Malaysia Elevator & Escalator Market Growth Forecast Report 2024-2030: 3.54 Thousand Units of New Installation Predicted - Arizton

According to Arizton’s latest research report, the Malaysia elevators & escalators market is growing at a CAGR of 4.72% during 2024-2030.   

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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.  

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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?  

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