PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1688842
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1688842
The Southeast Asia elevator and escalator market size by new installations is expected to grow at a CAGR of 3.87% from 2024 to 2030.
Increasing demand for high-rise structures across Southeast Asian countries has propelled the region's elevator business to new heights. One of the primary drivers is the region's rapid urbanization and growing tourism sector. This has led to a surge in the construction of high-rise buildings, both residential and commercial, which requires efficient vertical transportation solutions like elevators and escalators. However, inflationary pressures, increasing construction costs, and skilled labor shortages are a few challenges faced by the Southeast Asian region and can hamper the Southeast Asia elevator and escalator market. Despite the ongoing challenges, the region is projected to witness strong growth in its construction sector, fueled by increased infrastructure spending.
Recent Developments in the Southeast Asia Elevator and Escalator Market
KEY HIGHLIGHTS
Elevator Market Segmentation by
Machine Type
Carriage Type
Capacity
End-User
Escalator Market Segmentation by
Product Type
End-User
Segmentation by Region
SOUTHEAST ASIA ELEVATOR & ESCALATOR MARKET DRIVERS & OPPORTUNITIES
Integration of Artificial Intelligence (AI) and Innovation Opens Up Opportunities
Investment in Smart and Green City Initiatives
Increased Public Infrastructure Expenditure Across Southeast Asia
A Boom in the Manufacturing Sector Drives Southeast Asia Elevator and Escalator Market Growth
INDUSTRY RESTRAINTS
Skilled Labor Shortage and Aging Population to Hamper The Demand
Southeast Asian countries are facing a significant skilled labor shortage, particularly in the construction, manufacturing, technology & innovation sectors, which is expected to negatively affect the Southeast Asia elevator and escalator market growth. In 2024, in Indonesia, the outflow of talent became a common phenomenon, particularly among the younger generation. According to an International Monetary Fund (IMF) report, the country's unemployment rate stood at 5.2% in April 2024, with many graduates struggling to secure jobs domestically. Furthermore, Malaysia is also grappling with a labor shortage. As of November 2024, this shortage led to a freeze on new foreign worker quotas, further pressurizing industries such as manufacturing and construction that rely heavily on skilled labor.
Rising Construction Costs Across the Region
Southeast Asia is witnessing a surge in construction costs, attributed to increasing raw material prices, skilled labor shortage & rising wages, supply chain disruption, geopolitical issues, land prices & development costs, interest rates, and regulatory & environmental compliance policies. As of 2024, Singapore ranked as the fourth-most expensive construction market in Asia with mega-projects like Changi Airport Terminal 5 and new integrated resort developments anticipated to further drive up costs. Additionally, increasing building material prices is a key factor leading to high construction costs. For instance, in 2023, Malaysia's Real Estate and Housing Developers' Association (Rehda) reported a significant increase in building material prices in 2023. Such factors collectively are projected to hamper the Southeast Asia elevator and escalator market growth.
SOUTHEAST ASIA ELEVATOR & ESCALATOR MARKET VENDOR LANDSCAPE
Key Vendors
Other Prominent Vendors
KEY QUESTIONS ANSWERED:
1) SOUTHEAST ASIA ELEVATOR & ESCALATOR INSTALLED BASE BY VOLUME 2021-2030 (UNITS)
2) SOUTHEAST ASIA ELEVATOR & ESCALATOR NEW INSTALLATIONS BY VOLUME 2021-2030 (UNITS)
3) MARKET SHARE 2024: MAINTENANCE
4) MARKET SHARE 2024: MODERNIZATION
5) SOUTHEAST ASIA ELEVATORS & ESCALATORS INSTALLED BASE: VOLUME (UNITS IN THOUSANDS)
6) SOUTHEAST ASIA ELEVATORS & ESCALATORS NEW INSTALLATIONS: VOLUME (UNITS IN THOUSANDS)
7) ELEVATORS, INSTALLED BASE, VOLUME (UNITS IN TH)
8) ELEVATORS, NEW INSTALLATIONS, VOLUME (UNITS)
9) ELEVATORS: MAINTENANCE & MODERNIZATION, VALUE ($ MILLION)
10) ELEVATORS: MAINTENANCE & MODERNIZATION, 2024 (%)
11) ESCALATORS, INSTALLED BASE, VOLUME (UNITS)
12) ESCALATORS, NEW INSTALLATIONS, VOLUME (UNITS)
13) ESCALATORS: MAINTENANCE & MODERNIZATION, VALUE ($ MILLION)
14) ESCALATORS: MAINTENANCE & MODERNIZATION, 2024 (%)
15) ELEVATORS, INSTALLED BASE, AND NEW INSTALLATIONS (UNITS)
16) ELEVATORS, NEW INSTALLATIONS (UNITS)
17) HYDRAULIC & PNEUMATIC ELEVATORS INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
18) MACHINE ROOM LESS TRACTION ELEVATORS INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
19) MACHINE ROOM TRACTION ELEVATORS INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
20) OTHER MACHINE ELEVATORS INSTALLED BASE AND NEW INSTALLATION (UNITS)
21) INSTALLED BASE AND NEW INSTALLATIONS OF PASSENGER ELEVATORS (UNITS)
22) INSTALLED BASE AND NEW INSTALLATIONS OF FREIGHT ELEVATORS (UNITS)
23) INSTALLED BASE AND NEW INSTALLATIONS OF 2-15 PERSONS ELEVATORS (UNITS)
24) INSTALLED BASE AND NEW INSTALLATIONS OF 16-24 PERSONS ELEVATORS (UNITS)
25) INSTALLED BASE AND NEW INSTALLATIONS OF 25-33 PERSONS ELEVATORS (UNITS)
26) INSTALLED BASE AND NEW INSTALLATIONS OF 34 PERSONS AND ABOVE ELEVATORS (UNITS)
27) INSTALLED BASE AND NEW INSTALLATIONS OF COMMERCIAL ELEVATORS (UNITS)
28) INSTALLED BASE AND NEW INSTALLATIONS OF RESIDENTIAL ELEVATORS (UNITS)
29) INSTALLED BASE AND NEW INSTALLATIONS OF INDUSTRIAL ELEVATORS (UNITS)
30) INSTALLED BASE AND NEW INSTALLATIONS OF OTHER END-USER ELEVATORS (UNITS)
31) INSTALLED BASE AND NEW INSTALLATIONS OF ESCALATORS (UNITS)
32) NEW INSTALLATIONS OF ESCALATORS (UNITS)
33) INSTALLED BASE AND NEW INSTALLATIONS OF PARALLEL ESCALATORS (UNITS)
34) INSTALLED BASE AND NEW INSTALLATIONS OF MULTI PARALLEL ESCALATORS (UNITS)
35) INSTALLED BASE AND NEW INSTALLATIONS OF MOVING WALKWAY ESCALATORS (UNITS)
36) INSTALLED BASE AND NEW INSTALLATIONS OF CRISSCROSS ESCALATORS (UNITS)
37) INSTALLED BASE AND NEW INSTALLATIONS OF PUBLIC TRANSIT ESCALATORS (UNITS)
38) INSTALLED BASE AND NEW INSTALLATIONS OF COMMERCIAL ESCALATORS (UNITS)
39) INSTALLED BASE AND NEW INSTALLATIONS OF OTHER END USER ESCALATORS (UNITS)
40) SOUTHEAST ASIA ELEVATORS & ESCALATORS MAINTENANCE MARKET ($ MN)
41) SOUTHEAST ASIA ELEVATORS & ESCALATORS MODERNIZATION MARKET ($ MN)
42) INDONESIA: ELEVATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
43) INDONESIA: ESCALATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
44) THAILAND: ELEVATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
45) THAILAND: ESCALATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
46) PHILIPPINES: ELEVATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
47) PHILIPPINES: ESCALATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
48) MALAYSIA: ELEVATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
49) MALAYSIA: ESCALATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
50) SINGAPORE: ELEVATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
51) SINGAPORE: ESCALATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
52) REST OF SOUTHEAST ASIA: ELEVATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
53) REST OF SOUTHEAST ASIA: ESCALATORS, INSTALLED BASE AND NEW INSTALLATIONS (UNITS)
54) PERCENTAGE INCREASE IN BUILDING MATERIAL PRICE IN MALAYSIA (2022 vs 2023)
55) MARKET SHARE 2024 (% SHARE) BY VALUE
56) OTIS: TOTAL SALES 2020-2024 ($ BILLION)
57) KONE: TOTAL SALES BY SEGMENT 2024 (% SHARE)
58) TK ELEVATOR: REVENUE 2021-2024 ($ BILLION)
59) SCHINDLER: TOTAL SALES 2020-2024 ($ BILLION)
60) HITACHI LTD.: TOTAL REVENUE BY SEGMENT 2023 (%)
61) HYUNDAI ELEVATOR: TOTAL SALES 2022-2023 ($BILLION)
62) FUJITEC: NET SALES 2021-2023 ($ BILLION)
1) MAJOR INFRASTRUCTURE PROJECTS BY COUNTRY AS OF 2024
2) NUMBER OF TALL BUILDINGS BY COUNTRIES AS OF 2024
3) KEY BUILDING PROJECTS DRIVING THE DEMAND IN SOUTHEAST ASIA AS OF 2024
4) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024-2030
5) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024-2030
6) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024-2030
7) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024-2030
8) ESCALATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024-2030
9) ESCALATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024-2030
10) ELEVATORS MARKET SIZE & FORECAST, BY MACHINE (UNITS)
11) ELEVATORS BY CARRIAGE TYPE MARKET SIZE & FORECAST (UNITS)
12) ELEVATORS MARKET SIZE & FORECAST, BY PERSONS (UNITS)
13) ELEVATORS BY END-USERS MARKET SIZE & FORECAST (UNITS)
14) ESCALATORS MARKET SIZE & FORECAST, BY PRODUCT (UNITS)
15) ESCALATORS MARKET SIZE & FORECAST, BY END-USERS (UNITS)
16) SMART CITY INITIATIVES ACROSS COUNTRIES
17) A FEW HOTEL PROJECTS IN THE PIPELINE IN SOUTHEAST ASIA BOOSTING THE DEMAND IN 2025
18) LABOR SHORTAGE BY INDUSTRY VERTICAL IN SINGAPORE (2024)
19) LIST OF ABBREVIATIONS