Malaysia Elevator & Escalator 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 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, 2019-2029”, Increased urbanization, growing demand for tall buildings, and government investments in key economic centers have propelled Malaysia's Elevator & Escalator industry to unprecedented heights. By 2028, the installed base of elevators in Malaysia is projected to reach 1 million units. A government-led initiative aims to establish 30,000 smart domestic factories nationwide by 2022, fostering further growth. Elevated public awareness regarding elevator safety has spurred the modernization of the elevator market. Modernization initiatives extend the lifespan of elevators and reduce the need for costly replacements, enhancing their quality, functionality, and safety. Technological advancements have significantly improved elevator systems, accelerating modernization efforts across residential, commercial, and public transportation sectors.

Technological innovations have enabled businesses to integrate elevators with features like Wi-Fi, HVAC systems, and music players, enhancing user experience. Adoption of AC and permanent magnet gearless motor technology has boosted elevator hoisting equipment efficiency, resulting in fewer trips and improved energy efficiency. Digital Edge acquired two locations from Sejong Telcom in Seoul and Busan. Freight elevator installations witnessed a notable increase of approximately 28% from 2020 to 2021, as reported by the Korea Elevator Safety Agency. To address global supply chain challenges, Malaysia plans to establish manufacturing plants nationwide, driving growth in the manufacturing and industrial sectors.

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Residential is the dominant segment in the Malaysia Elevator Modernization Market based on end-user. 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.

The growing trend towards smart homes and connected living spaces fuels the demand for technologically advanced elevator systems in residential buildings. Modernized elevators equipped with features such as remote monitoring, predictive maintenance, and integrated smart controls align with the preferences of tech-savvy homeowners seeking convenience and connectivity. These advanced functionalities not only optimize elevator performance but also contribute to the overall modernization and digital transformation of residential properties in Malaysia.

In summary, the dominance of the residential segment in the Malaysia Elevator Modernization Market is driven by factors such as urbanization, infrastructure aging, regulatory mandates, and the demand for smart living solutions. Elevator modernization initiatives in residential settings play a pivotal role in enhancing safety, efficiency, and sustainability, thereby reshaping the vertical transportation landscape and elevating the quality of residential living experiences across Malaysia.

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

• 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.
• MS ELEVATORS ENGINEERING SDN. BHD.
• ORS Technologies Sdn Bhd
• Hyundai Elevator Malaysia Sdn Bhd
• MXC Elevator Sdn. Bhd.
.

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“In recent years, the Malaysia Elevator & Escalator market has witnessed robust growth driven by several pivotal factors. Rapid urbanization and ongoing infrastructure development have spurred heightened demand for vertical transportation solutions, notably elevators and escalators. The proliferation of tall buildings and expansive shopping complexes has notably catalyzed this demand, reflecting the evolving urban landscape. The burgeoning middle-class populace and elevated living standards have propelled an uptick in the construction of both residential and commercial properties, amplifying the market's momentum. Technological innovations have emerged as a cornerstone, with a discernible shift towards energy-efficient and intelligent elevator and escalator solutions. These advancements not only prioritize enhanced safety features but also elevate user experience, garnering considerable interest from consumers and property developers alike. Governmental initiatives aimed at augmenting public infrastructure and fostering accessibility have provided substantial impetus to market expansion. The imperative to retrofit older buildings with contemporary elevator and escalator systems to align with prevailing safety and accessibility standards has further fueled market dynamics, underlining a concerted effort towards modernization and compliance. In essence, the Malaysia Elevator & Escalator market has flourished on the back of urbanization, escalating construction endeavors, technological strides, governmental backing, and a burgeoning awareness concerning safety and accessibility. These converging factors collectively underscore the market's dynamism and potential, positioning it as a pivotal and promising industry within Malaysia's evolving urban fabric.” 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, 2019-2029,” 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.

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