Malaysia's elevator and escalator market to surge, driven by construction and AI, despite labor shortages.
The global elevator and escalator market is booming, with the Malaysia segment projected to reach 3,549 units by 2030, growing at 4.72% annually. The market is driven by infrastructure projects and AI integration, though a skilled labor shortage poses a challenge. Globally, the market is expected to grow by USD 90.1 billion by 2029, fueled by smart elevator demand and economic growth. The Asia-Pacific region, particularly Malaysia, is leading the growth due to increasing construction activities and technological advancements.
2 months ago
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