Malaysia Elevator & Escalator Market Growth Forecast Report 2024-2030: 3.54 Thousand Units of New Installation Predicted
"Malaysia elevator and escalator market research report by Arizton"
According to Arizton's latest research report, the Malaysia elevators & escalators market is growing at a CAGR of 4.72% during 2024-2030.
Report Scope:
Market Size by New Installations (2030): 3.54 Thousand Units
Market Size by New Installations (2024): 2.69 Thousand Units
CAGR – New Installations (2024-2030): 4.72%
Market Size by Installed Base (2030): 106.57 Thousand Units
Market Size by Modernization (2030): $130.65 Million
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
Malaysia Elevators and Escalators Market Shows Strong Growth Trajectory
The elevators and escalators market in Malaysia is on a strong growth path, fueled by several key factors contributing to its expansion. Rapid urbanization and infrastructure development are driving the demand for vertical transportation solutions, especially in high-rise residential and commercial buildings. The growing real estate sector, supported by a favorable regulatory environment and government initiatives, is further boosting the need for advanced elevators and escalators.
Tourism also plays a significant role, with the government's efforts to promote the sector driving foreign investment in the hospitality industry. Additionally, the increasing need for modernization and maintenance of aging buildings, particularly in urban areas like Kuala Lumpur, is contributing to the demand for elevator upgrades.
Technological advancements, such as the integration of artificial intelligence (AI) in vertical transportation systems, are shaping the future of the market. A recent example is the launch of the AI-driven Nibav Series 4 smart home lift in Malaysia. Furthermore, real estate developers remain optimistic about the property market, supported by anticipated economic growth, stable interest rates, and legislative changes aimed at improving affordability and housing supply. The overall outlook for the Malaysia elevators and escalators market remains positive, with strong growth expected in the coming years.
Recent Developments in the Malaysia Elevator and Escalator Market
In August 2024, Otis unveiled its Gen3™ connected elevator platform at its 'Platform for Possibility' launch event in Kuala Lumpur.
In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, 'NEXIEZ-Fit', which is an elevator that combines superior cost performance with carefully selected specifications.
In September 2024, Kone announced its New 2025-2030 Strategy 'Rise'.
AI Integration in Elevators and Escalators: Unlocking Future Market Opportunities in Malaysia
The integration of artificial intelligence (AI) in elevators and escalators is transforming the industry, particularly in Malaysia, as part of the broader trend toward modernizing urban infrastructure. AI-driven solutions are enhancing safety, efficiency, and user experience by monitoring real-time data from sensors, predicting potential malfunctions, and preventing downtime. Leading companies like KONE, Otis, and Mitsubishi Elevator are already embracing AI technology. For example, Otis launched its Gen3 digitally connected elevator in Southeast Asia, incorporating advanced digitization and machine learning to ensure seamless updates and adaptability. Similarly, KONE's DX Class lifts utilize AI to store and analyze data, improving lift maintenance and reducing malfunctions. These innovations are expected to create significant growth opportunities in the Malaysia elevators and escalators market, boosting both operational reliability and user satisfaction.
Rising Demand for Hydraulic and Pneumatic Elevators in Malaysia's Growing Construction Market
As Malaysia experiences significant growth in both residential and non-residential construction, hydraulic and pneumatic elevators are expected to see higher demand in 2025. Hydraulic elevators, although energy-intensive, remain essential in buildings with lower heights, while pneumatic elevators are gaining popularity in residential projects due to their space-saving and mobility benefits. A prime example of Malaysia's booming construction sector is Sunsuria Bhd's proposed Nadi @ TAR project, a high-rise mixed-use development with office and retail spaces, set to be completed by the end of 2025. Additionally, innovations like TK Elevator's MAX platform, which integrates cloud-based data for building operations, are enhancing vertical mobility systems, offering property owners and managers streamlined operations and improved accessibility. This growing focus on advanced construction projects and building management systems is driving the demand for diverse elevator solutions in Malaysia's evolving market.
Key Vendors
Otis
KONE
TK Elevator
Schindler
Mitsubishi Electric
Hitachi
Hyundai Elevator
Fujitec
Toshiba Elevator and Building Systems Corporation
Stannah Lifts Holdings Ltd
EITA Elevator
Stannah Lifts Holdings Ltd
Nippon Elevator
DOVER Elevators
CE Elevator
Delfar Elevator
Wiitrac Elevator
Dong Yang Elevator
Nibav Lifts
Elevator Market Segmentation
Machine Type
Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
Others
Climbing
Elevators
Industrial Elevators
Carriage Type
Passenger
Freight
Capacity
2-15 Persons
16-24 Persons
25-33 Persons
34 Persons and Above
End-User
Commercial
Residential
Industrial
Others
Public Transit
Institutional
Infrastructural
Escalator Market Segmentation
Product Type
Parallel
Multi Parallel
Walkway
Crisscross
End-User
Public Transit
Commercial
Others
Institutional Sector
Infrastructure
Industrial
The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the Malaysia elevator and escalator market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/malaysia-elevator-and-escalator-market
What Key Findings Will Our Research Analysis Reveal?
How big is the Malaysia elevator and escalator market?
What will be the growth rate of the Malaysia elevator and escalator market?
What is the number of installed bases in the Malaysia elevator and escalator market in 2024?
What are the key opportunities in the Malaysia elevator and escalator industry?
What are the key Malaysia elevator and escalator market players?
Thailand Elevator and Escalator Market - Size & Growth Forecast 2025-2030
Asia Pacific Elevator and Escalator - Market Size & Growth Forecast 2024-2029
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