Dublin, Nov. 30, 2021 (GLOBE NEWSWIRE) -- The "Malaysia Elevators & Escalators Market, 2026F by Type (Elevator, Escalator and Moving Walkways), By Service (Modernization, Maintenance & Repair and New Installation), By Elevator Technology, By Elevator Door Type, By End User, By Region" report has been added to ResearchAndMarkets.com's offering.
Malaysia Elevators & Escalators Market stood at USD411.94 million in 2020 and is projected to grow at a CAGR of 5.44% by 2026
Increase in number of smart cities and emphasis on enhanced safety features, technological developments by major industry players and new technology of elevators using energy-saving regenerative drives are the primary factors contributing to the growth of the Malaysia Elevators & Escalators market.
Growth in the market is also dependent on account of the renovation of existing buildings and infrastructure spaces, green and advanced elevators coupled with the installation of elevators in transit systems (airports and railways).
All the major players operating in the elevator & escalator market in Malaysia are increasing their product portfolio by offering better safety and reliability through digitization and incorporating intelligent systems, and companies are investing in the development of safer technologies for new products. Various government schemes have been carried out to increase urbanization which is expected to increase the demand for elevators & escalators in the country.
Based on elevator technology, the market is segmented into Traction, Hydraulic and Machine Room-Less Traction. Traction & Machine Room-Less (MRL) Traction machinery segment dominates the Malaysia elevators & escalators market, accounting for a cumulative share of 90.32% in 2020.
This is due to the increasing environmental issues related with hydraulic machine elevators. Additionally, increasing construction activities of high-rise residential buildings and new commercial spaces require a faster mode of vertical transportation.
Based on region, in 2020, the Central Region (West Malaysia) accounted for the largest share of 34.90% in the Malaysia Elevators & Escalators market, owing to the increasing investment in the construction sector and increasing urbanization in Selangor and Kuala Lumpur. Modernization, industrialization, and urbanization in infrastructure projects and rising demand for green elevators are the key drivers for the growth of the elevators & escalators market in the central region.
Growth is also expected on account of the renovation of existing buildings and infrastructure spaces, so that they can be changed or replaced partially, ease of commuting for old age and disabled population and upgrading of old elevators to modern ones is expected to increase the demand for Malaysia Elevators & Escalators in the forecast period.
Some of the major players operating in the Malaysia Elevators & Escalators Market include
- KONE Elevator (M) Sdn. Bhd.
- Antah Schindler Sdn. Bhd.
- Hitachi Elevator Engineering (Malaysia) Sdn. Bhd.
- Mitsubishi Elevator Malaysia Sdn Bhd
- Otis Elevator Company Sdn. Bhd.
- Tk Elevator Malaysia Sdn. Bhd.
- MS Elevators Engineering Sdn. Bhd.
- Hyundai Elevator Malaysia Sdn Bhd.
- Fujitec (Malaysia) Sdn Bhd
- MXC Elevator Sdn. Bhd
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Malaysia Elevators & Escalators Market, By Type:
- Elevator
- Escalator
- Moving Walkways
Malaysia Elevators & Escalators Market, By Service:
- Modernization
- Maintenance & Repair
- New Installation
Malaysia Elevators & Escalators Market, By Elevator Technology:
- Traction
- Hydraulic
- Machine Room-Less Traction
Malaysia Elevators & Escalators Market, By Elevator Door Type:
- Automatic
- Manual
Malaysia Elevators & Escalators Market, By End User:
- Residential
- Commercial
- Institutional
- Infrastructural
- Others
Malaysia Elevators & Escalators Market, By Region:
- Central Region (West Malaysia)
- East Malaysia
- Northern Region (West Malaysia)
- Eastern Region (West Malaysia)
- Southern Region (West Malaysia)
For more information about this report visit https://www.researchandmarkets.com/r/kuuujt
