The Indonesia elevator market, as reported by TechSci Research in their “Indonesia Elevator Market – By Region, Competition, Forecast & Opportunities, 2017-2027” report, was valued at USD647 million in 2021. It is predicted to grow at a CAGR of 5.78% during the forecast period and exceed USD864 billion by 2027. The significant expansion of the construction sector is the main driver of this growth, leading to a surge in new development projects and repair and maintenance activities. As a result, there may be vast opportunities for the expansion of the industry.
Over the past few decades, the increased emphasis on modernization and infrastructure development in Indonesia has transformed urban cities throughout the country. Urban landscape and development have significantly improved as environmental laws and regulations pave the way for a greener and more sustainable future in modern cities. Novel technologies, such as artificial intelligence, machine learning, and the Internet of Things (IoT), are increasingly being adopted in residential and commercial projects across the country. The demand for IoT in elevators has also increased significantly due to various factors, such as increased governmental support for the development of "smart cities," improved safety and security, and remote monitoring.
The government of Indonesia launched the 100 Smart Cities Movement in 2017, a digital initiative that positively affected the demand for elevators in Indonesia. The initiative caused a change in the capital to Kalimantan, creating a market opportunity for elevator manufacturers in Indonesia. Mitsubishi Corp. is adding an urban development project to its smart city initiative near Jakarta for USD 149 million. This project represents residential and commercial zones developed on six hectares around a railway station.
Innovation in elevator technologies, such as Wi-Fi, heating, ventilation, and air conditioning (HVAC) systems, and music players, is being introduced by companies owing to technological advancements. The efficiency of elevator hoisting machines has also increased with the utilization of AC and permanent magnet gearless motor technology. Therefore, these factors are driving the growth of the Indonesia Elevator Market.
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The Indonesia elevator market has been categorized into different segments based on service, type of carriage, elevator door type, end-user, and company. The services segment includes new installation, modernization, and maintenance & repair. In 2021, the new installation service had a market share of 61.67% and generated USD399.61 million in revenue. It is projected to exhibit a CAGR of 5.58% and reach USD527.45 million by 2027. Along with modernization, new installation trends and technologies are being innovated in construction buildings. Smart elevators are being installed with the aim of improving efficiency and energy savings.
These elevators have internet access and are equipped with sensors that collect usage data, which is stored in a cloud-based platform for predictive maintenance. The market is segmented into passenger, freight, and others (stretcher elevators, dumb-waiter elevators, etc.) based on the type of carriage and into traction and hydraulic based on the type of machinery. Based on the end-user, the market is divided into residential, commercial, institutional, infrastructural, and others (railways, airports, etc.). The residential segment generated USD271.08 million in revenue with a market share of 41.84% in 2021, and it is projected to exhibit a CAGR of 5.51% to reach USD350.78 million by 2027 due to the increased residential construction and the Indonesian government's One Million Houses (OMH) program.
Key market players in the Indonesia elevator market include:
- PT. KONE Indo Elevator
- PT. Hyundai Elevator Indonesia
- PT. Citas Otis Elevator
- PT. Fujitec Indonesia
- PT. Mitsubishi Jaya Elevator and Escalator
- PT. Hitachi Asia Indonesia
- P.T. Berca Schindler Lifts
- PT. TKE Elevator Indonesia
- PT FUJITA INDONESIA
- PT. Canny Elevator Indonesia
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“Indonesia's Parliament passed the Capital City Bill in January 2022, relocating the country's capital from Jakarta to East Kalimantan Province, which will eventually be known as Nusantara. The President of the Republic of Indonesia cited increasing pollution and population in Jakarta as the primary reasons for passing legislation to relocate the country's capital from Jakarta to East Kalimantan Province. Due to the changing capital, the large number of infrastructure projects in Kalimantan are in the pipeline, which has positively affected the demand for elevators in Indonesia. Additionally, the Indonesian government has outlined several goals in a bill recently approved by Parliament, such as the government’s "Movement Towards 100 Smart Cities." Nusantara will be developed as a smart city that will heavily emphasise sustainability. So, in order to maintain sustainability, the market players in the elevator industry are more focused on new modernization services such as increasing efficiency, lowering energy costs, improving reliability, reducing maintenance and increasing safety, which has increased the growth rate of Indonesia Elevator Market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Indonesia Elevator Market By Service (New Installation, Modernization and Maintenance & Repair), By Type of Carriage (Passenger, Freight, Others (stretcher elevators, dumb-waiter elevators, etc.)), By Type of Machinery (Traction, Hydraulic), By Elevator Door Type (Automatic, Manual), By End-User (Residential, Commercial, Institutional, Infrastructural, Others (Railways, Airports, etc.)) Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of the Indonesia elevator market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Indonesia elevator market.
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