Final Report_Malaysia Elevators and Escalators Market, 2017-2027F

1. Published: December 2020 Published: March 2021 Published: April 2021 2015 – 2025 2017 – 2027 FY2017 – FY2027 MALAYSIA ELEVATORS & ESCALATORS MARKET - FORECAST AND OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Table of Contents 2

3. Table of Contents 3

4. Table of Contents 4

5. Product Overview

6. Product Overview Product of Interest: Elevators & Escalators 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 TYPE • Elevator • Escalator • Moving Walkways Review Period 2017 – 2020 Base Year 2021 Estimated Year 2022 Forecast Period 2023 – 2027 MALAYSIA ELEVATORS & ESCALATORS MARKET Year Range BY ELEVATOR TECHNOLOGY • Traction • Hydraulic • Machine Room-Less Traction BY SERVICE • Modernization and Maintenance & Repair • New Installation BY END USER • Residential • Commercial • Institutional • Infrastructural • Others BY REGION • East Malaysia • Central Region (West Malaysia) • Northern Region (West Malaysia) • Eastern Region (West Malaysia) • Southern Region (West Malaysia) 6

7. Product Overview Product of Interest: Elevators & Escalators • 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. 7

8. Product Overview Product of Interest: Elevators 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. 8

9. Product Overview Product of Interest: Elevators 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. 9

10. Product Overview 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, 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. 10

11. Product Overview Product of Interest: Elevators & Escalators 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. 11

12. Product Overview Product of Interest: Elevators & Escalators 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. 12

13. Research Methodology

14. Research Methodology Data Validation Data Analysis Market Profiling Data Collection Formulating Questionnaire Developing List of Respondents In-depth secondary research was conducted to determine top companies, overall market size and segmental market size in Malaysia elevators & escalators market. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Malaysia elevators & escalators market. 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. List of top companies and industry specialists was developed. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. Data Filter & Analysis Data Collection 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 • Identifying Key Opinion Leaders • Questionnaire Design • In-depth Interviews Primary Research Secondary Research Paid Sources • LinkedIn • TechSci Internal Database • Company Websites • Company Annual Reports • White Paper Study • Financial Reports • Investor Presentations • Regulatory Body • Factiva • Hoovers 14

15. Research Methodology • 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. 15

16. Research Methodology • 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. 16

17. Research Methodology • 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: Moving Average Time Series Analysis Regression Analysis 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. *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. 17

18. Industry Brief Rising urbanization and growing number of commercial & residential buildings in the industryare 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) SdnBhd, 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. 18

19. Sample Data - Snapshot Malaysia Elevators & Escalators Market Size, By Value (USD Million), 2017-2027F CAGR 2017-2021 By Value: xx% CAGR 2022E-2027F By Value: xx% Malaysia Elevators & Escalators Market Share, By Type, By Value, 2017-2027F Malaysia Elevators & Escalators Modernization, Maintenance & Repair Market Share, By End User, By Value, 2017-2027F 19

20. Report Ordering Report Name: MALAYSIA ELEVATORS & ESCALATORS MARKET FORECAST AND OPPORTUNITIES 2017 – 2027 To View Sample OR Purchase Report 20

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. Related Reports • Global Elevator & Escalator Market, Forecast and Opportunities, 2017-2027 • United Kingdom Elevators Market , Competition Forecast and Opportunities, 2017-2027 • India Elevator & Escalator Market, Competition Forecast and Opportunities, 2017-2027 • Australia Elevator & Escalator Market, Competition Forecast and Opportunities, 2017-2027 • Saudi Arabia Elevator & Escalator Market, Competition Forecast and Opportunities, 2017-2027 • Canada Elevator & Escalator Market, Competition Forecast and Opportunities, 2017-2027 TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer 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.