Indonesia Elevator Market is expected to grow at a CAGR of 5.67% Through 2029
Increasing construction projects and
urbanization is expected to drive the Indonesia Elevator Market through
forecast period.
According
to TechSci Research report, “Indonesia Elevator Market – By Region, Competition,
Forecast & Opportunities, 2019-2029” Indonesia elevator market stood at USD386.38 million
in 2023 and is expected to grow at a CAGR of 5.67% during the forecast period, on account of substantial growth in the construction sector,
resulting in a significant increase in new development projects and repair and
maintenance activities, may create enormous opportunities for industry
expansion.
Due to the increased emphasis on modernization and infrastructure
development throughout the country over the last few decades, urban cities
throughout the country have undergone consistent transformation. Furthermore,
as environmental laws and regulations continue to pave the way for a greener
and more sustainable future in modern cities, significant progress has been
made in terms of urban landscape and development. At the moment, trends
indicate that novel technologies such as artificial intelligence, machine
learning, and the Internet of Things (IoT) are being increasingly adopted in
residential and commercial projects across the country. Furthermore, demand for
IoT in elevators has increased dramatically as a result of a variety of
factors, including increased governmental support for the development of
"smart cities," increased awareness of the benefits of IoT, improved
security and safety, and remote monitoring.
Owing to technological advancements, companies are
introducing many innovative technologies such as Wi-Fi, heating,
ventilation, and air conditioning (HVAC) systems, music players, etc., in elevators. Furthermore, with the
utilization of AC and permanent magnet gearless motor technology, the
efficiency of elevator hoisting machines has increased. Therefore, these factors
are driving the Indonesia Elevator Market.
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Based
on end-user, Commercial segment dominates the market in the forecast period, The commercial segment is a dominant force in the Indonesia elevator market, driven by several key factors that underscore its importance and influence. As Indonesia's economy continues to grow and urbanize, there is an increasing demand for commercial spaces such as office buildings, shopping malls, hotels, and mixed-use developments. This demand is particularly pronounced in major urban centers like Jakarta, Surabaya, and Bandung, where business activities and consumer spending are concentrated.
One of the primary drivers of the commercial segment's dominance is the robust growth of Indonesia's business sector. As companies expand and new businesses are established, there is a corresponding need for modern office spaces equipped with efficient vertical transportation systems. Elevators in commercial buildings must meet high standards of speed, capacity, and reliability to accommodate large numbers of employees and visitors, making them indispensable in the design and operation of these structures.
Additionally, the retail sector significantly contributes to the dominance of the commercial segment in the elevator market. Indonesia has witnessed a proliferation of shopping malls and retail complexes, driven by rising consumer incomes and changing lifestyles. These retail spaces require sophisticated elevator systems to ensure smooth movement of shoppers between floors, enhancing the overall shopping experience and operational efficiency of the malls.
The hospitality industry also plays a crucial role in driving the commercial segment. With Indonesia being a popular tourist destination, there is a continuous need for hotels and resorts that provide top-notch amenities, including reliable elevator services. Elevators in hotels must offer a balance of luxury, efficiency, and safety to meet the expectations of guests and ensure seamless operations.
Government policies and investments in infrastructure projects contribute to the commercial segment's growth. Initiatives such as the development of new business districts and urban renewal projects create opportunities for the construction of commercial buildings equipped with modern elevator systems. These projects not only stimulate economic growth but also reinforce the demand for advanced vertical transportation solutions.
Technological advancements also impact the commercial elevator market. Innovations such as smart elevators, energy-efficient systems, and enhanced safety features cater to the evolving needs of commercial building operators. These technologies not only improve the functionality and performance of elevators but also align with the sustainability goals of modern commercial establishments.
In summary, the commercial segment dominates the Indonesia elevator market due to the dynamic growth of the business sector, retail expansion, hospitality demands, supportive government policies, and technological advancements. These factors collectively drive the need for efficient, reliable, and modern elevator systems in commercial buildings, ensuring their pivotal role in the market's growth and development..
Key market players in the Indonesia elevator market
include:
- PT. KONE Indo Elevator
- PT Berca Schindler Lifts
- TK Elevator Indonesia
- Otis Indonesia
- PT. Mitsubishi Jaya Elevator and Escalator
- PT. Hyundai Elevator Indonesia
- Toshiba Asia Pacific Pte. Ltd.
- PT. Toshiba Elevator and Building Systems Corporation
- PT. Seltech Putera Perkasa
- PT. Hitachi Asia Indonesia
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“Indonesia's Parliament passed the Capital City Bill in January 2022,
relocating the country's capital from Jakarta to East Kalimantan Province,
which will eventually be known as Nusantara. The President of the Republic of
Indonesia cited increasing pollution and population in Jakarta as the primary
reasons for passing legislation to relocate the country's capital from Jakarta
to East Kalimantan Province. Due to the changing capital, the large number of
infrastructure projects in Kalimantan are in the pipeline, which has positively
affected the demand for elevators in Indonesia. Additionally, the Indonesian
government has outlined several goals in a bill recently approved by
Parliament, such as the government’s "Movement Towards 100 Smart
Cities." Nusantara will be developed as a smart city that will heavily
emphasise sustainability. So, in order to maintain sustainability, the market
players in the elevator industry are more focused on new modernization services
such as increasing efficiency, lowering energy costs, improving reliability,
reducing maintenance and increasing safety, which has increased the growth rate
of Indonesia Elevator Market.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Indonesia Elevator Market By Service (New Installation, Modernization
and Maintenance & Repair), By Type of Machinery
(Traction, Machine Room-Less Traction, Hydraulic), By Elevator Door Type (Automatic, Manual), By End-User
(Residential, Commercial, Institutional, Infrastructural, Others), By Region Competition, Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of the
Indonesia elevator 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 the Indonesia elevator
market.
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