Indonesia Elevator Market, 2027

1. Published: December 2020 Published: March 2021 Published: April 2021 Published: May 2021 2015 – 2025 2017 – 2027 INDONESIA ELEVATOR MARKET FORECAST AND OPPORTUNITIES www.techsciresearch.com www.techsciresearch.com www.techsciresearch.com www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING MARKET INTELLIGENCE . CONSULTING MARKET INTELLIGENCE . CONSULTING MARKET INTELLIGENCE . CONSULTING MARKET INTELLIGENCE . CONSULTING MARKET INTELLIGENCE . CONSULTING 1

2. Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Impact of Covid-19 on Indonesia Elevator Market 4. Executive Summary 5. Voice of Customer 5.1. Brand Awareness 5.2. Factors Influencing Purchase Decision 5.3. Key Challenges Faced 5.4. Key Satisfaction Level 5.5. Annual Maintenance Contract (AMC) Expectation 5.6. Annual Maintenance Contract (AMC) Challenges 6. Global Elevator Market Overview 7. Indonesia Elevator Market Outlook 7.1. Indonesia Elevator Market Overview 7.2. Market Size & Forecast 7.2.1. By Value & Volume 7.3. Market Share & Forecast 7.3.1. By Type of Carriage (Passenger, Freight, Others) 7.3.2. By Service (Modernization and Maintenance & Repair, New Installation) 7.3.3. By Type of Machinery (Traction & Hydraulic) 7.3.4. By Elevator Door Type (Automatic & Manual) 7.3.5. By End-User (Residential, Commercial, Institutional, Infrastructural and Others) 7.3.6. By Region 7.3.7. By Company (2021) Market Map (By Type of Carriage, By Service, By Type of Machinery, By Elevator Door Type, By End-User By Region) 7.4. 2 2 © TechSci Research © TechSci Research

3. Table of Contents S. No. Contents 8. Indonesia New Installation Elevator Market Outlook 8.1. Indonesia New Installation Elevator Market Overview 8.2. Market Size & Forecast 8.2.1. By Value & Volume 8.3. Market Share & Forecast 8.3.1. By Type of Carriage 8.3.2. By Type of Machinery 8.3.3. By Elevator Door Type 8.3.4. By End-User 9. Indonesia Modernization and Maintenance & Repair Elevator Market Outlook 9.1. Indonesia Modernization and Maintenance & Repair Elevator Market Overview 9.2. Market Size & Forecast 9.2.1. By Value & Volume 9.3. Market Share & Forecast 9.3.1. By Type of Carriage 9.3.2. By Type of Machinery 9.3.3. By Elevator Door Type 9.3.4. By End-User 10. Indonesia Elevator Market, By Number of Units 10.1. By Type of Carriage 10.2. By Service 10.3. By Type of Machinery 10.4. By Elevator Door Type 10.5. By End-User 3 3 © TechSci Research © TechSci Research

4. Table of Contents S. No. Contents 10.6. By Region 11. Indonesia Average Selling Price for Each Elevator Unit (2021) 11.1. By Type of Carriage 11.2. By Service 11.3. By Type of Machinery 11.4. By Elevator Door Type 11.5. By End-User 11.6. By Region 12. Market Dynamics Drivers 12.1. Challenges 12.2. 13. Market Trends and Developments 14. Impact of Capital Relocation on Indonesia Elevator Market 15. Policy and Regulatory Landscape 16. Supply Chain Analysis 17. Indonesia Economic Profile 18. Company Profiles 18.1. PT. KONE Indo Elevator 18.2. PT. Hyundai Elevator Indonesia 18.3. PT. Citas Otis Elevator 18.4. PT. Fujitec Indonesia 4 4 © TechSci Research © TechSci Research

5. Table of Contents S. No. Contents 18.5. PT. Mitsubishi Jaya Elevator and Escalator 18.6. PT. Hitachi Asia Indonesia 18.7. P.T. Berca Schindler Lifts 18.8. PT. TKE Elevator Indonesia 18.9. PT FUJITA INDONESIA 18.10. PT. Canny Elevator Indonesia 19. Strategic Recommendations 20. About Us & Disclaimer 5 5 © TechSci Research © TechSci Research

6. Product Overview

7. Product Overview Product of Interest: Elevator An elevator is a lifting machine that transports people or objects up and down along a shaft, often composed of cables and a compartment. Buildings typically have elevators installed to lift, convey, and move both, people and products from one floor to another. The elevator can be used in a variety of contexts, such as apartment buildings, office buildings, malls, hospitals, etc. Elevators are also employed in industrial facilities to move supplies, equipment, and finished commodities between floors. Market Segmentation BY TYPE OF CARRIAGE BY ELEVATOR DOOR TYPE • Automatic Year Range INDONESIA ELEVATOR MARKET Passenger • Manual • Freight • Review Period BY END USER • Residential Others • 2017 – 2020 Commercial BY SERVICE • Base Year Institutional • Modernization and • 2021 Infrastructural • Maintenance & Repair Others • Estimated Year New Installation • BY REGION Sumatra 2022 • Forecast Period BY TYPE OF MACHINERY Traction Kalimantan • • 2023 – 2027 Java • Hydraulic • Sulawesi • Others • 7 7 © TechSci Research © TechSci Research

8. Product Overview Product of Interest: Elevator A carriage or platform used to transport people • or cargo from one level of a building to another is referred to as an elevator. The majority of contemporary elevators are equipped with amenities such as call buttons for emergencies, computerized voice notifications for floor arrivals and door closings, and speech recognition systems that give accessibility aids for the blind. In addition, there are also direction lanterns inside and outside the carrier and LED/LCD floor indicators for delivering a smooth and passenger-controlled flawless experience. High-rise commercial structures such as malls, • hospitals, hotels, residential complexes, etc. typically have elevators as a regular feature. The elevators can be divided into two categories which are the hoist mechanism and designing. Depending on the hoist mechanism, elevators are divided into four categories: traction, hydraulic, ascending, and pneumatic elevators. 8 8 © TechSci Research © TechSci Research

9. Product Overview Product of Interest: Elevator Buying Criteria for Elevators ➢ Selection Range: The choice of the elevator to install starts with the available options. Elevators are generally divided into passenger lifts and cargo platforms. Both applications can be served by a variety of elevator types, however, cargo elevators are frequently heavier and focus more on performance than smoothness. Elevators for individuals with disabilities can be fitted with a variety of safety elements, including seat belts and handrails, while passenger elevators typically have a higher level of comfort. ➢ Installation Costs: Once an elevator is selected, installation costs need to be considered. Many companies can install all of the models they sell for commercial or residential real estate. The actual installation cost is often more related to the property where the installation is taking place than to the elevator unit itself. ➢ Maintenance Cost: Maintenance cost is one of the highest contributing factor for owning an elevator. It is necessary to have basic knowledge of the maintenance cost to offer maintenance contracts at the time of purchase. This helps in one-time or recurring costs to a company for maintaining company facilities, property, vehicles or equipment. The premium brand offers high maintenance cost as compared to the maintenance cost of the local brands. These often come with significant discounts to drive sales and buyers may be able to save significant maintenance costs by signing up early. ➢ Performance Metrics: Performance means different for each elevator. When it comes to passenger elevators, performance usually means a smooth and safe ride with simple control inputs and ample platform space to keep passengers comfortable. Elevators for commercial cargo measure performance in terms of lifting capacity and reliability during long-term use. Whatever the important indicators, it is important to evaluate the performance of the elevator models. 9 9 © TechSci Research © TechSci Research

10. Product Overview Product of Interest: Elevator Buying Criteria for Elevators ➢ Servicing Requirement: Maintenance needs, frequency, and price are the most important factors to consider before making a final purchase. This will help to analyze the initial purchase budget and update ongoing security requirements. ➢ Safety Matters: When it comes to passenger elevators, safety is paramount. In addition to the safety considerations of residential elevators installed in the home, the safe performance of commercial elevators helps companies avoid injuries to workers and costly compensations. Freight elevators also require regular inspections and maintenance to ensure safety. Even if no one is injured, tipped baggage can be expensive. ➢ 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 work is being done through the same dealer who sold it. 10 10 © TechSci Research © TechSci Research

11. Product Overview Product of Interest: Elevator 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 Indonesia Elevator Market over the past few years and the trend is expected to continue during the forecast period as well. These elevators can work at a wide variety of speeds 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 grow during the forecast period. Hydraulic Setup Hydraulic machinery pumps liquid which provides power in lifting the load upwards and settling 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, the speed of the lift 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 Indonesia Elevator Market during the forecast period. 11 11 © TechSci Research © TechSci Research

12. Product Overview Product of Interest: Elevator 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 the Indonesia Elevator Market. Under the Indonesia Elevator Association guidelines, elevators installed at various end user 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 Indonesia Elevator Market is growing rapidly. 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 Indonesia Elevator 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 elevator-equipped manual doors is expected to decrease due to the growing adoption of automatic doors and the evolving lifestyles of people requiring high-speed smart elevators. 12 12 © TechSci Research © TechSci Research

13. Product Overview Product of Interest: Elevator Product Definition: By End Use Residential Sector: Early modernization and a smart lifestyle have led to the growing demand for elevator deployment, maintenance, and repair • services. With increasing urbanization, demographic changes, and evolving environmental conditions, the need for environment-friendly/green and power-saving elevators have come into existence. This growing demand for elevators globally is dependent on new construction/housing projects and renovation and up-gradation of existing elevators. All these aforementioned factors are expected to support the lucrative revenue growth in elevator manufacturing and other elevator services. Popular residential elevators include passenger, fireman, step, incline, and wheelchair types, with some new launches such • as next-gen eco-friendly OtisGen2 and Skyrise offering modernization. Commercial Sector: Increasing urbanization is leading to the growing demand for residential buildings, and office and infrastructure spaces, • which has also significantly boosted the deployment and demand for elevators globally. Moreover, it is also contributing to the development of more advanced setups in cognition with the needs of demographic groups and sustainable environment- friendly elevators. Some elevator types used in hospitals are stretcher, wheelchair, bed, and passenger elevators. In hotels and restaurants, • machine-room less, small machine room, and fireman elevators are primarily used, while in retail units, offices, and academic and sports arenas, passenger, platform, fireman, and incline elevators are deployed. 13 13 © TechSci Research © TechSci Research

14. Product Overview Product of Interest: Elevator Product Definition: By End Use Institutional Sector: The designing of the buildings for government colleges and universities with masses of students eager to get to class on • time, the requirement for environment-friendly/green and power-saving elevators have come into existence. Be it a library, dormitory, school auditorium, college, or university, the right lifts, and accessibility lifts are necessary for matching with applications and requirements of the universities. Besides, manufacturers are increasingly investing in R&D initiatives to develop energy-efficient elevators, owing to growing • awareness of sustainable technologies and government authorities' regulatory compliances. The segment also includes daycares, government schools, and places of worship for the elevators end-use applications. Infrastructural Sector: Infrastructure developments come with a great opportunity for growth with the government’s focus on development. As • cities continue to become the centrifugal force for progress and urbanization, the need to accommodate a huge population has led to the growth of high-rise buildings, mid-rise buildings, and advanced infrastructure. This bodes well for the elevator industry as they offer a solution to facilitate the vertical movement of people and goods safely, efficiently, and responsibly through tall structures. Others: The segment includes airports and rapid transit systems that can handle many passengers on a regular basis. To provide • smooth and efficient movement of passengers at such places, effective deployment of elevators becomes a necessity which in turn is boosting the demand for elevators in the country. 14 14 © TechSci Research © TechSci Research

15. Research Methodology

16. Research Methodology Data Analysis Market Profiling Developing List of Respondents Formulating Questionnaire Data Collection Data Validation In-depth secondary research was conducted to determine overall market size, segmental market size and leading companies in Indonesia Elevator Market. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Indonesia Elevator Market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and leading companiesfor data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of leading companies and industry specialists was developed. Desk Research Company Analysis Primary Research ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Data Collection ✓ ✓ ✓ ✓ 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 EMIS ✓ ✓ ✓ ✓ 16 16 © TechSci Research © TechSci Research

17. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the Indonesia Elevator 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, technological advancements etc. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the Indonesia Elevator Market. Methodology Followed for Calculation of Market Size: Market Size by Value & Volume: Market size, in terms of value & volume, 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 Indonesia Elevator Market to obtain the overall market size during 2017-2021, which was validated by the Delphi technique. 17 17 © TechSci Research © TechSci Research

18. Research Methodology Respondents were asked about the current and future market growth rates, as well as market shares by type of carriage, by service, by type of machinery, by elevator door type, by end-user, 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 type of carriage, by service, by type of machinery, by elevator door type, by end-user, 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 companies in Indonesia Elevator Market. 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 in the Indonesia Elevator Market. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results. 18 18 © TechSci Research © TechSci Research

19. Research Methodology Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the Indonesia Elevator Market, TechSci Research used various forecast techniques such as: Moving Average Time Series Analysis Regression Analysis Econometric and Judgmental Analysis TechSci Research also used the impact analysis during short, medium and long-term period to estimate and analyze market demand scenario. PT. Mitsubishi Jaya Elevator and Escalator, PT. KONE Indo Elevator, PT. Citas Otis Elevator, P.T. Berca Schindler Lifts, PT. Hitachi Asia Indonesia, PT. Hyundai Elevator Indonesia, PT. TKE Partial List of Companies Interviewed Elevator Indonesia, PT. Fujitec Indonesia, PT Fujita Indonesia, PT. Canny Elevator Indonesia, among others. Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, Pacific Asia Lift Partial List of Secondary Sources (Elevator) and Escalator Association, Indonesia Lift & Escalator Expo, Indonesian Association of Elevator and Escalator etc. Note: (a) Sum of some shares may not be 100% due to round off till two decimal places. 19 19 © TechSci Research © TechSci Research

20. Industry Brief Increasing construction projects and urbanization is expected to drive the Indonesia Elevator Market through forecast period. According to TechSci Research report, “Indonesia Elevator Market – By Region, Competition, Forecast & Opportunities, 2017-2027” Indonesia elevator market stood at USD647 million in 2021 and is expected to grow at a CAGR of 5.78% during the forecast period to reach over USD864 billion by 2027 on account of substantial growth in the construction sector, resulting in a significant increase in new development projects and repair and maintenance activities, may create enormous opportunities for industry expansion. Due to the increased emphasis on modernization and infrastructure development throughout the country over the last few decades, urban cities throughout the country have undergone consistent transformation. Furthermore, as environmental laws and regulations continue to pave the way for a greener and more sustainable future in modern cities, significant progress has been made in terms of urban landscape and development. At the moment, trends indicate that novel technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT) are being increasingly adopted in residential and commercial projects across the country. Furthermore, demand for IoT in elevators has increased dramatically as a result of a variety of factors, including increased governmental support for the development of "smart cities," increased awareness of the benefits of IoT, improved security and safety, and remote monitoring. In 2017, the government of Indonesia launched the 100 Smart Cities Movement, a digital initiative. The initiative has caused the change in the capital to Kalimantan that has positively affected the demand for elevators in Indonesia. For USD 149 million, Mitsubishi Corp. will add an urban development project to its smart city initiative near Jakarta, representing residential and commercial zones developed on six hectares around a railway station, which in turn is creating a market opportunity for elevator manufacturers in Indonesia. Owing to technological advancements, companies are introducing many innovative technologies such as Wi-Fi, heating, ventilation, and air conditioning (HVAC) systems, music players, etc., in elevators. Furthermore, with the utilization of AC and permanent magnet gearless motor technology, the efficiency of elevator hoisting machines has increased. Therefore, these factors are driving the Indonesia Elevator Market. Indonesia elevator market is segmented based on service, type of carriage, type of carriage, elevator door type, end-user, and by company. Based on service, the market is further fragmented into new installation, modernization and maintenance & repair. The new installation service in the Indonesia Elevator Market stood at USD399.61 Million, with a market share of 61.67% in 2021 and the market is projected to reach USD527.45 Million in the next five years, exhibiting a CAGR of 5.58%, in value terms, during 2022E-2027F. Furthermore, along with modernization, there are innovations in trends and technologies of newly installed elevators in construction buildings. Smart elevators are intended for new installations with a vision toward efficiency and energy savings. In new buildings, many elevators are equipped with internet access. These elevators contain sensors that collect data on usage and other factors. The data is saved in a cloud-based platform that predicts future problems and assists technicians in repairing and maintaining it before it fails. Based on type of carriage, the market is segmented into passenger, freight and others (stretcher elevators, dumb-waiter elevators, etc.). On the basis of type of machinery, the market is segmented into traction, hydraulic. Based on end-user, the market is divided into residential, commercial, institutional, infrastructural and others (railways, airports, etc). The residential end user segment in Indonesia Elevator Market stood at USD271.08 Million, with a market share of 41.84% in 2021 and the market is projected to reach USD350.78 Million in the next five years, exhibiting a CAGR of 5.51%, in value terms, during 2022E-2027F, due to increased residential construction, major upcoming projects, and initiatives such as the Indonesian government’s One Million Houses (OMH) program per year, is expected to spur the growth of the residential segment. Key market players in the Indonesia elevator market include PT. KONE Indo Elevator, PT. Hyundai Elevator Indonesia, PT. Citas Otis Elevator, PT. Fujitec Indonesia, PT. Mitsubishi Jaya Elevator and Escalator, PT. Hitachi Asia Indonesia, P.T. Berca Schindler Lifts, PT. TKE Elevator Indonesia, PT FUJITA INDONESIA, PT. Canny Elevator Indonesia “Indonesia's Parliament passed the Capital City Bill in January 2022, relocating the country's capital from Jakarta to East Kalimantan Province, which will eventually be known as Nusantara. The President of the Republic of Indonesia cited increasing pollution and population in Jakarta as the primary reasons for passing legislation to relocate the country's capital from Jakarta to East Kalimantan Province. Due to the changing capital, the large number of infrastructure projects in Kalimantan are in the pipeline, which has positively affected the demand for elevators in Indonesia. Additionally, the Indonesian government has outlined several goals in a bill recently approved by Parliament, such as the government’s "Movement Towards 100 Smart Cities." Nusantara will be developed as a smart city that will heavily emphasise sustainability. So, in order to maintain sustainability, the market players in the elevator industry are more focused on new modernization services such as increasing efficiency, lowering energy costs, improving reliability, reducing maintenance and increasing safety, which has increased the growth rate of Indonesia Elevator Market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. 20 20 © TechSci Research © TechSci Research

21. Sample Data - Snapshot Indonesia Elevator Market Size, By Value (USD Million), 2017-2027F CAGR 2022E-2027F By Value: xx% CAGR 2017-2021 By Value: xx% 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Value (USD Million) Indonesia Elevator Market Share, By Type of Carriage, By Value, 2017-2027F 2017 20.00% 30.00% 50.00% 2018 20.00% 30.00% 50.00% 2019 20.00% 30.00% 50.00% 2020 20.00% 30.00% 50.00% 2021 20.00% 30.00% 50.00% 2022E 20.00% 30.00% 50.00% 2023F 20.00% 30.00% 50.00% 2024F 20.00% 30.00% 50.00% 2025F 20.00% 30.00% 50.00% 2026F 20.00% 30.00% 50.00% 2027F 20.00% 30.00% 50.00% Passenger Freight Others Indonesia New Installation Elevator Market Share, By Type of Machinery, By Value, 2017-2027F 2017 40.00% 60.00% 2018 40.00% 60.00% 2019 40.00% 60.00% 2020 40.00% 60.00% 2021 40.00% 60.00% 2022E 40.00% 60.00% 2023F 40.00% 60.00% 2024F 40.00% 60.00% 2025F 40.00% 60.00% 2026F 40.00% 60.00% 2027F 40.00% 60.00% Traction Hydraulic 21 21 © TechSci Research © TechSci Research

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