Strategic Focus on Digitalization and Partnerships Advance Elevator and Escalator Market Development
This study covers all elevator types, including machine room (MR)/machine room-less (MRL) passenger and service systems, and escalators. Elevator and escalator market revenue in this study covers the new installation (NI) business segment and excludes the service business segment. The report analyzes the elevator and escalator market in 4 major Malaysian cities only, namely Kuala Lumpur, George Town, Johor Bahru, and Melaka. Elevator and escalator end use encompasses many building types, such as education, hospitality and leisure, healthcare, industrial, office, public buildings, retail, and transportation hubs. The research does not include breakdowns by city, technologies (MR vs MRL), subsegments within NI and service, product application (passenger vs service), moving walkways, and end users.
The Malaysian elevator and escalator market revenue declined significantly in 2020 due to the pandemic. In 2021, it declined further by 1.2% due to delays in non-essential activities such as building construction. The publisher estimates the Malaysian elevator and escalator market to achieve a CAGR of 2.9% from 2022 to 2028. Key market drivers include growth in the building base due to construction activity and improving awareness of productivity and time efficiency in multi-storied offices. The main restraints to the industry's growth are budget restrictions, financial pressure, and challenging political and socioeconomic conditions in Malaysia. Overall, Malaysia is a net import country for elevator and escalator equipment. Major players in the Malaysian elevator and escalator market are Antah Schindler, Toshiba, and EITA. Key growth opportunities in the Malaysian elevator and escalator market will focus on digital technology adoption, partnerships and customer focus, and innovative value propositions.
