ASEAN Lift Expo
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.