Posted On: 2021-11-26
Java region acquired the largest revenue share in the Indonesia Elevator and Escalator market – 6Wresearch.
The Indonesia elevator and escalator market experienced a healthy growth during the period 2017-2019 on account of massive increase in public expenditure for urban infrastructure development underpinned by rapid growth in urban areas. Rising migration to urban cities also led to increase in residential apartments, inducing demand for elevator and escalator in the country. However, the construction industry took a significant hit from the pandemic in 2020. The Indonesia construction industry’s output in 2020 declined by 2% in real terms owing to supply chain disruptions and social restrictions leading to fall in demand for elevator and escalators across the country impacting market revenue.
According to 6Wresearch, the Indonesia Elevator And Escalator Market size is projected to grow at a CAGR of 4.8% in terms of revenues during 2021-2027. The major growth driver in the Indonesia elevator and escalator market is Indonesia’s priority to develop urban and social infrastructure projects through PPP/Private sector participation, hence increasing the product’s market revenues.
By product types, elevator market generated the majority revenues in Indonesia on account of higher usage of elevators in commercial, industrial and residential spaces due to their low space requirements as compared to escalators. Moreover, the rising numbers of skyscrapers in the country would augment the growth in elevators market revenues in the years to come.
On account of smart city projects in the country, such as the high-tech community to be developed in Jakarta suburb by organizations including Mitsubishi & Temasek and development of 5 airports, the elevator and escalator market in Indonesia would grow at a considerable rate over the coming years.
According to Anmol Dhanju, Research Analyst, 6Wresearch, “With more than Rp 4.2 quadrillion worth of ongoing projects in the country, there would be a huge development in the commercial and industrial sector such as hospitality, real estate, transportation, and energy infrastructure in the years to come, which would ultimately support the growth of elevator market in Indonesia.
Furthermore, large-scale government priority projects, such as new capital city project and expansion of the Jakarta metro, are also generating demand for the installation of elevators. Since elevators are used extensively in the commercial and residential sectors, the market for the same is predicted to witness considerable growth in the country during the forecast period.”, Anmol further added.
“Indonesia elevator and escalator market (2021-2027F)” report provides an in-depth analysis with 26 figures and 12 tables, covered in 98 pages. The report estimates and forecast the Indonesia elevator and escalator market by product types, new installation vs services, applications, elevator types, escalator types and regions. Indonesia elevator and escalator market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.