1
2015 – 2025
Published: December 2020
Published: March 2021 Published: April 2021
FY2017 – FY2027
MARKET INTELLIGENCE . CONSULTING www.techsciresearch.com
MALAYSIA ELEVATORS &
ESCALATORS MARKET-FORECAST AND OPPORTUNITIES
2016 – 2026
S. No. Contents 1. Product Overview
2. Research Methodology 3. Executive Summary
4. Impact of COVID-19 on Malaysia Elevators & Escalators Market 5. Voice of Customer
5.1. Brand Awareness 5.2. Brand Satisfaction
5.3. Factors Influencing Purchase Decision 5.4. Customer Satisfaction
5.5. Elevators and Escalators –Challenges
5.6. Annual Maintenance Contract (AMC) Expectations 6. Global Elevators & Escalators Market Overview
7. Malaysia Elevators & Escalators Market Outlook 7.1. Market Size & Forecast
7.1.1. By Value & Volume 7.2. Market Share & Forecast
7.2.1. By Type (Elevator, Escalator and Moving Walkways)
7.2.2. By Service (Modernization, Maintenance & Repair and New Installation)
7.2.3. By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction) 7.2.4. By Elevator Door Type (Automatic and Manual)
7.2.5. By End User (Residential, Commercial, Institutional, Infrastructural and Others)
7.2.6. By Region
7.2.7. By Company (2020)
7.3. Market Map (By Type, By Service, By Elevator Technology, By Elevator Door Type, By End User and By Region)
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Table of Contents
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S. No. Contents
8. Malaysia Elevators & Escalators Modernization, Maintenance & Repair Market Outlook 8.1. Market Size & Forecast
8.1.1. By Value 8.2. Market Share & Forecast
8.2.1. By Type 8.2.2. By End User
9. Malaysia Elevators & Escalators New Installation Market Outlook 9.1. Market Size & Forecast
9.1.1. By Value 9.2. Market Share & Forecast
9.2.1. By Type 9.2.2. By End User 10. Market Dynamics
10.1. Market Drivers 10.2. Market Challenges
11. Market Trends and Developments 12. Supply Chain Analysis
12.1. Elevators 12.2. Escalators
13. Policy & Regulatory Landscape 14. Import Export Analysis
15. Malaysia Economic Profile
S. No. Contents 16. Company Profiles
16.1. KONE Elevator (M) Sdn. Bhd.
16.2. Antah Schindler Sdn. Bhd.
16.3. Hitachi Elevator Engineering (Malaysia) Sdn. Bhd.
16.4. Mitsubishi Elevator Malaysia Sdn Bhd 16.5. Otis Elevator Company Sdn. Bhd.
16.6. Tk Elevator Malaysia Sdn. Bhd.
16.7. MS Elevators Engineering Sdn. Bhd.
16.8. Hyundai Elevator Malaysia Sdn Bhd.
16.9. Fujitec (Malaysia) Sdn Bhd 16.10. MXC Elevator Sdn. Bhd.
17. Strategic Recommendations 18. About Us & Disclaimer
Product Overview
Product of Interest: Elevators & Escalators
Review Period 2016 – 2019
Base Year 2020 Estimated Year
2021 Forecast Period
2022 – 2026 Year Range
MALAYSIA ELEVATORS &
ESCALATORS MARKET
BY TYPE
• Elevator
• Escalator
• Moving Walkways
BY SERVICE
• Modernization, Maintenance & Repair
• New Installation
An elevator or a lift can be defined as a machine installed in buildings to carry, lift, transport or move people and goods from one floor to another. An elevator can be used in various types of settings such as residential complexes, commercial buildings, malls, hospitals, etc., for moving passengers or goods from one level to another. Elevators can also be used in factories and industrial plants to transfer goods, machinery and finished products between different floors.
Escalator is a set of moving stairs, usually power driven, arranged like a continuous belt that carries people between the floors of a building while ascending or descending constantly.
Market Segmentation
BY END USER
• Residential
• Commercial
• Institutional
• Infrastructural
• Others
BY ELEVATOR DOOR TYPE
• Automatic
• Manual
• Traction
• Hydraulic
• Machine Room-Less Traction BY ELEVATOR TECHNOLOGY
BY REGION
• Central Region (West Malaysia)
• East Malaysia
• Northern Region (West
• Malaysia)
• Eastern Region (West Malaysia)
• Southern Region (West Malaysia)
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• An elevator refers to a carriage or platform that is used for moving people or freight from one level to another in a building. Most modern elevators are designed with features like a voice recognition system that provides an accessibility aid for the blind, notifications for floor arrivals and door closing in a computer voice, call buttons for any emergency situations, direction lanterns both inside and outside the carrier and LED/LCD floor indicators for delivering a smooth and passenger controlled flawless experience.
• Elevators are a standard part of any tall commercial building such as malls, hospitals, hotels, residential buildings, etc. Elevators can be classified into two categories, depending on the hoist mechanism and the design. Elevators are classified into four types, namely, traction, hydraulic, climbing and pneumatic elevators depending on the hoist mechanism.
Product Overview
Product of Interest: Escalators
Buying Criteria for Elevators
➢ Selection Range: The choice of which elevator to install starts from the available selection. In general, elevators are grouped into people lifters and cargo platforms. Many types of elevators can be used for both, but cargo elevators tend to be more heavy-duty and prioritize power over the smoothness of the ride. Passenger elevators tend to be more comfortable, and elevators designed for people with disabilities can have various safety features, such as seat belts and handrails.
➢ Installation Costs: Once the selection range for elevators is done, the cost of installation needs to be considered. Many companies offer free installation of most or all of the models they sell, both for commercial and residential properties. The actual cost of installation is often related more to the property where the installation is being performed rather than to the elevator unit itself.
➢ Maintenance Requirements: Maintenance is one of the highest continuing costs of owning an elevator. It is necessary to have basic maintenance to keep the elevator up and running well. Many elevator dealers offer maintenance contracts at the time of purchase. These are often provided at steep discounts that help to promote sales, and buyers can potentially save significant maintenance costs by signing up early.
➢ Performance Matters: Performance means different for each elevator installed. For passenger lifts, performance usually means a smooth, safe ride with simple control inputs and enough room on the platform for riders to feel comfortable.
Commercial cargo lift elevators measure performance by lifting power and reliability over extended periods of use.
Whichever metric is important, it is important to evaluate the performance of the elevator models.
Product of Interest: Escalators
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© TechSci Research 9 Buying Criteria for Elevators
➢ Servicing Requirement: Service requirement, servicing frequency and price are the most important factors that need to be considered before the final purchase. This is helpful in analyzing the initial purchasing budget and updating the ongoing safety requirements.
➢ Safety Matters: Safety is the first consideration with an elevator designed to carry people. Along with the safety consideration in a residential elevator installed in the home, commercial elevator’s safe performance helps companies avoid injuries and expensive workers’ compensation issues. Even cargo elevators must be regularly inspected and serviced to keep them safe. A tipped load of cargo can be expensive, even if nobody has been hurt.
➢ Warranty Coverage: Typically, a high-quality elevator should last through many years of regular use and is advisable to have a warranty. It is common for elevator manufacturers to offer a relatively short-term warranty on the products they sell, especially for the makers of home elevators. On top of the factory warranty, many dealers offer extra coverage for elevators. Often, the warranty is only valid if the installation work is being done through the same dealer who sold it.
Product Overview
Product of Interest: Escalators
Product of Interest: Escalators
• An escalator is a set of moving stairs, usually power-driven, arranged like a continuous belt that carries people between the floors of a building while ascending or descending constantly. Important escalator characteristics include step enhanced safety, auto start feature either by photocell sensors or by contact mats, power saving feature, landing plates and handrail and balustrade design.
• Escalators are being majorly deployed in commercial complexes such as shopping malls, department stores, hotels, stadiums, arenas, convention centers and transit systems like airports and railway stations.
• Escalators can be broadly categorized into two types – moving stairs and moving walkways.
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Product Overview
Product of Interest: Elevators & Escalators
11 Product Definition: By Elevator Technology
Traction Setup
• Traction machinery is the most commonly used machinery in elevators. These types of elevators are equipped with geared and gearless traction machines driven by AC or DC motors. Traction elevators dominated the Malaysia elevators market over the past few years and the trend is expected to continue during the forecast period as well.
These elevators have the ability to work at an extensive variety of speed and high capacity. Traction elevators are commonly used in residential and retail sectors of the country.
• Furthermore, traction elevators occupy less space in buildings. Owing to rising demand for energy efficient elevators along with increasing ecological concerns, volume share of traction machinery equipped elevators is projected to increase in the upcoming period.
Hydraulic Setup
• Hydraulic machinery pumps liquid which provides power in lifting the load upwards and settles down with its own weight. These types of machinery are driven by a piston that travels inside a cylinder. This setup is mainly used in industrial units due to its efficient load bearing capacity. As these lifts carry a large amount of weight, speed of the lifts drastically slows down at 1m/s. With an increase in the usage of green and smart elevators, which are cost- efficient, the share of hydraulic equipped elevators is anticipated to decline in the Malaysia elevators market during the forecast period.
Machine Room-Less Traction
• A machine room-less (MRL) elevator does not have a separate room for housing the elevator's motor. The specially- designed motor is installed directly in the hoistway, either at the top or bottom of the shaft. In many ways, an MRL elevator looks like a “normal” elevator. The lift may be a traction or hydraulic machine.
Product of Interest: Elevators & Escalators
Product Definition: By Elevator Door Type
Automatic Doors
• With advancing technology and growing safety measures, demand for elevators equipped with automatic doors is growing rapidly in Malaysia. Under the guidelines of the Malaysian Lift And Escalator Association (MALEA), elevators installed at various end segments, including commercial, residential and government institutions, are required to have automatic doors in order to maintain the security of passengers traveling in elevators. Owing to the aforementioned factors, the demand for automatic door elevators in Malaysia is growing at a rapid pace.
• Moreover, the increase in demand for smart elevators equipped with the latest technological features is driving the demand for elevators equipped with automatic doors across the nation. Elevators equipped with automatic doors are anticipated to account for the largest volume share in the Malaysia elevators market during the forecast period.
Manual Doors
• Manual door elevators are mainly used in the manufacturing and industrial sectors to transport heavy goods and products from one floor to another. Over the coming years, demand for elevators equipped with manual doors is expected to decrease, due to growing adoption of automatic doors and evolving lifestyles of people which require high-speed smart elevators.
Research Methodology
✓ Identifying Key Opinion Leaders
✓ Questionnaire Design
✓ In-depth Interviews Data Collection Developing List of
Respondents Formulating
Questionnaire Market
Profiling
Data Validation
Data Analysis
In-depth secondary research was conducted to
determine top players, overall market size and segmental market size in
Malaysia elevators &
escalators market.
In order to conduct industry experts’
interviews, TechSci formulated a detailed
discussion guide.
List of industry players and industry
specialists was developed.
TechSci conducted interviews with industry experts and
industry players for data collection and
verification.
Data obtained as a result of primary
and secondary research was validated through
rigorous triangulation.
The data was scrutinized using MS-Excel, statistical
tools and internal proprietary database to
obtain qualitative and quantitative insights about
Malaysia elevators &
escalators market.
Data Collection
Data Filter
& Analysis Research &
Intelligence
Actionable Insights
Business Solution
Primary Research Desk Research Company Analysis
✓ Recent Developments
✓ Market Changing Aspects/Dynamics
✓ Government Policies
✓ Conclusion
✓ Market Participants
✓ Key Strengths
✓ TechSci Internal Database
✓ Factiva
✓ Hoovers Paid Sources
✓ Company Websites
✓ Company Annual Reports
✓ White Paper Study
✓ Financial Reports
✓ Investor Presentations
✓ Regulatory Body Secondary Research Primary Research
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© TechSci Research
Research Methodology
15 Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of Malaysia elevators & escalators market.
The team has analyzed the outlook of various segments of this market, while considering the major influencing factors and
projected growth during the forecast period. The study includes market forecasting, which would enable our clients to take better
decisions while planning their strategy to achieve sustainability in Malaysia elevators & escalators market.
Methodology Followed for Calculation of Market Size:
Market Size by Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through
exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts.
The team interviewed more than 20 companies, 50 industry experts and other value chain stakeholders in Malaysia elevators &
escalators market to obtain the overall market size during 2016-2020, which was validated by the Delphi technique. Taking
standard deviation into consideration, the market size was averaged out, to arrive at the market size data for 2016-2020.
Respondents were asked about the current and future market growth rates, as well as market shares by elevator door type, by
end user, by service, by elevator technology, by type, by region, and by company. Removing the outlier responses, the
geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered to
arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other
stakeholders depending upon the component.
Methodology Followed for Calculation of Market Shares:
Market shares by elevator door type, by end user, by service, by elevator technology, by type, by region, and by company
were calculated based on the responses received through primary surveys with industry experts, in which the respondents
were asked about the market shares of the leading elevators and escalator players. The final shares were calculated by taking
the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents
were asked about the leading companies operating and their competitive structure in Malaysia elevators & escalators market.
Methodology Followed for Forecasting:
TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the
survey results in SPSS/Tableau Software.
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© TechSci Research
Research Methodology
17 Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast Malaysia elevators & escalators market, TechSci Research used various forecast techniques such as:
o Moving Average
o Time Series Analysis
o Regression Analysis
o Econometric and Judgmental Analysis
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions.
TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario.
Partial List of Companies Interviewed
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., among others
Partial List of Secondary Sources
Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.
*Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.
(b) Volume figures across the report only include the data for new installation of elevators and escalators.
According to TechSci Research report, “Malaysia Elevators & Escalators Market By Type (Elevator, Escalator and Moving Walkways), By Service (Modernization, Maintenance & Repair and New Installation), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Competition, Forecast &
Opportunities, 2016-2026F”, Malaysia elevator & escalator market was valued USD411.94 million in 2020 and is forecast to grow at a CAGR of 5.44% in value terms, to reach USD572.39 million by 2026. Growth in the market can be attributed to increasing capital flow into real estate and increased government’s investment as part of“smart city plan” initiative. As part of the smart city plan, the government is planning to address issues and improve the quality of life of urban dwellers.
In addition, increased development of high-rise residential and commercial buildings to accommodate increased population and increasing urbanization are positively influencing Malaysia elevators & escalators market through 2026. The degree of urbanization is drastically increasing in the country, with a shift towards metro cities such as Kuala Lumpur, Seberang Perai, etc., from rural cities. This is resulting in the growing demand for real estate properties that are modernized enough to encapsulate the population within it. In addition, various government schemes have been implemented to increase urbanization which is expected to increase the demand for elevators & escalators in the country.
Malaysia elevator & escalator market is segmented based on type, service, elevator technology, end-user, elevator door type, and regional distribution. Based on type, the market is fragmented into elevator, escalator and moving walkways. Elevator segment led the market with a share of 90.49% in 2020 and the trend is likely to continue through 2026, which is majorly attributable to the growing infrastructural development in the country including ongoing and planned construction projects such as Merdeka 118, Tun Razak Exchange, and Bukit Bintang City Centre (BBCC), among others.
Based on service, the market can be categorized into modernization, maintenance & repair and new installation. Modernization, maintenance & repair segment is projected to account for the share of 64.90% in 2026 as all the new & existing elevators & escalators require routine repair & maintenance in order to ensure proper functioning. When compared with 2020, market share of above-mentioned segment is anticipated to increase through 2026 due to aging infrastructure requiring repair and maintenance.
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., and Fujitec (Malaysia) Sdn Bhd, among others are leading players operating in the Malaysia elevator & escalator market. Malaysia elevator & escalator is a highly competitive market with four companies, including KONE Elevator (M) Sdn. Bhd, Otis Elevator Company Sdn. Bhd., TK Elevator Malaysia Sdn. Bhd, Antah Schindler Sdn. Bhd, occupying 60% of the market share in 2020. Companies operating in the market are investing in product development and getting quality certification to stay ahead in the competitive market. TK elevator Malaysia Sdn. Bhd. uses twin elevator technology which involves two independently operating cabs in the same shaft. Twin technology is used for reducing power requirement while increasing the floor space.
“Elevator aesthetics is turning out to be a key component in influencing customer elevator purchase decisions. Nowadays, more and more property owners are starting to consider the aesthetical value of their building’s elevators in order to ensure that they make the best first impression on visitors and prospective clients. Moreover, thecountry’s government is focusing on smart cities and smart building development, which includes the adoption of smart technologies to enhance the operational efficiency and effectiveness of the vertical transportation system.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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Sample Data - Snapshot
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2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
Value (USD Million)
Malaysia Elevators & Escalators Market Size, By Value (USD Million), 2016-2026F CAGR 2016-2020
By Value: xx%
CAGR 2021E-2026F By Value: xx%
Malaysia Elevators & Escalators Market Share, By Type, By Value, 2016-2026F
2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
Elevator 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Escalator 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Moving Walkways 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Malaysia Elevators & Escalators Modernization, Maintenance & Repair Market Share, By End User, By Value, 2016-2026F
2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
Residential 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Commercial 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Infrastructural 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Institutional 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Others 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Report Name: MALAYSIA ELEVATORS & ESCALATORS MARKET FORECAST AND OPPORTUNITIES
2016 – 2026
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TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.
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