Malaysia Elevator and Escalator Markets 2022-2028 with Schindler, TK Elevator, KONE, and Mitsubishi Dominating with 35% Overall Market Share – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Malaysia Elevator and Escalator Market – Market Size and Growth Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Malaysia elevator market by the installed base is expected to reach 76,914 units by 2028. Significant infrastructure projects funded by the government encourage the development of elevators in the area.
Additionally, when average building height and density rise, there is a greater need for vertical transit inside the building, which increases elevator utilization. Further, the Malaysia escalator market by the installed base is expected to reach 15,226 units by 2028, growing at a CAGR of 2.07%.
Increased urbanization, growing demand for high-rise structures, and the government’s focus on infrastructure in key economic cities have propelled Malaysia’s elevator & escalator business to new heights. The cities in Southeast Asia are becoming denser due to rising urbanization, which has increased the number of high-rises residential and commercial structures; these structures further propel the Malaysia elevator and escalator market growth.
Malaysia’s urban population has been increasing at an average annual rate of 4%, now accounting for 75% of the total population. Urban regions need certain infrastructure requirements to facilitate people with easy access to all necessities, so escalators demand is likely to increase with increasing commercial and infrastructure projects.
The lockdown in China impacts the repair and maintenance of vertical transportation (VT) equipment that serves Rapid Rail Sdn Bhd’s light rail transit (LRT) and other stations in Malaysia because spare parts are imported from a facility in Shanghai. Rapid Rail claims to continuously monitor the situation to speed up procurement from suppliers and contractors.
Shipping of spare parts from the Shanghai OEM takes about three months. Apart from the VT at these stations, Rapid Rail notes that the overall VT equipment availability for elevators is 96.5%, and for escalators, it is 90%. These circumstances will help accelerate the Malaysia elevator & escalator market growth.
Adopting a digital Industrialized Building System (IBS) is encouraged in the Malaysian construction sector. The Ministry of Works initiated the Construction Industry Transformation Program(CITP) through CIDB(Construction Industry Development Board). The CITP intends to strengthen Malaysia’s construction sector and make it competitive worldwide, with a strong focus on environmental sustainability.
Under the 12th Malaysia Plan, 13 urban renewal projects have been authorized (12MP). In accordance with the Ministry of Natural Resources and Urban Development, all these projects are at varying levels of planning and execution.
MIDA (Malaysian Investment Development Authority) offers support in the form of incentives for IBS manufacturers and construction firms wanting to adopt automation and cutting-edge technologies. These involve Building Information Modelling (BIM), sophisticated materials and systems, 3D/4D/5D printing, and novel systems that improve speed, flexibility, efficiency, labor productivity, and product quality. The MIDA support will help boost the Malaysia elevator & escalator market.
Sustainable Construction Practices To Boost Demand For Installation Of Elevators In Residential Buildings
- The Merdeka 118 building will be the tallest structure in Southeast Asia. The top 17 stories of the tower will feature the first and only Park Hyatt hotel in Malaysia. For the project, KONE is providing about 87 elevators and escalators. The building is now 81% complete and is scheduled to be finished in 2022.
- KLCC (Holdings) Sdn Bhd plans to construct a 700 m-tall, roughly 145-story building in the heart of Kuala Lumpur after 2030 if the market and demand are favorable. The proposed project would increase the market’s available space by 4 million square feet and include three office towers on four acres on a retail platform. It would be much taller than Malaysia’s Petronas Towers and the 630-meter-tall Menara PNB 118, expected to be finished in 2024.
- First-time homebuyers are eligible for a complete stamp duty relief that applies to sale and purchase agreements for transactions made between January 1, 2021, and December 31, 2025. This is in accordance with Budget 2021 provisions.
- The recovery of the real estate sector is still being delayed by re-imposing the conditional movement control order (CMCO), as evidenced by the decreased traffic to sales. Considering the pandemic, more developers are utilizing digital platforms to connect with potential investors and customers.
Governments Effort To Expand Infrastructure Across Nation To Increase Demand For New Installations.
- Hilton’s brand Waldorf Astoria hotels & resorts will be opening its first property in Malaysia by 2024; Hilton will manage the property. The construction and renovation will start in the third quarter of 2022.
- Mass Rapid Transit Line 3 will stimulate the construction industry and establish new economic hubs in regions that would profit from increased accessibility. Similarly, the East Coast Rail Link will promote development along this corridor by offering a quick connection between Port Klang in Selangor and Kota Bharu in Kelantan.
- Massive construction projects like Bandar Malaysia and Tun Razak Exchange (TRX) in the Klang Valley will satisfy local demand for residential, commercial, and retail options while developing world-class residential and business attractions.
- The Covid-19 epidemic has caused the opening of several commercial centers to be postponed until 2022. IOI City Mall (ICM) Phase 2 in Putrajaya has a total net floor area exceeding 430,000 square meters, including expanding existing shopping malls.
- KONE received an order for 8 Conlay, a luxury mixed-use development located in the heart of Kuala Lumpur city center, Malaysia. The development features two branded residence towers with 36 KONE MiniSpace high-rise elevators, five machine room-less KONE MonoSpace elevators, a 4,000 kg KONE MonoSpace glass elevator, and 20 KONE TravelMaster escalators, KONE E-Link(TM) equipment monitoring system is also included. The project was inaugurated in October 2021 and contributed to the progress of the Malaysia elevator & escalator market.
Regulations For Maintenance of Elevators And Escalators In Malaysia By Building Construction Authority To Create Demand
- Maintenance and Modernization accounted for 80.6% and 19.4%, respectively, for 2021.
- According to the Malaysia Department of Occupational Safety and Health (DOSH), 806 escalators were unsafe in shopping malls and public places in 2017. A safety campaign (Safe escalator campaign) was launched to replace or repair the escalators, which will boost the growth of the Malaysia escalator market.
The state government of Sabah had initiated a five-year development plan (2021-25) Hala Tuju Sabah Maju Jaya (SMJ), a pathway to establish and improve key sectors, which include industry, tourism, and agriculture.
Smart Selangor Action Plan (SSAP) has various new initiatives, projects, and targets to update the Smart Selangor smart state program. To make a livable smart state in ASEAN by 2025, SSAP will be a contributing step toward the Malaysia elevator & escalator market.
- The top 4 prominent vendors, including Schindler, TK Elevator, KONE, and Mitsubishi, account for 35% of the Malaysia elevator & escalator market share.
- Multi bay/Regent hotel is a mixed-use high-rise building expected to be operational by 2023 and equipped with 25 elevators and 8 escalators by Antah Schindler.
- Mitsubishi Electric launched the NEXIEZ-MRL Version2 elevator, featuring more innovative specifications than the NEXIEZ-MRL model. The new model helped in improvement in passenger comfort, safety, and convenience by providing antivirus solutions.
- Hitachi aims to expand revenues by adopting digital technologies like AI and IoT to increase its business in the Malaysia elevator & escalator market by building partnerships.
- Mitsubishi Electric
- TK Elevator
- Hyundai Elevator
Other Prominent Vendors
- Toshiba Elevator and Building Systems Corporation
- Sigma Elevator
- EITA Elevator
- Stannah Lifts Holdings Ltd
- Nippon Elevator
- DOVER Elevator
Elevator Market Segmentation by
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Industrial Elevators
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
- Public Transit
Escalator Market Segmentation by
- Multi Parallel
- Public Transit
- Institutional Sector
For more information about this report visit https://www.researchandmarkets.com/r/93pber
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