Posted On: 2021-11-26
Elevator acquired the largest revenue share in the Southeast Asia elevator and escalator market – 6Wresearch.
The Southeast Asia elevator and escalator market witnessed a decent growth during the period 2017-2019 underpinned by rapid growth in infrastructure development and rising urbanization in the country. However, the Covid-19 pandemic brought a decline in market revenues during the year 2020 as the movement restrictions imposed during the pandemic period disrupted the supply chain and halted the construction activities leading to fall in market demand and hence the market revenues.
According to 6Wresearch, the Southeast Asia Elevator And Escalator Market size is projected to grow at a CAGR of 5.1% during 2021-2027. The primary reason for growth in the Southeast Asia elevator and escalator industry can be attributed to the rapid urbanization and rising infrastructural development. Furthermore, growing demand for elevator and escalator maintenance, repair and service would also stimulate the market growth in the years to come. Favorable government efforts in different countries through Indonesia's 2045 vision, Thailand Vision 2037, Vietnam Vision 2030 towards economic development are also the prominent key parameters for growing number of infrastructure activities across the respective country which would in turn augment the demand for elevators and escalators in the coming years.
By product types, elevator market generated the majority revenues in Indonesia elevator and escalator market on account of higher usage of elevators in commercial, industrial and residential spaces. Moreover, the rising numbers of skyscrapers in the country would augment the growth in elevators market revenues in the years to come.
Wide application of passenger elevators have been seen in residential and commercial spaces including malls, offices, metro and many more on the back of variety of options available in terms of capacity, speed and many more, which bolstered the demand for passenger elevators in the recent past. Furthermore, the rising residential and commercial projects in the region would further augment the demand for passenger elevators in the years to come.
According to Anmol Dhanju, Research Analyst, 6Wresearch, “Significant investments being made in the infrastructure sector along with the strengthening of manufacturing segment in Southeast Asia is driving the market for elevators and escalators in the region. Further, the growing urbanization, expansion of retail, hospitality and transportation verticals coupled with blooming urban centers and commercial hubs are expected to surge the demand for elevators and escalators, especially moving walkways, in the Southeast Asian market. Projects, such as Long Thanh international airport in Vietnam, Jakarta-Bandung high speed railway in Indonesia, world's tallest prefabricated skyscrapers in Singapore and expansion of metro lines in many other countries, would also provide a necessary boost to the elevator and escalator market in the forecast period.
Further, the elevator and escalator market witnessed a decline in 2020 owing to the ongoing pandemic of COVID-19 which resulted in the halt in construction projects, suspension of economic activities and lockdown across various countries. However, with the gradual recovery of the economic activities and relaxation in lockdown measures, the market is expected to regain its momentum during the forecast period.”, Anmol further added.
According to Ananya Consul, Research Associate, 6Wresearch, “The Indonesia elevator and escalator market witnessed a decent growth during the period 2017-2019 underpinned by rapid growth in infrastructure development and rising urbanization in the country. However, the Covid-19 pandemic brought a decline in market revenues during the year 2020 as the movement restrictions imposed during the pandemic period disrupted the supply chain and halted the construction activities leading to fall in market demand and hence the market revenues.
Moreover, on account of smart city projects in the country, such as the high-tech community to be developed in Jakarta suburb by organizations including Mitsubishi & Temasek and development of 5 airports, the elevator and escalator market in Indonesia would grow at a considerable rate over the coming years.”, Ananya further added.
“Southeast Asia elevator and escalator (2021-2027F)” report provides an in-depth analysis with 166 figures and 104 tables, covered in 273 pages. The report estimates and forecast the Southeast Asia elevator and escalator market by product types, new installation vs services, applications, elevator types, escalator types and countries. Southeast Asia elevator and escalator market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.