The Malaysia elevators and escalators market, as reported by TechSci Research, is projected to experience a CAGR of 5.03%, reaching USD 739.95 million by 2027. The strong growth in the Malaysian construction industry has led to a high demand for elevators and escalators in the country.
TechSci Research has released a report titled "Malaysia Elevator Modernization Market - By Region, Competition, Forecast & Opportunities, 2028", which states that the elevator modernization market in Malaysia is set to witness growth as digital transformation is impacting every industry and sector, including elevator modernization. By incorporating advanced hardware and technology such as artificial intelligence (AI) and the Internet of Things (IoT), modern elevators offer users a rich, immersive experience. These technologies not only enhance the user experience, but also allow users to stay connected with the outside world. The global elevator modernization market was valued at USD 9,042.05 million in 2021 and is projected to grow at a CAGR of 5.25% during the forecast period.
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