THE MALAYSIA ELEVATOR AND ESCALATOR MARKET WAS VALUED AT 2.4 THOUSAND UNITS IN 2021 AND IS EXPECTED TO REACH 3 THOUSAND UNITS BY 2028 GROWING AT A CAGR OF 3.01% DURING 2021-2028

Malaysia Elevator and Escalator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization (In Billion)
  • Maintenance (In Billion)

Malaysia Elevator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

Malaysia Escalator Market Size by Volume  

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

Malaysia Elevator and Escalator Size, Share, & Trends Analysis Report by 

Elevator Market Segmentation

  • Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
  • Carriage Type: Passenger and Freight 
  • Capacity:2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above 
  • End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)

Escalator Market Segmentation

  • Product Type: Parallel, Multi Parallel, Walkway, and Crisscross
  • End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast 2021-2028

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MALAYSIA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE BY NEW INSTALLATIONS (2028) 3 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2021) 2.4 thousand units
CAGR (2022-2028) 3.01%
MARKET SIZE BY INSTALLED BASE (2028) 92.1 thousand units
MARKET SIZE BY MODERNIZATION (2028) USD 659.65 Million
BASE YEAR 2021
FORECAST YEAR 2022-2028
MARKET SEGMENTATION BY CARRAIGE TYPE Passenger and Freight
MARKET SEGMENTATION BY CAPACITY 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
MARKET SEGMENTATION BY END-USER Commercial, Residential, Industrial, and Others
MARKET SEGMENTATION BY TYPE Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

MARKET INSIGHTS

The Malaysia elevator and escalator market is expected to reach 3 thousand units by 2028 from 2.4 thousand units in 2021, growing at a CAGR of over 3%. Increased urbanization, growing demand for high-rise structures, and the government's focus on infrastructure in key economic cities have propelled Malaysia’s elevator & escalator business to new heights. The cities in Southeast Asia are becoming denser due to rising urbanization, which has increased the number of high-rises residential and commercial structures; these structures further propel the Malaysia elevator and escalator market growth.

The Malaysia elevator market by the installed base is expected to reach 76,914 units by 2028. Significant infrastructure projects funded by the government encourage the development of elevators in the area. Additionally, when average building height and density rise, there is a greater need for vertical transit inside the building, which increases elevator utilization. Further, the Malaysia escalator market by the installed base is expected to reach 15,226 units by 2028, growing at a CAGR of 2.07%. Malaysia’s urban population has been increasing at an average annual rate of 4%, now accounting for 75% of the total population. Urban regions need certain infrastructure requirements to facilitate people with easy access to all necessities, so escalators demand is likely to increase with increasing commercial and infrastructure projects.

KEY HIGHLIGHTS

  • The lockdown in China impacts the repair and maintenance of vertical transportation (VT) equipment that serves Rapid Rail Sdn Bhd's light rail transit (LRT) and other stations in Malaysia because spare parts are imported from a facility in Shanghai. Rapid Rail claims to continuously monitor the situation to speed up procurement from suppliers and contractors. Shipping of spare parts from the Shanghai OEM takes about three months. Apart from the VT at these stations, Rapid Rail notes that the overall VT equipment availability for elevators is 96.5%, and for escalators, it is 90%. These circumstances will help accelerate the Malaysia elevator & escalator market growth.
  • Adopting a digital Industrialized Building System(IBS) is encouraged in the Malaysian construction sector. The Ministry of Works initiated the Construction Industry Transformation Program(CITP) through CIDB(Construction Industry Development Board). The CITP intends to strengthen Malaysia's construction sector and make it competitive worldwide, with a strong focus on environmental sustainability.
  • Under the 12th Malaysia Plan, 13 urban renewal projects have been authorized (12MP). In accordance with the Ministry of Natural Resources and Urban Development, all these projects are at varying levels of planning and execution.
  • MIDA (Malaysian Investment Development Authority) offers support in the form of incentives for IBS manufacturers and construction firms wanting to adopt automation and cutting-edge technologies. These involve Building Information Modelling (BIM), sophisticated materials and systems, 3D/4D/5D printing, and novel systems that improve speed, flexibility, efficiency, labor productivity, and product quality. The MIDA support will help boost the Malaysia elevator & escalator market.

Sustainable Construction Practices To Boost Demand For Installation Of Elevators In Residential Buildings

  • The Merdeka 118 building will be the tallest structure in Southeast Asia. The top 17 stories of the tower will feature the first and only Park Hyatt hotel in Malaysia. For the project, KONE is providing about 87 elevators and escalators. The building is now 81% complete and is scheduled to be finished in 2022.
  • KLCC (Holdings) Sdn Bhd plans to construct a 700 m-tall, roughly 145-story building in the heart of Kuala Lumpur after 2030 if the market and demand are favorable.   The proposed project would increase the market's available space by 4 million square feet and include three office towers on four acres on a retail platform. It would be much taller than Malaysia's Petronas Towers and the 630-meter-tall Menara PNB 118, expected to be finished in 2024.
  • First-time homebuyers are eligible for a complete stamp duty relief that applies to sale and purchase agreements for transactions made between January 1, 2021, and December 31, 2025. This is in accordance with Budget 2021 provisions.
  • The recovery of the real estate sector is still being delayed by re-imposing the conditional movement control order (CMCO), as evidenced by the decreased traffic to sales. Considering the pandemic, more developers are utilizing digital platforms to connect with potential investors and customers.

Governments Effort To Expand Infrastructure Across Nation To Increase Demand For New Installations.

  • Hilton’s brand Waldorf Astoria hotels & resorts will be opening its first property in Malaysia by 2024; Hilton will manage the property. The construction and renovation will start in the third quarter of 2022.
  • Mass Rapid Transit Line 3 will stimulate the construction industry and establish new economic hubs in regions that would profit from increased accessibility. Similarly, the East Coast Rail Link will promote development along this corridor by offering a quick connection between Port Klang in Selangor and Kota Bharu in Kelantan.
  • Massive construction projects like Bandar Malaysia and Tun Razak Exchange (TRX) in the Klang Valley will satisfy local demand for residential, commercial, and retail options while developing world-class residential and business attractions.
  • The Covid-19 epidemic has caused the opening of several commercial centers to be postponed until 2022. IOI City Mall (ICM) Phase 2 in Putrajaya has a total net floor area exceeding 430,000 square meters, including expanding existing shopping malls.
  • KONE received an order for 8 Conlay, a luxury mixed-use development located in the heart of Kuala Lumpur city center, Malaysia. The development features two branded residence towers with 36 KONE MiniSpace high-rise elevators, five machine room-less KONE MonoSpace elevators, a 4,000 kg KONE MonoSpace glass elevator, and 20 KONE TravelMaster escalators, KONE E-Link(TM) equipment monitoring system is also included. The project was inaugurated in October 2021 and contributed to the progress of the Malaysia elevator & escalator market.

Regulations For Maintenance of Elevators And Escalators In Malaysia By Building Construction Authority To Create Demand

  • Maintenance and Modernization accounted for 80.6% and 19.4%, respectively, for 2021.
  • According to the Malaysia Department of Occupational Safety and Health (DOSH), 806 escalators were unsafe in shopping malls and public places in 2017. A safety campaign (Safe escalator campaign) was launched to replace or repair the escalators, which will boost the growth of the Malaysia escalator market.

GEOGRAPHICAL ANALYSIS

  • The state government of Sabah had initiated a five-year development plan (2021-25) Hala Tuju Sabah Maju Jaya (SMJ), a pathway to establish and improve key sectors, which include industry, tourism, and agriculture.
  • Smart Selangor Action Plan (SSAP) has various new initiatives, projects, and targets to update the Smart Selangor smart state program. To make a livable smart state in ASEAN by 2025, SSAP will be a contributing step toward the Malaysia elevator & escalator market.

VENDOR LANDSCAPE

  • The key players in Malaysia Elevator and Escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, and Fujitec.
  • The top 4 prominent vendors, including Schindler, TKE KONE, and Mitsubishi, account for 35% of the Malaysia elevator & escalator market share.
  • Multi bay/Regent hotel is a mixed-use high-rise building expected to be operational by 2023 and equipped with 25 elevators and 8 escalators by Antah Schindler.
  • Mitsubishi Electric launched the NEXIEZ-MRL Version2 elevator, featuring more innovative specifications than the NEXIEZ-MRL model. The new model helped in improvement in passenger comfort, safety, and convenience by providing antivirus solutions.
  • Hitachi aims to expand revenues by adopting digital technologies like AI and IoT to increase its business in the Malaysia elevator & escalator market by building partnerships.  

Frequently Asked Questions

How big is the Malaysia Elevator and Escalator market?

The Malaysia elevator & escalator market size by new installations accounted for 2.4 thousand units in 2021 and is expected to reach 3 thousand units by 2028.

What will be the growth rate of the Malaysia Elevator and Escalator market?

The Malaysia elevator & escalator market is expected to grow at a CAGR of 3.01% from 2021 to 2028.

What are the growth factors for the Malaysia Elevator and Escalator market?

The significant contribution to the Malaysia Elevator and Escalator market is made by the urbanization and increasing demand for sustainable construction activities, smart elevators, and adoption of sustainable construction.

How many elevators and escalators were installed in Malaysia in 2021?

65 thousand units of elevators and escalators were installed in Malaysia in 2021.

Who are the key companies in the Malaysia Elevator and Escalator market?

The key players are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, and Fujitec.

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The Malaysia elevator & escalator market by new installations was estimated at 2.4 thousand units in 2021 and is expected to reach 3 thousand units by 2028 growing at a CAGR of 3.01% during the forecast period (2021-2028)

Base Year: 2021

Forecast Year: 2021-2028

The report considers the present scenario of the Malaysia elevators & escalators market and market dynamics for 2021−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of Malaysia's elevator & escalator market.

Key Vendors

  • Mitsubishi Electric
  • Schindler
  • TK Elevator
  • KONE
  • Hitachi
  • Otis
  • Hyundai Elevator
  • Fujitec

Other Prominent Vendors

  • Toshiba Elevator and Building Systems Corporation
  • Sigma Elevator
  • EITA Elevator
  • Stannah Lifts Holdings Ltd
  • Nippon Elevator
  • DOVER Elevator

Elevator Market Segmentation by

Machine Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others 
    • Climbing
    • Elevators
    • Industrial Elevators

Carriage Type

  • Passenger
  • Freight 

Capacity

  • 2-15 Persons
  • 16-24 Persons
  • 25-33 Persons
  • 34 Persons and Above 

End-User

  • Commercial
  • Residential
  • Industrial
  • Others 
    • Public Transit
    • Institutional
    • Infrastructural

Escalator Market Segmentation by

Product Type

  • Parallel
  • Multi Parallel
  • Walkway
  • Crisscross

End-User

  • Public Transit
  • Commercial
  • Others
    • Institutional Sector
    • Infrastructure
    • Industrial

Section 1 – Introduction

• Market Scope
• Market Snapshot of Elevators
• Market Snapshot of Escalators
• Executive Summary

Section 2 – Malaysia Elevators Market
Future Outlook -Malaysia Elevator Market By Volume


2.1- Malaysia Escalators Market- By Segments

2.1.1- Malaysia Escalators Market, By Volume
Malaysia Escalators Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.1. Malaysia Elevators Market, By Type
Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2019–2028
Machine Room Traction, Market Size and Forecast, Volume (Units), 2019–2028
Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.2. Malaysia Elevators & Escalators Market by Carriage Type
Passenger, Market Size and Forecast, Volume (Units), 2019–2028
Freight, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.3. Malaysia Elevators Market by Persons
2-15 Persons, Market Size and Forecast, Volume (Units), 2019–2028
16-24 Persons, Market Size and Forecast, Volume (Units), 2019–2028
25-33 Persons, Market Size and Forecast, Volume (Units), 2019–2028
34 Persons and Above, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.4. Malaysia Elevators Market by End Users
Commercial, Market Size and Forecast, Volume (Units), 2019–2028
Residential, Market Size and Forecast, Volume (Units), 2019–2028
Industrial, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 3- Malaysia Escalators Market
Future Outlook
- Malaysia Escalators Market by Volume

3.1- Malaysia Escalators Market- By Segments

3.1.1- Malaysia Escalators Market, By Volume
Malaysia Escalators Market Size and Forecast, Volume (Units), 2019–2028

3.1.1.1 Malaysia Escalator Market by Type
Parallel, Market Size and Forecast, Volume (Units) , 2019–2028
Multi-parallel, Market Size and Forecast, Volume (Units) , 2019–2028
Walkway, Market Size and Forecast, Volume (Units) , 2019–2028
Crisscross, Market Size and Forecast, Volume (Units) , 2019–2028

3.1.1.2 Malaysia Escalator Market by End users
Commercial, Market Size and Forecast, Volume (Units), 2019–2028
Public Transit, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 4 Malaysia Elevators &Escalators Market, By service (Maintenance & Modernization)

Section 5-Geographical Analysis
Key Economic cities in Malaysia

Section 6- Market Dynamics
• Market Drivers, Opportunities, Restraints, Trends

Section 7 – Technological Development
Section 8– Competitive Landscape

1. Company Profile of major Vendors
2. Other Prominent vendors

Section 9 – Report Summary
1. List of Abbreviations

Section 10– Appendix (Report Scope & Definition)
1. Research Methodology
2. Market Definition, Inclusion & Exclusion

1. Malaysia Elevator & Escalator Installed Base by Volume 2018-2028 (Units)
2. Malaysia Elevator & Escalator New Installations by Volume 2018-2028 (Units)
3. Market Share 2021: Maintenance
4. Market Share 2021: Modernization
5. Elevators and Escalators Installed Base : Volume (Units in Thousands)
6. Elevators and Escalators New Installations: Volume (Units in Thousands)
7. Global Elevators & Escalators Market: Products & Services 2021: New installations
8. Maintenance market: Global regions vs Asia Pacific Q1 2022
9. Installed base of elevators by volume (units )
10. New Installations of elevators by volume (units )
11. Maintenance & Modernization Value($Million)
12. Maintenance & Modernization 2021(%)
13. Installed base of escalators by volume (units )
14. New Installations of escalators by volume (units )
15. Maintenance & Modernization Value($Million)
16. Maintenance & Modernization 2021(%)
17. Installed base and New installations of Elevators (Units)
18. New Installations of Elevators (Units)
19. Hotel projects by region
20. Total approved investments-2021
21. Hotel projects under pipeline
22. Extended elevator life cycle
23. Average life expectancy of elevator components
24. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
25. Machine Room less Traction Elevators Installed base and New Installations (Units)
26. Machine Room Traction Elevators Installed base and New Installations (Units)
27. Others Machine Elevators Installed base and New Installation (Units)
28. Installed base and new installations of Passenger Elevators (Units)
29. Installed base and new installations of Freight Elevators (Units)
30. Installed base and new installations of 2–15 persons elevators (Units)
31. Installed base and new installations of 16-24 persons elevators (Units)
32. Installed base and new installations of 25-33 persons elevators (Units)
33. Installed base and new installations of 34 persons and above elevators (Units)
34. Installed base and new installations of Commercial Elevators (Units)
35. Installed base and new installations of Residential Elevators (Units)
36. Installed base and new installations of Industrial Elevators (Units)
37. Installed base and new installations of other end-user Elevators (units)
38. Installed base and new installations of escalators (Units)
39. New installations of escalators (Units)
40. Installed base and new installations of Parallel Escalators (Units)
41. Installed base and new installations of Multi parallel Escalators (Units)
42. Installed base and new installations of Moving Walkway Escalators (Units)
43. Installed base and new installations of Criss cross Escalators (units)
44. Installed base and new installations of Public Transit Escalators (Units)
45. Installed base and new installations of Commercial Escalators (Units)
46. Installed base and new installations of Other End user Escalators (units)
47. Malaysia Elevators & Escalators Maintenance Market ($ Mn)
48. Malaysia Elevators & Escalators Modernization Market ($ Mn)
49. Elevators and Escalators market : Top state share Malaysia 2021
50. Various proposed and under construction industrial projects in Kuala Lumpur region 2022
51. Market share 2020(% share)
52. Mitsubishi, total sales by segment2020(%share)
53. Schindler, total sales 2017-2020($billion)
54. TKE total sales 2020-2021($billion)
55. KONE, total sales by segment 2020(%share)
56. Hitachi, total sales by segment 2020 (% share)
57. Otis total sales 2019-2021($billion)
58. Hyundai, sales 2018-2020($billion)
59. Fujitec net sales 2017-2021

LIST OF TABLES

1. Number of tall buildings by countries
2. Top 10 tall buildings in Malaysia
3. By Machine, New Installations, Total Incremental Opportunity, 2021-2028
4. By Carriage Type, New Installations, Total Incremental Opportunity, 2021-2028
5. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2021-2028
6. By End User, New Installations, Total Incremental Opportunity, 2021-2028
7. By Product, New Installations, Total Incremental Opportunity, 2021-2028
8. By End User, New Installations, Total Incremental Opportunity, 2021-2028
9. Malaysian standards for lifts and escalators
10. Scrap Value
11. Various upcoming retail projects in Kuala Lumpur
12. Various upcoming office projects in Kuala Lumpur
13. Property market by sector 2021
14. Developments/ projects
15. Elevators market size & forecast, by type (Units)
16. Elevators by Carriage Type Market Size & Forecast (Units)
17. Elevators market size & forecast, by persons (Units)
18. Elevators by End-Users Market Size & Forecast(Units)
19. Escalators market size & forecast, by type (Units)
20. Escalators market size & forecast, by end users(Units)
21. List of abbreviations

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