Vietnam Elevators & Escalators Market By Type (Elevator {By Elevator Door Type (Automatic, Manual)}, {By Elevator Technology (Traction, Machine Room-Less Traction, Hydraulic)}, Escalator, Moving Walkways), By Service (Modernization and Maintenance & Repair and New Installation), By End User (Residential, Commercial, Infrastructural, Institutional, and Others (airports, railways)), By Region, Competition, Forecast & Opportunities, 2017- 2027

Vietnam Elevators & Escalators market stood at USD470.22 million in 2021 and is forecast to grow at a CAGR of 7.87% by 2027. The rising number of smart cities and leading companies like Mitsubishi, Schindler, Fujitec, KONE investing in technological development for escalators & elevators is likely to boost the market.

An escalator is a moving stairway in which the steps move together downward or upward to transport people between different levels of the building, whereas an elevator is a room-type lift that may accommodate several people at once. An elevator is typically found in multi-story buildings such as residences, banks, hospitals, offices, and so on, whereas an escalator is typically found in metro stations, malls, railways and so on. Escalators are powered by electricity, have a chain and drive sprocket, and are held in place by two tracks. Elevators are divided into four categories: traction, hydraulic, ascending, and pneumatic elevators. Escalators are divided into two types: moving stairs and moving walkways.

Rapid Growth in Urbanization

The rapid growth of urban areas results in modern infrastructure with technological advancement. With modernization, people started shifting towards metro cities such as Da Nang, Ho Chi Minh City, Haiphong, Hanoi, etc., from rural towns for various opportunities such as employment, social factors, modernization and so on. Additionally, new technology upgrades the infrastructure of urban areas, medical facilities, and various social amenities, which attract people from rural areas. Therefore, an increase in the population of urban areas leads to an increase in the demand for real estate properties, construction of malls, buildings, residential buildings etc, which results in an increased demand for escalators and elevators in Vietnam. Moreover, various government initiatives have been launched to increase urbanization and are likely to boost the Vietnam Elevators & Escalators market.

Growth in the Number of Commercial & Residential Buildings

The building and construction industry in Vietnam is booming rapidly, driving up the demand for elevators and escalators in the country. The government has increased the investments in the infrastructure sector, resulting in the demand for commercial and residential projects, which affects the construction sector. Additionally, government campaigns and initiatives such as the green revolution, under which the government wants to establish smart cities, smart homes, and green buildings, are projected to boost the Vietnam Elevators & Escalators market. Furthermore, the massive expansion of skyscrapers that include shopping malls, retail stores, and residential flats is expected to boost the industry in the next years.

Need for Smart Elevators & Escalators

Due to rapid organization, manufacturers have come up with numerous unique and various types of elevators & escalators for commercial buildings, houses, and offices. Elevators with attractive qualities such as space-saving, time-saving, energy-saving, low-maintenance, cost-friendly, sustainable, safe, durable, and robust access control are being introduced by various companies. Additionally, many firms are now customizing their escalator solutions to include UV LED sanitizers on the handrails. This escalator handrail sterilizer can disinfect the handrails continually while the escalator is in use.

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Market Segmentation

Vietnam Elevators & Escalators market can be segmented into by type, by service, by end user, and by region. based on type, the market is segmented into elevator, escalator, moving walkways. the elevator segment is further divided into elevator door type, and elevator technology Based on service, the market is segmented into modernization and maintenance & repair and new installation. Based on end user, the market is segmented into residential, commercial, infrastructural, institutional, and others (airports, railways). Based on region, the market is divided into Southern Region, Northern Region and Central Region.

Company Profiles

Mitsubishi Electric Vietnam Co., Ltd., Schindler Vietnam Ltd., Fujitec Vietnam Co., Ltd., KONE Vietnam LLC, Hitachi Elevator Vietnam Co., Ltd, Otis Vietnam, Alpec Joint Venture Joint Stock Company, Thang Long Elevator Equipment Group Co. Ltd, Hyundai Thanh Cong Vietnam Elevator Co., Ltd., Toshiba Elevator (Vietnam) Limited Liability Company are among the major market players in the Vietnam Elevators & Escalators market.

Report Scope:

In this report, Vietnam Elevators & Escalators Market has been segmented into the following categories in addition to the industry trends which have also been listed below:

• Vietnam Elevators & Escalators Market, By Type:
• Elevator
• Elevator Door Type

v  Automatic

v  Manual

• Elevator Technology

v  Traction

v  Machine Room-Less Traction

v  Hydraulic

• Escalator
• Moving Walkways
• Vietnam Elevators & Escalators Market, By Service:
• Modernization and Maintenance & Repair
• New Installation

·         Vietnam Elevators & Escalators Market, By End User:

• Residential
• Commercial
• Infrastructural
• Institutional
• Others (airports, railways)

·         Vietnam Elevators & Escalators Market, By Region

o    Southern Region

o    Northern Region

o    Central Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam Elevators & Escalators Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).