Latest 2023 Development of the Malaysia Elevator and Escalator Market

Malaysia Elevator and Escalator Market are forecast to grow significantly by the rapidly growing urbanization and infrastructure development, particularly in major cities like Penang and Kuala Lumpur. Some another factor contributing to the market expansion is the increasing focus on safety and energy efficiency. Moreover, Elevator and escalator manufacturers are developing new technologies to improve safety features and reduce energy consumption. This is important for building owners and operators. The rapid urbanization of cities in Malaysia and the increase in demand for high-rise buildings in urban areas has resulted in the need for more vertical transportation systems such as elevators and escalators.

Moreover, the advancements in elevator and escalator technology have made them more energy-efficient which has increased their demand in the overall market. The geriatric population of Malaysia is increasing. In response to this, there is a greater need for elevators and escalators to facilitate easy mobility for the elderly and disabled individuals. Furthermore, the growing tourism industry has resulted in an increase in the construction of hotels and shopping malls. This has created a need for more elevators and escalators to cater to the needs of tourists and further escalate the Malaysia Elevator and Escalator Market Share. 

Malaysia Elevator and Escalator Market Synopsis

Malaysia elevator and escalator market is expected to witness strong growth during the forecast period which can be attributed to major developments in the areas of public infrastructure. With the revival of projects such as East Coast Rail Link and High-Speed Rail the elevators and escalators market is expected to witness a significant push in demand during the forecast period.

According to 6Wresearch, Malaysia elevator and escalator market size is projected to grow at a CAGR of 4.9% during 2019-2025. The Malaysia elevator and escalator market is expected to witness significant growth owing to positive development in the construction sector of the economy with major public infrastructure creating a demand potential and its multiplying impact would provide a sustainable environment for the growth of the elevator and escalator market in the region. The region is expected to recover from the current slowdown and a revival of demand is expected post-2019. Due to increasing infrastructural spending as well as the expected revival of major projects such as Klang Valley MRT Line 3, and Kuala Lumpur-Singapore High-Speed Rail. Further, the country is expected to move out of political uncertainties which are expected to supplement the growth of the market during the forecast period. Additionally, growing trends of investment and FDI are expected to boost the commercial and industrial sectors of the country. As the country plans to rapidly urbanise its residential segment is set to grow at the highest pace. Further, government housing projects and the overall demand for housing would boost the demand for high-rise construction of housing apartments in the region.

As Malaysia rapidly works towards establishing itself as the hub of tourism in the Asia Pacific region the tourism and retail sector is expected to gain momentum during the forecast period. With initiatives such as Visit Malaysia Year 2020 campaign. A significant spike in the tourism industry is expected.

By Applications, the commercial application remains the dominating force due to a major rise in business activities and increasing flow of investment and booming investment in public infrastructure as well as tourism.       

The Malaysia elevator and escalator market report thoroughly covers the elevator and escalator market by components, verticals and regions. The Malaysia elevator and escalator market outlook report provides an unbiased and detailed analysis of the ongoing Malaysia elevator and escalator market trends, opportunities/high growth areas, and market drivers, which would help the stakeholders to decide and align their market strategies according to the current and future market dynamics.

Key Highlights of the Report

• Malaysia Elevator and Escalator Market Overview
• Malaysia Elevator and Escalator Market Outlook
• Malaysia Elevator and Escalator Market Forecast
• Malaysia Elevator and Escalator Market Size and Historical Data of Malaysia Elevator and Escalator Market Revenues & Volume for the Period 2015-2018
• Malaysia Elevator and Escalator Market Forecast of Revenues & Volume until 2025
• Historical data & Forecast of Malaysia Elevator and Escalator Market Revenues, By Types, Applications and Services for the Period 2015-2025F
• Historical data & Forecast of Malaysia Elevator Market Revenues & Volume for the Period 2015-2025F
• Historical data & Forecast of Malaysia Escalator Market Revenues & Volume for the Period 2015-2025F
• Historical data & Forecast of Malaysia Elevator Market Revenues, By Types, Applications and Services for the Period 2015-2025F
• Historical data & Forecast of Malaysia Escalator Market Revenues, By Types, Applications and Services for the Period 2015-2025F
• Historical data & Forecast of Malaysia Elevator and Escalator Regional Market Revenues for the Period 2015-2025F
• Market Drivers, Restraints and Trends
• Malaysia Elevator and Escalator Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Malaysia Elevator and Escalator Market Opportunity Assessment
• Malaysia Elevator and Escalator Market Share, By Players
• Malaysia Elevator and Escalator Market Overview, By Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations      

Markets Covered

The Malaysia elevator and escalator market report provides a detailed analysis of the following market segments:

By Types:

o   Elevator

• • Passenger
  • Cargo
  • Home

o   Escalator

• Moving Stairs
• Moving Walks

By Applications:

• Commercial
• Residential
• Industrial

By Services:

• New Installations
• Maintenance
• Modernization

Frequently Asked Questions About the Market Study: FAQs

1. What are the major drivers of growth in the Malaysia elevator and escalator market?

Rapid urbanization, government initiatives to promote infrastructure development, increasing population density, and the growing number of high-rise buildings are the major growth drivers in the market.

2. What are the safety regulations for elevators and escalators?

The safety regulations for elevators and escalators in Malaysia are overseen by the Department of Occupational Safety and Health (DOSH). These regulations cover aspects such as maintenance, installation, and safety features of elevators and escalators.

3. What are the major challenges encountered by the Malaysia elevator and escalator market?

The high cost of installation, the shortage of skilled technicians, and the increasing competition from low-cost Chinese manufacturers are some of the major challenges encountered by the market.

4. What is the future outlook for the elevator and escalator industry?

The market is growing steadily in the future years by rapid urbanization, infrastructure development, and the growing demand for high-rise buildings.