ASEAN Lift Expo
The rapidly-growing construction sector in the region, particularly with regard to high-rise buildings in the commercial and residential segments, is expected to drive Southeast Asia’s demand for lifts and escalators, moving forward. ASEAN Lift Expo, known as Southeast Asia’s premier lift and escalators technology event, banks on the industry’s immense business potential and aims to become a grand platform that links businesses to the emerging opportunities.
ASEAN Lift Expo will see the participation of key players in the manufacturing business of the lift and escalator industry across the globe. The event offers unparalleled opportunities to meet a variety of industry professionals, get first-hand experience on the latest technologies and build fundamental relationships with the decision-makers participating in the show.
Businesses also stand to benefit substantially from the ASEAN Lift Expo as they gain access to a diversified range of new opportunities in the lift and escalators industry, both regionally and globally.
ASEAN Lift Market Updates
According to 6Wresearch, Southeast Asia’s elevator and escalator market is expected to grow at a CAGR of 3% in 2016-2022.
In Southeast Asia’s elevator and escalator market, the elevator segment accounted for a majority of the market revenue, owing to the high number of elevator installations in retail and residential verticals.
However, the escalator segment is projected to grow at a higher CAGR in 2016-2022, primarily due to the growing number of airports, metros and railway development projects in Southeast Asia.
Among all verticals, commercial vertical acquired the highest revenue share of the market pie in the region. Over the next six years, residential vertical is forecast to grow at relatively higher CAGR in 2016-2022.
The increasing number of foreign tourists has driven the construction of new hotels across the region, especially in Indonesia and Malaysia.
In Southeast Asia, Malaysia holds the majority of the market for elevators and escalators in terms of revenue, owing to the country’s increasing infrastructure development activities, especially in commercial and residential verticals.
Source: 6Wresearch and Report 6Wresearch