The Industry Analysis Reports Provide Industry Trends, Drivers, Opportunities, Competitive Outlook, Industry Size, Sales, and Growth Forecast for 2026-2031
CHICAGO, April 23, 2026 /PRNewswire/ -- Arizton has recently published major reports on the Malaysia elevator & escalator market and Vietnam elevator & escalator market, highlighting strong growth opportunities as both countries continue investing in urban infrastructure, metro rail networks, airports, and high-rise developments. Rising construction activity and expanding smart city projects are further, increasing demand for modern and energy-efficient vertical transportation systems across residential, commercial, and public infrastructure.
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Malaysia Elevators & Escalators Market by Installed Base to Cross 248 Thousand Units by 2031
Malaysia elevator and escalator market by new installations is expected to reach 15.36 thousand units by 2031, growing at a CAGR of 2.83% during the forecast period. According to the recent report the market by installed base will cross 248 thousand units by 2031
Malaysia Elevators & Escalators Market Report Scope:
Market Size by New Installations (2031) | 15.36 Thousand Units |
Market Size by New Installations (2025) | 12.99 Thousand Units |
CAGR - New Installations (2025-2031) | 2.83 % |
Market Size by Installed Base (2031) | 248.34 Thousand Units |
Market Size by Modernization (2031) | USD 46.57 Million |
Historic Year | 2022-2024 |
Base Year | 2025 |
Forecast Year | 2026-2031 |
Segmentation by Carriage Type | Passenger and Freight |
Segmentation by Capacity | 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above |
Segmentation by End-User | Commercial, Residential, Industrial, and Others |
Segmentation by Machine Type | Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others |
Malaysia's Elevator & Escalator Market Key Highlights
- In July 2025, KONE launched the KONE Renaissance program, a five-year initiative focused on digitalization and sustainable building modernization.
- Malaysia's expanding rail and urban transit projects, including Light Rail Transit (LRT) and Autonomous Rapid Transit (ART) developments, are driving strong demand for elevators and escalators across public infrastructure projects in 2026.
- Machine-room-less (MRL) elevators accounted for a significant share of total elevator installations in 2025 and are expected to grow steadily, with new installations projected to expand at a CAGR of 2.96% during the forecast period.
- Demand for passenger elevators is increasing due to rising residential construction, urban population growth, and the expansion of transit-oriented developments (TODs) across Malaysia.
Malaysia Elevator & Escalator Market Covers:
Malaysia Elevator and Escalator Market Size (Volume)
- Installation Base
- New Installation Type
- Modernization (In Million)
- Maintenance (In Million)
Malaysia Elevator Market Size (Volume)
- Installation Base
- New Installation Type
- Modernization & Maintenance (In Million)
Malaysia Escalator Market Size by Volume
- Installation Base
- New Installation Type
- Modernization & Maintenance (In Million)
Malaysia Elevator & Escalator Market Enters a New Growth Phase
Malaysia is emerging as a strong growth market for elevators and escalators, driven by rapid urban development and major infrastructure investments across the country. Government initiatives such as the 13th Malaysia Plan (13MP) and the New Industrial Master Plan 2030 (NIMP 2030) are supporting long-term construction and transportation projects, creating new opportunities for vertical transportation systems. Large rail developments, including the Penang Mutiara LRT and MRT3 Circle Line, along with rising investments in hospitality and retail under the Visit Malaysia 2026 initiative, are expected to further strengthen market demand in the coming years.
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Vietnam: The elevator and escalator market in terms of modernization to reach USD 32 Million by 2031
The Vietnam elevator and escalator market size by new installation is expected to reach 51.03 thousand units by 2031, growing at a CAGR Of 3.41% from 2025-2031.
Vietnam Elevators & Escalators Market Report Scope:
Market Size by New Installations (2031) | 51.03 Thousand Units |
Market Size by New Installations (2025) | 41.72 Thousand Units |
CAGR - New Installations (2025-2031) | 3.41 % |
Market Size by Installed Base (2031) | 751.49 Thousand Units |
Market Size by Modernization (2031) | USD 32.56 Million |
Historic Year | 2022-2024 |
Base Year | 2025 |
Forecast Year | 2026-2031 |
Segmentation by Carriage Type | Passenger and Freight |
Segmentation by Capacity | 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above |
Segmentation by End-User | Commercial, Residential, Industrial, and Others |
Segmentation by Machine Type | Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others |
Vietnam's Elevator & Escalator Market Key Highlights
- Vietnam's public investment reached over VND 902 trillion (USD 34 billion) in 2025 and is expected to rise to VND 995 trillion (USD 37.8 billion) in 2026, supporting infrastructure and construction growth across the country.
- Vietnam aims to develop around 1 million social housing units by 2030, with over 700,000 units already launched and nearly 215,000 units currently under construction.
- Mitsubishi Electric Building Solutions Corporation announced the acquisition of Hitachi's stake in Mitsubishi Hitachi Home Elevator, strengthening its residential elevator business.
- Growing high-rise and mixed-use developments are increasing demand for 2-15-person capacity elevators across Vietnam, supported by large projects such as the proposed Aspira Tower in Phú Qu?c.
Vietnam Elevator & Escalator Market Covers:
Vietnam Elevator and Escalator Market Size (Volume)
- Installation Base
- New Installation Type
- Modernization (In Million)
- Maintenance (In Million)
Vietnam Elevator Market Size (Volume)
- Installation Base
- New Installation Type
- Modernization & Maintenance (In Million)
Vietnam Escalator Market Size by Volume
- Installation Base
- New Installation Type
- Modernization & Maintenance (In Million)
Vietnam Emerges as a Fast-Growing Elevator & Escalator Market
Vietnam is witnessing strong demand for elevators and escalators as rapid urban development, and large infrastructure projects continue across the country. Growing investments in high-rise housing, metro networks, airports, and mixed-use developments are creating major opportunities for manufacturers and suppliers. Cities such as Hanoi and Ho Chi Minh City remain key growth centers, while emerging Tier-2 cities are also attracting new construction activity. Supported by government infrastructure spending and long-term development plans, Vietnam is expected to remain an attractive growth market for vertical transportation companies.
Buy this Research @:https://www.arizton.com/market-reports/vietnam-elevator-and-escalator-market
The Vietnam & Malaysia Elevator & Escalator Market Report Includes:
- CAGR (Compound Annual Growth Rate) during the forecast period: Market size and growth forecasts for the Vietnam & Malaysia elevator & escalator markets
- Detailed information on growth drivers: Analysis of key growth drivers, including urbanization, infrastructure expansion, and high-rise construction activity
- Predictions about upcoming trends and changes in consumer behavior: Insights into emerging industry trends, modernization demand, and smart mobility solutions
- Competitive landscape analysis: Competitive landscape analysis, including profiles of leading companies and recent market developments
- Geographical market growth: Regional growth opportunities and infrastructure investment analysis across Vietnam and Malaysia
- Analysis of growth challenges: Evaluation of key market challenges, including pricing pressure, supply chain factors, and increasing competition
What Key Findings Will Our Research Analysis Reveal?
- What will be the growth rate of the elevator and escalator market?
- How big is the elevator and escalator market?
- What is the number of installed bases in the elevator and escalator market in 2025?
- What are the key elevator and escalator market players?
- What are the key opportunities in the elevator and escalator market?
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