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| The Malaysia elevator and escalator market size is expected to grow at a CAGR of 3.82% from 2023-2029. The key players in the Malaysia elevator and escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, Schindler, and Fujitec. The top 4 prominent vendors, including Schindler, TKE KONE, and Mitsubishi, account for 35% of the Malaysia elevator and escalator market share. The lockdown in China impacts the repair and maintenance of vertical transportation (VT) equipment that serves Rapid Rail Sdn Bhd's light rail transit (LRT) and other stations in Malaysia because spare parts are imported from a facility in Shanghai. Rapid Rail claims that it is continuously monitoring the situation to speed up procurement from suppliers and contractors. Shipping of spare parts from the Shanghai OEM takes about three months. Apart from the VT at these stations, Rapid Rail notes that the overall VT equipment availability for elevators is 96.5 percent, and for escalators, it is 90 percent. Under the 12th Malaysia Plan, 13 urban renewal projects have been authorized (12MP). By the Ministry of Natural Resources and Urban Development, all of these projects are at varying levels of planning and execution. These projects are projected to support the growth of the Malaysia elevator and escalator market. MIDA (Malaysian Investment Development Authority) offers support in the form of incentives for IBS manufacturers and construction firms wanting to adopt automation and cutting-edge technologies such as Building Information Modelling (BIM), sophisticated materials and systems, 3D/4D/5D printing, and novel systems that improve speed, flexibility, efficiency, labor productivity, and product quality. The National Tourism Policy (NTP) 2020- 2030 is a ten-year transformation plan for the travel and tourism sector recently unveiled by the government. The goal of the NTP was to place Malaysia among the top 10 travel destinations regarding arrivals and receipts. There are about 29 approved, funded projects in 2021 with a value of USD 0.3 billion, out of which 94% were from domestic investors and foreign investments account for 6%. Sustainable Construction Practices to Increase the Demand for Elevator Installation in Residential Buildings
Governments Strive to Expand Infrastructure Nationwide to Increase the Demand for New Installations in the Malaysia Elevator and Escalator Market
Building Construction Authority Regulates the Maintenance of Elevators and Escalators in Malaysia to Create a Demand
VENDOR LANDSCAPE Key Vendors
Other Prominent Vendors
SEGMENTATION ANALYSIS Elevator Market Segmentation Machine Type
Carriage Type
Capacity
End-User
Escalator Market Segmentation Product Type
End-User
For more information about this report visit https://www.researchandmarkets.com/r/9kboqg About ResearchAndMarkets.com
Research and Markets Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg SOURCE Research and Markets 
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