Malaysia Elevators & Escalators Market is expected to grow at a 5.03% CAGR through 2029

Rising development of high-rise commercial and residential buildings coupled with increasing capital inflow into the real-estate sector are expected to drive the Malaysia Elevators and Escalators Market during the forecast period.

According to TechSci Research report, “Malaysia Elevator & Escalator Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, Malaysia Elevators & Escalators Market was valued at USD 544.84 Million in 2023 and is expected to reach USD 739.97 Million by 2029 with a CAGR of 5.03% during the forecast period. 

Malaysia's rapid urbanization and infrastructure development are significant drivers of the elevators and escalators market. The country's growing population, coupled with an increasing shift towards urban living, has spurred the demand for high-rise buildings, modern commercial spaces, and mixed-use developments. Cities like Kuala Lumpur, Penang, and Johor Bahru are at the forefront of this trend, where residential and commercial skyscrapers have become essential to accommodate urban lifestyles and limited land availability. Infrastructure projects under the Eleventh and Twelfth Malaysia Plans, such as smart city initiatives, urban transit systems, and real estate megaprojects, create a substantial need for elevators and escalators. For example, large-scale developments like the Merdeka 118 Tower and the Tun Razak Exchange (TRX) have heightened the demand for innovative vertical transportation solutions. These projects emphasize efficiency, safety, and sustainability, leading to an increased adoption of modern elevator systems with energy-efficient and smart features. Furthermore, government-backed initiatives to enhance public infrastructure, including hospitals, airports, and shopping malls, directly impact the need for reliable vertical transportation. As these public spaces grow in scale and capacity, escalators and elevators are required to facilitate smooth and efficient movement of people. Urbanization also fuels the rise of premium residential projects. Middle- and upper-income households in Malaysia are demanding residential towers equipped with modern elevator systems, as they symbolize convenience, luxury, and safety. This trend ensures a steady demand for elevators in both new and retrofit projects.

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Based on end user industry, Residential segment dominated in the Malaysia Elevators & Escalators Market in 2023. The residential segment emerges as the dominant sector in the Malaysia Elevator Modernization Market, driven by the burgeoning demand for upgraded vertical transportation systems in residential complexes and high-rise buildings. As urbanization intensifies and populations gravitate towards urban centers, the need for safe, efficient, and modernized elevators in residential settings escalates. Homeowners and building management alike recognize the importance of elevator modernization in enhancing both convenience and safety for residents. Moreover, the aging infrastructure of many residential buildings necessitates modernization to meet contemporary safety standards and technological advancements. Elevator modernization initiatives aim to extend the lifespan of existing systems, reduce downtime, and enhance performance, ensuring a seamless vertical transportation experience for residents. These upgrades also contribute to the overall value and marketability of residential properties in Malaysia's competitive real estate landscape. The residential segment's dominance is further accentuated by government regulations and initiatives promoting safety and accessibility standards in housing developments. As part of sustainable urban planning efforts, authorities encourage the modernization of elevators to improve energy efficiency, reduce environmental impact, and enhance the overall quality of living for residents. Such initiatives underscore the significance of elevator modernization in the residential sector as a key component of Malaysia's urban development strategy.

Based on Technology, The Machine Room-Less (MRL) Traction elevator is the fastest-growing segment in the Malaysia Elevators & Escalators Market due to several key factors, including space efficiency, cost-effectiveness, and technological advancements. As urbanization continues to drive the construction of high-rise buildings, particularly in major cities like Kuala Lumpur and Penang, the demand for elevators that optimize space and offer modern solutions has surged. One of the primary advantages of MRL elevators is their compact design. Traditional elevators require a separate machine room to house the motor, which consumes valuable space, especially in high-rise buildings where every square meter matters. MRL systems, as the name suggests, eliminate the need for a dedicated machine room by housing the motor within the hoistway or at the top of the elevator shaft, maximizing usable space in the building. This is especially important in buildings with limited space for infrastructure, such as residential apartments, offices, and commercial complexes, where every inch counts.

MRL elevators offer significant cost savings in both installation and maintenance. Without the need for a separate machine room, the construction costs are lower, and the space savings reduce the overall building footprint. Moreover, MRL systems are more energy-efficient than traditional elevator designs, contributing to lower operational costs and meeting the growing demand for sustainability and green building standards in Malaysia. With the government’s emphasis on energy-efficient technologies and the Green Building Index (GBI), MRL traction elevators fit perfectly within the framework of these regulations.

Key market players in the Malaysia Elevator & Escalator Market are: -

• Otis Worldwide Corporation
• Schindler Holding Ltd.
• KONE Corporation
• ThyssenKrupp AG
• Mitsubishi Electric Corporation
• Fujitec Co., Ltd.
• Hitachi, Ltd.
• Hyundai Elevator Co. Ltd.
.

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“The Malaysia Elevators & Escalators Market presents significant opportunities driven by rapid urbanization, infrastructure development, and increasing demand for high-rise buildings and smart technologies. Key growth areas include the adoption of energy-efficient, space-saving Machine Room-Less (MRL) traction elevators and smart systems incorporating IoT for improved performance and predictive maintenance. Additionally, the government's emphasis on green building initiatives and sustainability presents opportunities for manufacturers and service providers to cater to eco-conscious projects. The modernization of existing systems and retrofitting older buildings with advanced solutions also offers substantial market potential, particularly in densely populated urban areas like Kuala Lumpur and Penang.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

Malaysia Elevators & Escalators Market By Type (Elevator, Escalator, Moving Walkways), By Service (Maintenance & Repair, New Installation, Modernization), By End User Industry (Residential, Commercial, Institutional, Infrastructural, Others), By Technology (Traction, Hydraulic, Machine Room-Less Traction), By Door Type (Automatic, Manual), By Region, Competition, Forecast & Opportunities, 2019-2029F,” has evaluated the future growth potential of Malaysia Elevators & Escalators 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 Elevators & Escalators Market.

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