbon emissions and energy consumption in buildings. Manufacturers must develop and promote green technologies, such as regenerative drives and energy-efficient materials, to cater to environmentally conscious consumers and meet stricter environmental regulations.

Aging Population-Focused Designs:

Malaysia, with its rapidly aging population, is witnessing a trend toward elevators and escalators designed to accommodate the specific needs of elderly individuals and individuals with mobility challenges. Features like lower handrails, anti-slip flooring, and tactile buttons make these systems more accessible and user-friendly.  Manufacturers and designers need to incorporate accessible design features to meet the needs of an aging demographic. Offering inclusive solutions can also help tap into a growing market segment.

Customization and Aesthetics:

Consumers in Malaysia are increasingly demanding elevators and escalators that fit the aesthetic and functional requirements of modern buildings. Customization options, including personalized interior designs, materials, and finishes, are on the rise. This trend aligns with the country's emphasis on design and aesthetics. Players need to offer a wide range of customization options to cater to diverse architectural and design preferences. Collaboration with architects and interior designers becomes crucial.

Maintenance and Servicing Contracts:

The Malaysian market is experiencing a surge in long-term maintenance and servicing contracts. Building owners and managers are recognizing the importance of regular upkeep to ensure safety and performance. These contracts include preventive maintenance, routine inspections, and predictive maintenance. Service providers need to focus on offering comprehensive maintenance and servicing contracts to build long-term relationships with clients. Predictive maintenance using data analytics can reduce downtime and enhance service quality.

Retrofitting and Modernization:

The demand for retrofitting and modernization projects in Malaysia is on the rise. Many existing buildings with outdated elevator and escalator systems are seeking upgrades to improve performance, safety, and energy efficiency.

Manufacturers and service providers should offer retrofit solutions and collaborate with property owners to provide cost-effective modernization options.

Advanced Safety Features:

Safety remains a top priority in the Malaysian market. Advanced safety features, such as destination control systems, infrared sensors, and remote monitoring, are gaining traction. These features not only enhance passenger safety but also reduce the risk of accidents.

Implication: Manufacturers should prioritize the integration of advanced safety features and promote their benefits to gain a competitive edge in the market.

Mixed-Use and High-Rise Buildings:

Malaysia's urban landscape is characterized by mixed-use developments and high-rise buildings. These architectural trends require efficient vertical transportation systems. Elevators and escalators designed to handle the unique challenges of such structures are in high demand.

Implication: Manufacturers should develop systems that are tailored to the needs of high-rise and mixed-use buildings, including faster speed options and advanced traffic management systems.

Diversification of Materials and Components:

The Malaysian market is witnessing a diversification of materials and components used in elevator and escalator construction. The use of lighter, stronger materials and components such as carbon-fiber belts, magnetic levitation, and advanced control systems is on the rise.

Manufacturers should stay updated with the latest materials and components to enhance the performance, safety, and efficiency of their systems. Continuous innovation in materials and components is key to staying competitive.

Competitive Pricing and Financing Models:

Malaysia's price-conscious consumers are looking for cost-effective elevator and escalator solutions. As a result, competitive pricing and flexible financing models are becoming increasingly important in the market

Manufacturers and service providers must find ways to offer value for money while also providing flexible financing options to accommodate different customer budgets.

Collaboration with Architects and Developers:

Elevator and escalator manufacturers are increasingly collaborating with architects and developers from the initial stages of building design. This collaborative approach ensures that the vertical transportation systems are seamlessly integrated into the building's overall design and functionality.

Implication: Collaborative efforts with architectural and construction professionals can lead to innovative solutions that are more architecturally integrated, aesthetically pleasing, and efficient.

The Malaysian elevator and escalator market is marked by a series of dynamic trends that are shaping the industry's future. From the adoption of smart and connected systems to a focus on sustainability, aging population-focused designs, and customization, these trends are driven by consumer demands, technological advancements, and evolving urban landscapes. Manufacturers, service providers, and stakeholders need to embrace these trends to remain competitive and meet the diverse needs of the Malaysian market. Staying at the forefront of innovation and collaboration will be essential to capitalize on the opportunities presented by these trends while addressing the associated challenges.

Segmental Insights

Service Insights

In terms of service, ‘New installations’ is the leading segment due to the expansion of high-rise residential buildings combined with a growing commercial segment and increasing capital arrival into the real-estate sector. Furthermore, a surge in new construction plans and projects for skyscrapers is bolstering market expansion. Moreover, the government's emphasis on smart cities and advancements in infrastructure, including metro and railway developments, are anticipated to positively influence the Global Elevator & Escalator Market. Additionally, the rising tourist influx, burgeoning green building developments, and escalating infrastructure initiatives are driving demand for elevator and escalator installations.

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Regional Insights

The Central region (West Malaysia) is the largest region in the Malaysia elevators & escalators market, The Central region of West Malaysia stands out as the largest market for elevators and escalators in Malaysia. This dominance is primarily attributed to the region's economic significance and high population density, particularly in urban centers like Kuala Lumpur, Selangor, and Putrajaya. These areas are hubs of commercial, residential, and industrial activities, driving the demand for vertical transportation systems to facilitate efficient movement within buildings.

The rapid pace of urbanization and infrastructure development in the Central region has further fueled the demand for elevators and escalators. With the construction of high-rise buildings, shopping malls, office complexes, and residential towers, there is a growing need for reliable and innovative vertical transportation solutions. As a result, manufacturers and service providers focus their attention on catering to the requirements of this dynamic market.

The Central region serves as a magnet for investments and business expansions, attracting both local and international companies. With the influx of businesses and workforce into this region, there is a heightened demand for modernized and efficient transportation infrastructure, including elevators and escalators. This trend has significantly contributed to the market's growth and prominence in the Central region.

Government initiatives and urban planning strategies aimed at enhancing mobility and accessibility further propel the demand for elevators and escalators in the Central region. The implementation of smart city concepts and sustainable development goals underscores the importance of efficient vertical transportation systems in ensuring seamless connectivity and mobility within urban environments. Consequently, the Central region continues to lead the Malaysia elevators & escalators market, driven by its robust economic activity, urbanization trends, and infrastructure investments.

Recent Developments

  • Ulsan's 'Industrial Complex Renovation' project aims to build a sophisticated cooperative complex. Over three years, starting from 2021, Ulsan City will contribute a net of USD 1.52 billion, comprising USD 1.5 billion from the government and USD 2.3 million from the metropolitan area, to generate 4,900 jobs and lure 4,000 mobility enterprises.

Key Market Players

  • KONE Elevator (M) Sdn. Bhd.
  • Antah Schindler Sdn. Bhd.
  • Hitachi Elevator Engineering (M) Sdn Bhd
  • Mitsubishi Elevator Malaysia Sdn. Bhd
  • OTIS Elevator Company (M) Sdn Bhd (Johor Branch)
  • TK Elevator Malaysia Sdn. Bhd.
  • ORS Technologies Sdn Bhd
  • Hyundai Elevator Malaysia Sdn Bhd.
  • MXC Elevator Sdn. Bhd

By Product Type

            By Delivery Mode

End User Industry

By Elevator Technology

By Elevator Door Type

By Region

  • Elevator
  • Escalator
  • Moving Walkways
  • Maintenance & Repair
  • New Installation
  • Modernization
  • Residential
  • Commercial
  • Institutional
  • Infrastructural & Others
  • Traction
  • Hydraulic & Machine room-Less traction
  • Automatic
  • Manual
  • Central Region
  • East Malaysia
  • Northern Region
  • Eastern Region
  • Southern Region

Report Scope:

In this report, the Malaysia Elevators & Escalators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Malaysia Elevator & Escalator Market, By Product Type:

o   Elevator

o   Escalator & Moving Walkways

  • Malaysia Elevator & Escalator Market, By Delivery Mode:

o   Maintenance & Repair

o   New Installation Modernization

  • Malaysia Elevator & Escalator Market, By End User Industry:

o   Residential

o   Commercial

o   Institutional

o   Infrastructural & Others

  • Malaysia Elevator & Escalator Market, By Elevator Technology:

o   Traction

o   Hydraulic & Machine room-Less traction

  • Malaysia Elevator & Escalator Market, By Elevator Door Type:

o   Automatic

o   Manual

  • Malaysia Elevator & Escalator Market, By Region:

o   Central Region

o   East Malaysia

o   Northern Region

o   Eastern Region

o   Southern Region 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Malaysia Elevator & Escalator Market.

Available Customizations:

Malaysia Elevators & Escalators Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Malaysia Elevators & Escalators Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected] 

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on Malaysia Elevator & Escalator Market

5.         Voice of Customer

6.         Malaysia Elevators & Escalators Market Overview

7.         Malaysia Elevators & Escalators Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value

7.2.    Market Share & Forecast

7.2.1.By Type (Elevator, Escalator & Moving Walkways)

7.2.2.By Service (Maintenance & Repair, New Installation and Modernization)

7.2.3.By End User Industry (Residential, Commercial, Institutional, Infrastructural & Others)

7.2.4.By Elevator Technology (Traction, Hydraulic & Machine room-Less traction)

7.2.5.By Elevator Door Type (Automatic and Manual)

7.2.6.By Region

7.3.    By Company (2023)

7.4.    Market Map

8.         Central Malaysia Region Elevator & Escalator Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value

8.2.    Market Share & Forecast

8.2.1.By Type

8.2.2.By Service

8.2.3.By End User Industry

8.2.4.By Elevator Technology

8.2.5.By Elevator Door Type

9.         East Malaysia Elevator & Escalator Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value

9.2.    Market Share & Forecast

8.2.6.By Type

8.2.7.By Service

8.2.8.By End User Industry

8.2.9.By Elevator Technology

8.2.10.     By Elevator Door Type

10.      Northern Region Elevator & Escalator Market Outlook

10.1. Market Size & Forecast

10.1.1.     By Value

10.2. Market Share & Forecast

8.2.11.     By Type

8.2.12.     By Service

8.2.13.     By End User Industry

8.2.14.     By Elevator Technology

8.2.15.     By Elevator Door Type

11.      Eastern Region Elevator & Escalator Market Outlook

11.1. Market Size & Forecast

11.1.1.     By Value

11.2. Market Share & Forecast

8.2.16.     By Type

8.2.17.     By Service

8.2.18.     By End User Industry

8.2.19.     By Elevator Technology

8.2.20.     By Elevator Door Type

12.      Southern Region Elevator & Escalator Market Outlook

12.1. Market Size & Forecast

12.1.1.     By Value

12.2. Market Share & Forecast

8.2.21.     By Type

8.2.22.     By Service

8.2.23.     By End User Industry

8.2.24.     By Elevator Technology

8.2.25.     By Elevator Door Type

13.      Market Dynamics

13.1. Drivers

13.2. Challenges

14.      Market Trends and Developments

15.      Company Profiles

15.1.  KONE Elevator (M) Sdn. Bhd.

15.1.1.     Business Overview

15.1.2.     Key Revenue and Financials 

15.1.3.     Recent Developments

15.1.4.     Key Personnel/Key Contact Person

15.1.5.     Key Product/Services Offered

15.2.  Antah Schindler Sdn. Bhd.

15.2.1.     Business Overview

15.2.2.     Key Revenue and Financials 

15.2.3.     Recent Developments

15.2.4.     Key Personnel/Key Contact Person

15.2.5.     Key Product/Services Offered

15.3.  Hitachi Elevator Engineering (M) Sdn Bhd

15.3.1.     Business Overview

15.3.2.     Key Revenue and Financials 

15.3.3.     Recent Developments

15.3.4.     Key Personnel/Key Contact Person

15.3.5.     Key Product/Services Offered

15.4.  Mitsubishi Elevator Malaysia Sdn. Bhd

15.4.1.     Business Overview

15.4.2.     Key Revenue and Financials 

15.4.3.     Recent Developments

15.4.4.     Key Personnel/Key Contact Person

15.4.5.     Key Product/Services Offered

15.5.  OTIS Elevator Company (M) Sdn Bhd (Johor Branch)

15.5.1.     Business Overview

15.5.2.     Key Revenue and Financials 

15.5.3.     Recent Developments

15.5.4.     Key Personnel/Key Contact Person

15.5.5.     Key Product/Services Offered

15.6.  TK Elevator Malaysia Sdn. Bhd.

15.6.1.     Business Overview

15.6.2.     Key Revenue and Financials 

15.6.3.     Recent Developments

15.6.4.     Key Personnel/Key Contact Person

15.6.5.     Key Product/Services Offered


15.7.1.     Business Overview

15.7.2.     Key Revenue and Financials 

15.7.3.     Recent Developments

15.7.4.     Key Personnel/Key Contact Person

15.7.5.     Key Product/Services Offered

15.8.  ORS Technologies Sdn Bhd

15.8.1.     Business Overview

15.8.2.     Key Revenue and Financials 

15.8.3.     Recent Developments

15.8.4.     Key Personnel/Key Contact Person

15.8.5.     Key Product/Services Offered

15.9.  Hyundai Elevator Malaysia Sdn Bhd.

15.9.1.     Business Overview

15.9.2.     Key Revenue and Financials 

15.9.3.     Recent Developments

15.9.4.     Key Personnel/Key Contact Person

15.9.5.     Key Product/Services Offered

15.10.  MXC Elevator Sdn. Bhd

15.10.1.     Business Overview

15.10.2.     Key Revenue and Financials 

15.10.3.     Recent Developments

15.10.4.     Key Personnel/Key Contact Person

15.10.5.     Key Product/Services Offered

16.      Strategic Recommendations

17.      About Us & Disclaimer

Figures and Tables

Frequently asked questions


The market size of the Malaysia Elevators & Escalators Market was USD 544.84 Million in 2023.


Traction emerged as the dominant segment in the Malaysia Elevators & Escalators Market in 2023 due to its efficient and reliable operation, particularly suited for high-rise buildings in urban areas. The technology's ability to handle heavy loads and offer smoother rides contributed to its widespread adoption, surpassing other elevator technologies.


The Central Region led the Malaysia Elevators & Escalators Market in 2023 due to its high urbanization rates and infrastructure development in key cities like Kuala Lumpur. This region witnessed significant demand for vertical transportation systems driven by commercial and residential construction projects, boosting market dominance.


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.


Srishti Verma

Business Consultant
Press Release

Malaysia Elevator & Escalator Market is expected to grow at a 5.03% CAGR through 2029

May, 2024

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 Mark