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
2016 – 2026

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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. 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

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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. 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

5. ProductOverview

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© TechSci Research
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
6
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

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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 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 Overview
Product of Interest: Escalators

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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, 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

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Product Overview
Product of Interest: Escalators
10
• 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.

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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, 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.

13. ResearchMethodology

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© TechSci Research
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
✓ 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
14

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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 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.

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Research Methodology
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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.

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Industry Brief
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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, the country’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%

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FORECAST AND OPPORTUNITIES
2016 – 2026
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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 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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