1. 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
2017 – 2027

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© TechSci Research
Table of Contents
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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. Key Takeaways
7.2.8. By Company (2021)
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 New Installation 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 Modernization, Maintenance & Repair 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

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Table of Contents
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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. Toshiba Elevator Malaysia
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

5. Product Overview

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© TechSci Research
Product Overview
Product of Interest: Elevators & Escalators
MALAYSIA ELEVATORS &
ESCALATORS MARKET
BY TYPE
• Elevator
• Escalator
• Moving Walkways
BY REGION
• East Malaysia
• Central Region (West Malaysia)
• Northern Region (West Malaysia)
• Eastern Region (West Malaysia)
• Southern Region (West Malaysia)
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.
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.
Market Segmentation
BY ELEVATOR DOOR TYPE
• Automatic
• Manual
BY ELEVATOR TECHNOLOGY
• Traction
• Hydraulic
• Machine Room-Less
Traction
BY END USER
• Residential
• Commercial
• Institutional
• Infrastructural
• Others
BY SERVICE
• Modernization and
Maintenance & Repair
• New Installation
Review Period
2017 – 2020
Base Year
2021
Estimated Year
2022
Forecast Period
2023 – 2027
Year Range
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• An elevator refers to a carriage or platform used
to move 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
emergencies, 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 residential
buildings and tall commercial buildings such as
malls, hospitals, hotels, 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: Elevators & Escalators

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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 installation cost 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 installation cost 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 Overview
Product of Interest: Elevators

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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, a 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 cargo load 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 it 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 is done through the same dealer who sold it.
Product Overview
Product of Interest: Elevators

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Product Overview
Product of Interest: Escalators
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• 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, an auto-start
feature either by photocell sensors or contact
mats, a 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 elevators are equipped with geared
and gearless traction machines driven by AC or DC motors. Traction elevators dominated the Malaysia Elevators &
Escalators 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 speed and high capacity. Traction elevators are commonly
used in the residential and retail sectors of the country.
• Furthermore, traction elevators occupy less space in buildings. Owing to rising demand for energy-efficient elevators
and increasing ecological concerns, the 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 settling down with its 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, the speed of the lifts
drastically slows down at 1m/s. With the increased usage of green and smart elevators, which are cost-efficient, the
share of hydraulic-equipped elevators is anticipated to decline in the Malaysia Elevators & Escalator 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 traction or hydraulic machine.

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Product Overview
Product of Interest: Elevators & Escalators
12
Product Definition: By Elevator Door Type
Automatic Doors
• With advancing technology and growing safety measures, the 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 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 & Escalators 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 the growing adoption of automatic doors and evolving lifestyles of people who require
high-speed smart elevators.

13. Research Methodology

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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 companies, 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 top
companies and
industry
specialists was
developed.
TechSci conducted
interviews with
industry experts
and leading
companies 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
 LinkedIn
 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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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 such as
growth in real-estate sector, rising number of commercial and residential buildings, scope of elevator modernization and repair pf
ageing elevators 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 2021 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 2017-2021, 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 2017-2021.

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Research Methodology
16
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., Toshiba Elevator Malaysia, 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, The Malaysian
Lift and Escalator Association (MALEA), Pacific Asia Lift (Elevator) and Escalator Association
World Elevator Federation (WEF), 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.

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Industry Brief
18
Rising urbanization and growing number of commercial & residential buildings in the industry are driving the growth of Malaysia Elevators &
Escalators Market in the forecast period, 2023-2027.
According to TechSci Research report, “Malaysia Elevators & Escalators Market - By Region, Competition Forecast & Opportunities, 2017-
2027,” Malaysia elevators & escalators market is expected to grow at CAGR of 5.03% to reach USD 739.95 million by 2027. The Malaysian
construction industry is experiencing strong growth, which is resulting in high demand for elevators and escalators in the country. With the
increase in investments in the infrastructure sector, residential and commercial projects are increasing at a much higher rate and are positively
influencing the country’s construction sector. The vertical growth of skyscrapers which incorporate shopping complexes, retail shops, and
residential apartments, is anticipated to increase the demand for elevators & escalators in Malaysia in the coming years.
According to the Malaysian Investment Development Authority (MIDA), Malaysia has attracted USD 27.5 billion in approved investments in the
manufacturing, services and primary sectors in the Q1 2022, which is likely to positively impact the Malaysia Elevator and Escalator Market.
Moreover, increasing government investment for the development of smart cities is also one of the major driving factors leading the demand for
elevators and escalators in the forthcoming years.
Malaysia elevators & escalators market is segmented based on by type, by service, by elevator technology, by elevator door type, by end user,
region and company. Based on type, the market is segmented into elevator, escalator, and moving walkways. Based on service, the market is
segmented into modernization and maintenance & repair and new installation. Based on elevator technology, the market is segmented into
traction, hydraulic, and machine room-less traction. Traction elevator technology segment dominates the Malaysia elevators & escalators market,
accounting for a market share of 84.82% in 2021. This is due to the increasing environmental concerns associated with hydraulic machine
elevators. Additionally, the increasing construction of high-rise residential buildings and new commercial centers require a faster mode of vertical
transportation. Traction elevators provide much more speed as compared to hydraulic-type elevators.
Based on elevator door type, the market is segmented into automatic and manual. Based on end user, the market is segmented into residential,
commercial, institutional, infrastructural and others. The residential end user segment in Malaysia elevators & escalators market stood at USD
271.93 million, with a market share of 49.91% in 2021 and the market is projected to reach USD 365.50 million in the next five years, exhibiting a
CAGR of 4.85%, in value terms, during 2022E-2027F. Due to increased residential construction, major upcoming projects, and initiatives such
as the Green Technology Master Plan, Green buildings are expected to spur the growth of the residential segment. Furthermore, major
government plans for the construction of many high-rise residential buildings and secretariats, is expected to drive elevators & escalators market
revenue in the coming years.
Key market players 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., Toshiba Elevator Malaysia, Hyundai Elevator Malaysia Sdn Bhd., Fujitec (Malaysia) Sdn Bhd, MXC Elevator Sdn. Bhd.
“Central region (West Malaysia) is the largest region in the Malaysia Elevators & Escalators Market with a share of 34.81% in 2021 owing to
increased investment in the construction sector and urbanization in Selangor and Kuala Lumpur. Modernization, industrialization, and
urbanization, as well as rising demand for green elevators, are the primary drivers of growth in the for the Malaysia Elevators & Escalators
Market in the Central Region. Over the coming years, the elevators and escalators market in this region is expected to register strong growth,
backed by increasing investment in infrastructure, which would require the installation of elevators in residential and commercial high-rise
buildings.” 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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2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Value (USD Million)
Malaysia Elevators & Escalators Market Size, By Value (USD Million), 2017-2027F
CAGR 2017-2021
By Value: xx%
CAGR 2022E-2027F
By Value: xx%
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Elevator 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
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 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Malaysia Elevators & Escalators Market Share, By Type, By Value, 2017-2027F
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
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%
Malaysia Elevators & Escalators Modernization, Maintenance & Repair Market Share, By End User, By Value, 2017-2027F

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© TechSci Research
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FORECAST AND OPPORTUNITIES
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21. About Us & Disclaimer
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
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
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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