6wresearch logo

South-East Asia Emerging as Key Potential Region in Asia-Pacific Elevator and Escalator Market

September 02, 2016

During last five years, elevator and escalator market registered significant growth in terms of new installations across various South-East Asian countries. Surging construction market, growing government spending, infrastructural development and increasing FDIs in retail and construction sectors have led for the growth of the market.

According to 6Wresearch, South-East Asia Elevator and Escalator Market is expected to grow at a CAGR of 3% during 2016-22. Growing number of skyscrapers, increasing deployment in residential vertical coupled with declining import taxes are driving the demand for elevator and escalator in South-East Asian region. Declining import taxes has resulted in reduction of prices of various commodities including elevator and escalator components. Vietnam Ministry of Finance has reduced tariff rates to zero on 90% of the goods under the ASEAN Trade in Goods Agreement (ATIGA).

According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Commercial vertical accounted for major revenue share in the overall market. Under commercial sector, South-East Asia region is witnessing significant development activities especially in the areas of retail, hospitality and transportation. Also, increasing construction in residential vertical is further anticipated to stimulate the growth of the market in the forecast period".

"Moreover, increasing number of foreign tourists has driven the construction of new hotels across the region, especially in Indonesia and Malaysia. On the contrary, due to political unrest in Thailand and slowdown of foreign investments in Philippines have significantly impacted government spending," Samuel further added.

According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, "Amongst all market segments, new installation segment contributes a major share in the market revenues. However, with growing elevator and escalator installed base in the region, maintenance segment is expected to witness key growth over the next six years."

"Further, Malaysia, Vietnam and Indonesia have accounted for largest revenue share in South-East Asia elevator and escalator market attributed to key construction projects in commercial vertical," Shefali concluded.

Some of the major companies in South-East Asia elevator and escalator market include Fujitec Co. Ltd, Hyundai Elevator Co. Ltd, Hitachi Ltd., Kone Corporation, Mitsubishi Electric, Otis Elevator, Schindler, ThyssenKrupp, and Toshiba Elevators.

Media Source: India Infoline

      Browse More Report

India Internet of Things Market (2016-2022)

According to 6Wresearch, India IoT market is projected to grow at a CAGR of 28.2% during 2016-22. For the growth of the overall market, smart cities project is expected to play vital role.

Read More

India Network Attached Storage (NAS) Systems Market (2016-2022)

Market Forecast by NAS Type (1 Bay, 2 Bay, 4 Bay and Others (5-24 Bay)), End Users (Home/SOHO and SME), Specifications Trend and Competitive Landscape

Read More

India Transport Air Conditioner and Refrigeration Market (2016-2022)

Market Forecast by Segments (Bus (12-20 Seater, 21-25 Seater, 26-35 Seater and 36-45 Seater), Rail (Indian Railway and Metro) and Truck (Milk and Dairy Products, Fruits And Vegetables, Meat & Fish and Pharmaceuticals & Chemicals)), Services (New Installation, Modernization and Maintenance), Regions (North, South, East and West) and Competitive Landscape

Read More

UAE Switchgear Market (2016-2022)

Market Forecast by Types (Air Insulated, Gas Insulated, Hybrid and Others), Voltage (Low, Medium and High), Verticals (Residential, Commercial, Industrial, Power Utilities and Infrastructure & Transportation) and Regions (Dubai, Abu Dhabi and Northern UAE) and Competitive Landscape

Read More

Australia Diesel Genset Market (2016-2022)

Market Forecast by KVA Ratings (5 KVA – 75 KVA, 75.1 KVA - 375 KVA, 375.1 KVA - 750 KVA, 750.1 KVA - 1000 KVA and Above 1000 KVA), Verticals (Residential, Telecom, Manufacturing, Mining, Hospitality, Service Sector and Others), Regions (New South Wales, Queensland, Victoria, Tasmania, Northern Territory, Southern Australia and Western Australia) and Competitive Landscape

Read More

GCC Construction Equipment Market (2016-2022)

By Equipment Types (Motor Grader, Earthmoving (Loader, Motor Grader, Crawler Dozer and Excavator) and Dump Trucks), Applications (Construction, Mining & Quarrying and Utilities) and Countries (Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain)

Read More

UAE Smart Homes Market (2016-2022)

Market Forecast by Segments (Physical Security Systems (Video Surveillance System, Access Control System, Alarming System and Fire and Safety System), Home Energy Management Systems (Lighting Control System and HVAC System), Blinds Management System and Other Home Automation Systems), Regions (Abu Dhabi and Al-Ain Emirate, Dubai Emirate and Sharjah and Other Northern Emirates)

Read More

UAE Air Conditioner Market (2016-2022)

Market Forecast by (Room (Window and Split), Ductless (Floor Standing, Cassette and Ceiling Suspended), Ducted (Packaged and Ceiling Concealed), Centralized (Chiller, VRF/Condensing Unit and AHU), Verticals (Residential, Healthcare, Hospitality, Commercial & Retail, Government & Transportation, Oil & Gas and Others) and Regions (Abu Dhabi & Al Ain, Dubai and Sharjah & Other Northern Emirates) and Competitive Landscape

Read More


Our Key Clients
6wreserach client list