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.

Attribute

Details

Market Size Value in 2021

USD470.22 Million

Revenue Forecast in 2027

USD748.73 Million

Growth Rate

7.87%

Base Year

 2021

Historical Years

 2017–2020

Estimated Year

 2022

Forecast Period

 2023–2027

Quantitative Units

Revenue in (USD Million), and CAGR for 2017- 2021 and 2022- 2027

Report Coverage

·         Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Type

·         Elevator Door Type

·         Elevator Technology

·         Service

·         End User

·         Region

Regional Scope

Southern Region, Northern Region, Central Region

Key Companies Profiled

Mitsubishi Electric Vietnam Co., Ltd., Schindler Vietnam Ltd., Fujitec Vietnam Co., Ltd., KONE Vietnam LLC, Hitachi Elevator Vietnam Co., Ltd, and Others (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)

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

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Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

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).

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on Vietnam Elevators & Escalators Market

5.    Voice of Customer

5.1.  Brand Awareness

5.2.  Factors Influencing Purchase Decision

5.3.  Satisfaction Level

5.4.  Elevators and Escalators –Challenges

5.5.  Annual Maintenance Contract (AMC) Expectations

5.6.  Annual Maintenance Contract (AMC) Challenges

6.    Global Elevators & Escalators Market Overview

7.    Vietnam Elevators & Escalators Market Outlook

7.1.  Market Size & Forecast

7.1.1.                        By Value

7.2.  Market Share & Forecast

7.2.1.                        By Type (Elevator, Escalator and Moving Walkways)

7.2.1.1.            By Elevator Door Type (Automatic Vs. Manual)

7.2.1.2.            By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction)

7.2.2.                        By Service (Modernization, Maintenance & Repair, New Installation)

7.2.3.                  By End User (Residential, Commercial, Institutional, Infrastructural and Others)

7.2.4.                        By Region

7.2.5.                        By Company (2021)

7.3.  Product Market Map

8.    Vietnam Modernization and Maintenance & Repair Elevator & Escalator Market Outlook

8.1.  Market Size & Forecast

8.1.1.                  By Value     

      8.2. Market Share & Forecast

8.2.1.                   By Type

8.2.2.                    By End User

9.    Vietnam New Installation Elevator & Escalator Market Outlook

9.1.  Market Size & Forecast

9.1.1.                  By Value & Volume                               

      9.2. Market Share & Forecast

9.2.1.                   By Type

9.2.2.                   By End User

10.  Market Dynamics

10.1.        Drivers

10.2.        Challenges

11.  Market Trends and Developments

12.  Supply Chain Analysis

12.1.        Elevators

12.2.        Escalators

13.  Policy and Regulatory Landscape

14.  Import Export Analysis

15.  Vietnam Economic Profile

16.  Top Local Elevator & Escalator Companies & Imported Brand Companies

17.  Market Strategy

18.  Company Profiles

18.1.          Mitsubishi Electric Vietnam Co., Ltd.

18.2.          Schindler Vietnam Ltd.

18.3.          Fujitec Vietnam Co., Ltd.

18.4.          KONE Vietnam LLC

18.5.          Hitachi Elevator Vietnam Co., Ltd

18.6.          Otis Vietnam

18.7.          Hyundai Thanh Cong Vietnam Elevator Co., Ltd.

18.8.          Toshiba Elevator (Vietnam) Limited Liability Company

18.9.          Thyssenkrupp Elevator Vietnam Co., Ltd                                           

18.10.       VGSI Elevator LLC                                                                             

18.11.       Pacific Elevator Co., Ltd.                                                                   

18.12.       Thang Long Elevator Equipment Group Co. Ltd                                 

18.13.       Alpec Joint Venture Joint Stock Company                                          

19.  Strategic Recommendations

 20. About Us & Disclaimer

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  • List of Figures

    Figure 1:  Vietnam Elevators & Escalators Market Size, By Value (USD Million), 2017-2027F

    Figure 2: GDP Contribution of the Construction Sector in Vietnam (%), 2017-2021

    Figure 3: GDP Value of the Construction Sector in Vietnam (USD Billion), 2017-2021

    Figure 4: Vietnam Elevators & Escalators Market Share, By Type, By Value, 2017-2027F

    Figure 5: Vietnam Elevators & Escalators Market Share, By Elevator Door Type, By Value, 2017-2027F

    Figure 6: Vietnam Elevators & Escalators Market Share, By Elevator Technology, By Value, 2017-2027F

    Figure 7: Vietnam Elevators & Escalators Market Share, By Service, By Value, 2017-2027F

    Figure 8: Vietnam Elevators & Escalators Market Share, By End User, By Value, 2017-2027F

    Figure 9: Vietnam Elevators & Escalators Market Share, By Region, By Value, 2017-2027F

    Figure 10: Vietnam Elevators & Escalators Share, By Company, By Value, 2021

    Figure 11: Vietnam Elevators & Escalators Market Map, By Type, Market Size (USD Million) & Growth Rate (%), 2021

    Figure 12: Vietnam Elevators & Escalators Market Map, By Elevator Door Type, Market Size (USD Million) & Growth Rate (%), 2021

    Figure 13: Vietnam Elevators & Escalators Market Map, By Elevator Technology, Market Size (USD Million) & Growth Rate (%), 2021

    Figure 14: Vietnam Elevators & Escalators Market Map, By Service, Market Size (USD Million) & Growth Rate (%), 2021

    Figure 15: Vietnam Elevators & Escalators Market Map, By End User, Market Size (USD Million) & Growth Rate (%), 2021

    Figure 16: Vietnam Elevators & Escalators Market Map, By Region, Market Size (USD Million) & Growth Rate (%), 2021

    Figure 17: Vietnam Modernization and Maintenance & Repair Elevators & Escalators Market Size, By Value (USD Million), 2017-2027F

    Figure 18:  Vietnam Modernization and Maintenance & Repair Elevators & Escalators Market Share, By Type, By Value, 2017-2027F

    Figure 19: Vietnam Modernization and Maintenance & Repair Elevators & Escalators Market Share, By End User, By Value, 2017-2027F

    Figure 20: Vietnam New Installation Elevators & Escalators Market Size, By Value (USD Million), 2017-2027F

    Figure 21: Vietnam New Installation Elevators & Escalators Market Size, By Volume (Units), 2017-2027F

    Figure 22: Vietnam New Installation Elevators & Escalators Market Share, By Type, By Value, 2017-2027F

    Figure 23: Vietnam New Installation Elevators & Escalators Market Share, By End User, By Value, 2017-2027F

    Figure 24: Vietnam Escalators and Moving Walkways Import Scenario, By Value (USD Million), 2016-2020 (HS Code: 842840)

    Figure 25: Vietnam Elevator and Conveyors, Import Scenario, By Value (USD Million), 2016-2020 (HS Code: 842831)

    Figure 26: Vietnam Other Lifting, Handling, Loading Or Unloading Machinery (for Example, Lifts, Escalators, Conveyors, Teleferics) Import Scenario, By Value (USD Million), 2016-2020 (HS Code: 8428)

    Figure 27: Vietnam Other Lifting, Handling, Loading Or Unloading Machinery (for Example, Lifts, Escalators, Conveyors, Teleferics) Export Scenario, By Value (USD Million), 2016-2020 (HS Code: 8428)

    Figure 28: Vietnam Parts of Lifts, Skip Hoist or Escalators Import Scenario, By Value (USD Million), 2016-2029 (HS Code: 843131)

    Figure 29: Vietnam Parts of Lifts, Skip Hoist or Escalators Export Scenario, By Value (USD Million), 2016-2020 (HS Code: 843131)

    Figure 30: Vietnam Pumps and Liquid Elevators, Import Scenario, By Value (USD Million), 2016-2020 (HS Code: 841381)

    Figure 31: Vietnam Pumps and Liquid Elevators Export Scenario, By Value (USD Million), 2016-2020 (HS Code: 841381)

    Figure 32: Vietnam Continuous Action Elevators or Conveyors for Goods or Material, Import Scenario, By Value (USD Million), 2016-2020 (HS Code: 842839)

    Figure 33: Vietnam Continuous Action Elevators or Conveyors for Goods or Material, Export Scenario, By Value (USD Million), 2016-2020 (HS Code: 842839)

     

    List of Tables

    Table 1: List of Proposed Buildings in Vietnam