Malaysia Elevators and Escalators Market 2026

1. Published: December 2020 Published: March 2021 Published: April 2021 2015 – 2025 FY2017 – FY2027 2016 – 2026 MALAYSIA ELEVATORS & ESCALATORS MARKET-FORECAST AND OPPORTUNITIES www.techsciresearch.com 1 MARKET INTELLIGENCE . CONSULTING

2. Table of Contents 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) By End User (Residential, Commercial, Institutional, Infrastructural and Others) By Region By Company (2020) Market Map (By Type, By Service, By Elevator Technology, By Elevator Door Type, By End User and By Region) 7.2.5. 7.2.6. 7.2.7. 7.3. 2 2 © TechSci Research

3. Table of Contents 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 3 3 © TechSci Research

4. Table of Contents 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 4 4 © TechSci Research

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. 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 SERVICE BY TYPE MALAYSIA ESCALATORS MARKET MALAYSIA ELEVATORS & ESCALATORS MARKET ELEVATORS & Modernization, Maintenance & Repair • Elevator • Year Range New Installation • Escalator • Moving Walkways • BY ELEVATOR TECHNOLOGY Review Period BY END USER Traction • 2016 – 2019 Residential Hydraulic • • Commercial Machine Room-Less Traction BY REGION • • Base Year Institutional • 2020 Infrastructural • Central Region (West Malaysia) • Estimated Year Others • East Malaysia • BY ELEVATOR DOOR TYPE 2021 Northern Region (West • Automatic • Malaysia) • Forecast Period Manual • Eastern Region (West Malaysia) • 2022 – 2026 Southern Region (West Malaysia) • 6 6 © TechSci Research

7. Product Overview Product of Interest: Escalators 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. 7 7 © TechSci Research

8. Product Overview Product of Interest: Escalators 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. 8 8 © TechSci Research

9. Product Overview Product of Interest: Escalators 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. 9 9 © TechSci Research

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, 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. 10 10 © TechSci Research

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 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. 11 11 © TechSci Research

12. Product Overview Product of Interest: Elevators & Escalators 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. 12 12 © TechSci Research

13. Research Methodology

14. Research Methodology Data Data Analysis Market Profiling Data Collection Formulating Questionnaire Developing List of Respondents Validation In-depth secondary research was conducted to determine top players, 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 industry players for data collection and verification. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. List of industry players and industry specialists was developed. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. 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 Data Filter & Analysis Data Collection Research & Intelligence Actionable Insights Business Solution ✓ ✓ ✓ ✓ 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 14 © TechSci Research

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 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. 15 15 © TechSci Research

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 16 © TechSci Research

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 o Time Series Analysis o Regression Analysis o Econometric and Judgmental Analysis o 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. KONE Elevator (M) Sdn. Bhd., Antah Schindler Sdn. Bhd., Hitachi Elevator Engineering (Malaysia) Sdn. Bhd., Mitsubishi Elevator Malaysia Sdn Bhd., Otis Elevator Company Sdn. Partial List of Companies Interviewed Bhd., TK Elevator Malaysia Sdn. Bhd., MS Elevators Engineering Sdn. Bhd. Hyundai Elevator Malaysia Sdn Bhd., among others Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Partial List of Secondary Sources 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. 17 17 © TechSci Research

18. Industry Brief 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. 18 18 © TechSci Research

19. Sample Data - Snapshot Malaysia Elevators & Escalators Market Size, By Value (USD Million), 2016-2026F CAGR 2021E-2026F By Value: xx% CAGR 2016-2020 By Value: xx% 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Value (USD Million) Malaysia Elevators & Escalators Market Share, By Type, By Value, 2016-2026F 2016 50.00% 30.00% 20.00% 2017 50.00% 30.00% 20.00% 2018 50.00% 30.00% 20.00% 2019 50.00% 30.00% 20.00% 2020 50.00% 30.00% 20.00% 2021E 50.00% 30.00% 20.00% 2022F 50.00% 30.00% 20.00% 2023F 50.00% 30.00% 20.00% 2024F 50.00% 30.00% 20.00% 2025F 50.00% 30.00% 20.00% 2026F 50.00% 30.00% 20.00% Elevator Escalator Moving Walkways Malaysia Elevators & Escalators Modernization, Maintenance & Repair Market Share, By End User, By Value, 2016-2026F 2016 5.00% 10.00% 15.00% 20.00% 50.00% 2017 5.00% 10.00% 15.00% 20.00% 50.00% 2018 5.00% 10.00% 15.00% 20.00% 50.00% 2019 5.00% 10.00% 15.00% 20.00% 50.00% 2020 5.00% 10.00% 15.00% 20.00% 50.00% 2021E 5.00% 10.00% 15.00% 20.00% 50.00% 2022F 5.00% 10.00% 15.00% 20.00% 50.00% 2023F 5.00% 10.00% 15.00% 20.00% 50.00% 2024F 5.00% 10.00% 15.00% 20.00% 50.00% 2025F 5.00% 10.00% 15.00% 20.00% 50.00% 2026F 5.00% 10.00% 15.00% 20.00% 50.00% Residential Commercial Infrastructural Institutional Others 19 19 © TechSci Research

20. Report Ordering Report Name: MALAYSIA ELEVATORS & ESCALATORS MARKET FORECAST AND OPPORTUNITIES 2016 – 2026 License Type Single User License Price $3500 Multi-User License Custom Research License $4500 $7500 To View Sample OR Purchase Report 20 20 © TechSci Research

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