Report Description

Vietnam Elevator Modernization Market is anticipated to grow at a steady pace in the forecast period, 2023-2028, owing to the rise in projects to offer robust opportunities in the country witnessing rapid urbanization, the utilization of elevators increases. Due to increase in number of elevated structures and their maintenance, the Vietnam Elevator Modernization Market is expected to grow.

Modernizing an elevator or lift involves updating its essential parts. This process is often referred to as lift modernization. Its objective is to improve performance that has deteriorated over time and raise safety standards. The modernization process for elevators typically has an impact on the turning motors and controller equipment. Modernizing elevators can help to enhance their function, making them more trustworthy and efficient. All of the outdated components are swapped out for new, modern components to prolong the elevator's useful life and save maintenance costs.

Rising Digital Urbanization
During the projected period, rising urbanization and increased focus on digital infrastructure development in emerging regions are anticipated to drive the global elevator modernization market. In addition, numerous ongoing megaprojects around the globe, including Al Maktoum International Airport in Dubai, Beijing Airport in China, Jubail II in Saudi Arabia, and the Cross-rail Project in London, are anticipated to offer the elevator companies a wealth of opportunities, which is anticipated to fuel the demand for modernization services for elevators. In the next years, rising urbanization is anticipated to produce a dazzling opportunity for the worldwide elevator modernization industry.

Reduces Electromagnetic Noise
Electromagnetic (EM) noise can be reduced with elevator upgrading. Modernizing elevators is necessary because solid-state elevators emit EM waves, which are a significant contributor to human tissue damage. Computers and wireless networks are also susceptible to EM noise and waves. Normal elevators also emit varied degrees of electromagnetic noise, which could harm humans. EM wave shielding is therefore likely to be a driving factor in the elevator modernization market.

Increasing Demand for Modern Machine Room Less Elevators
A variety of advantages come with modern machine room-less elevators, including better hoist-way area utilisation, decreased weight, more energy efficiency, and more design options. In addition, there is a significant rise in demand for high-speed traction elevators because of the global construction of high-rise office and residential structures. Elevator space has grown throughout time to accommodate larger traffic going between multi-story structures. It recently created elevators to be equipped with a range of modern technology, such as Wi-Fi routers, advanced fire alarm systems, wheelchair lifts, etc. The elevator's speed, which has changed substantially over the years, occasionally exceeding 10 m/s, is also influenced by the number of floors in the structure. In low- and medium-story structures, modern machine room-less elevators are increasingly used, saving both space and money on construction. To fulfil the growing market demand, top companies are introducing high speed, ultra-high speed, and machine room-less elevators for various geographical requirements. Such advancements are anticipated to further fuel the global elevator modernization market in the years to come.

Digital Revolution
Elevators are not an exception as the globe experiences a digital revolution in practically every sector and industry. Elevators today use cutting-edge devices and cutting-edge technology, including artificial intelligence (AI) and the internet of things (IOT), to give users a rich and multi-sensory experience. These technologies improve user experience while assisting people in maintaining connections to the outside world. The efficiency of an elevator's electricity usage is also improved by these qualities. As a result, in the years to come, the industry is anticipated to expand to keep up with peoples' improving standard.


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Market Segmentation
The Vietnam Elevator Modernization Market is divided by Elevator Type, Component, End User and by Modernization Type. Based on Elevator Type, the market is divided into Traction, Hydraulic, and Machine Room-Less Traction. Based on Component, the market is segmented into Controller, Door Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, and Others. Based on End User, the market is divided into Residential Sector, Industrial Sector, Commercial Sector, and Infrastructural Sector. The market is also segmented by region Northern Region, Central region, and Southern Region.

Market Players
Major market players in the Vietnam Elevator Modernization Market are KONE Vietnam Co., Ltd., TOSHIBA Elevator (Vietnam) Limited Liability Company, Schindler Vietnam Ltd., OTIS Elevator Company (Vietnam) Ltd., TK Elevator Vietnam Private Limited, Mitsubishi Elevator Vietnam Co., Ltd, Pacific Elevator Co., Ltd., VGSI Elevator LLC, Alpec Joint Venture Joint Stock Company, and Thang Long Venture Joint Stock Company.

Recent Development

  • Toshiba Corporation has developed the Double deck technology, which enables elevators to handle higher passenger capacity without sacrificing the space of the buildings.
  • Schindler Group has implemented Robotic Installation System for Elevators, (R.I.S.E) the world’s first self-climbing, autonomous robotic system capable of doing installation work in an elevator shaft, in client projects.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2023

Forecast Period

2023 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

       Elevator Type

       Component

       End User

       Modernization Type

Regional scope

Northern Region, Central region, Southern Region

Key companies profiled

KONE Vietnam Co., Ltd., TOSHIBA Elevator (Vietnam) Limited Liability Company, Schindler Vietnam Ltd., OTIS Elevator Company (Vietnam) Ltd., TK Elevator Vietnam Private Limited, Mitsubishi Elevator Vietnam Co., Ltd, Pacific Elevator Co., Ltd., VGSI Elevator LLC, Alpec Joint Venture Joint Stock Company, Thang Long Venture Joint Stock Company.

Customization scope

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

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

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

Report Scope:

In this report, the Vietnam Elevator Modernization Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Vietnam Elevator Modernization Market, By Elevator Type:

o   Traction, Hydraulic

o   Machine Room-Less Traction

·         Vietnam Elevator Modernization Market, By Component:

o   Controller

o   Door Equipment

o   Cabin Enclosure

o   Signalling Fixture

o   Power Unit

o   Others

·         Vietnam Elevator Modernization Market, By End User:

o   Residential Sector

o   Industrial Sector

o   Commercial Sector

o   Infrastructural Sector

·         Vietnam Elevator Modernization Market, By Modernization Type:

o   Partial

o   Full

·         Vietnam Elevator Modernization Market, By Region:

o   Northern Region

o   Central region

o   Southern Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam Elevator Modernization Market.

Available Customizations:

Vietnam Elevator Modernization Market report with the given market data, Tech Sci 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).

Vietnam Elevator Modernization Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.     Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on Vietnam Elevator Modernization Market

4.    Executive Summary

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Key Factors for Selecting Vendors

5.3.  Key Satisfaction Level

5.4.  Modernization Contract Expectation

5.5.  Modernization Contract Challenges

6.    Vietnam Elevator Market Outlook

7.    Vietnam Elevator Modernization Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value & Volume

7.2.  Market Share & Forecast

7.2.1.     By Elevator Type (Traction, Hydraulic, Machine Room-Less Traction)

7.2.2.     By Component (Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit, Others)

7.2.3.     By End User (Residential Sector, Industrial Sector, Commercial Sector, Infrastructural Sector)

7.2.4.     By Modernization Type (Partial, Full)

7.2.5.     By Region (Northern Region, Central region, Southern Region)

7.2.6.     By Company (2022)

7.3.  Market Map

8.    Vietnam Residential Elevator Modernization Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value & Volume

8.2.  Market Share & Forecast

8.2.1.     By Elevator Type

8.2.2.     By Component

8.2.3.     By Modernization Type

8.2.4.     By Region

9.    Vietnam Industrial Elevator Modernization Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value & Volume

9.2.  Market Share & Forecast

9.2.1.     By Elevator Type

9.2.2.     By Component

9.2.3.     By Modernization Type

9.2.4.     By Region

10.  Vietnam Commercial Elevator Modernization Market Outlook

10.1.    Market Size & Forecast

10.1.1.  By Value & Volume

10.2.    Market Share & Forecast

10.2.1.  By Elevator Type

10.2.2.  By Component

10.2.3.  By Modernization Type

10.2.4.  By Region

11.  Vietnam Infrastructural Elevator Modernization Market Outlook

11.1.    Market Size & Forecast

11.1.1.  By Value & Volume

11.2.    Market Share & Forecast

11.2.1.  By Elevator Type

11.2.2.  By Component

11.2.3.  By Modernization Type

11.2.4.  By Region

12.  Market Dynamics

12.1.    Drivers

12.1.1.  Rising Number of Commercial & Residential Buildings

12.1.2.  Advancements in Technology

12.1.3.  Rapid Urbanization

12.2.    Challenges

12.2.1.  High Installation & Maintenance Cost

12.2.2.  Slowdown in the Economy

13.  Market Trends & Developments

13.1.    Technological Developments by Major Companies

13.2.    Increasing Number of Smart Cities

13.3.    Increasing Emphasis on Enhanced Safety Features

13.4.    Growing Demand for High Speed & Machine Room-Less (MRL) Elevators

13.5.    New Technology of Elevators Using Energy-Saving Regenerative Drives

14.  Policy & Regulatory Landscape

15.  Vietnam Economic Profile

16.  Company Profiles

16.1.    KONE Vietnam Co., Ltd.

16.1.1.  Business Overview

16.1.2.  Key Revenue and Financials (If Available)

16.1.3.  Recent Developments

16.1.4.  Key Personnel

16.1.5.  Key Product/Services

16.2.    TOSHIBA Elevator(Vietnam) Limited Liability Company

16.2.1.  Business Overview

16.2.2.  Key Revenue and Financials (If Available)

16.2.3.  Recent Developments

16.2.4.  Key Personnel

16.2.5.  Key Product/Services

16.3.    Schindler Vietnam Ltd.

16.3.1.  Business Overview

16.3.2.  Key Revenue and Financials (If Available)

16.3.3.  Recent Developments

16.3.4.  Key Personnel

16.3.5.  Key Product/Services

16.4.    OTIS Elevator Company (Vietnam) Ltd.

16.4.1.  Business Overview

16.4.2.  Key Revenue and Financials (If Available)

16.4.3.  Recent Developments

16.4.4.  Key Personnel

16.4.5.  Key Product/Services

16.5.    TK Elevator Vietnam Private Limited

16.5.1.  Business Overview

16.5.2.  Key Revenue and Financials (If Available)

16.5.3.  Recent Developments

16.5.4.  Key Personnel

16.5.5.  Key Product/Services

16.6.    Mitsubishi Elevator Vietnam Co., Ltd

16.6.1.  Business Overview

16.6.2.  Key Revenue and Financials (If Available)

16.6.3.  Recent Developments

16.6.4.  Key Personnel

16.6.5.  Key Product/Services

16.7.    Pacific Elevator Co., Ltd.

16.7.1.  Business Overview

16.7.2.  Key Revenue and Financials (If Available)

16.7.3.  Recent Developments

16.7.4.  Key Personnel

16.7.5.  Key Product/Services

16.8.    VGSI Elevator LLC

16.8.1.  Business Overview

16.8.2.  Key Revenue and Financials (If Available)

16.8.3.  Recent Developments

16.8.4.  Key Personnel

16.8.5.  Key Product/Services

16.9.     Alpec Joint Venture Joint Stock Company

16.9.1.  Business Overview

16.9.2.  Key Revenue and Financials (If Available)

16.9.3.  Recent Developments

16.9.4.  Key Personnel

16.9.5.  Key Product/Services

16.10.  Thang Long Venture Joint Stock Company

16.10.1.                Business Overview

16.10.2.                Key Revenue and Financials (If Available)

16.10.3.                Recent Developments

16.10.4.                Key Personnel

16.10.5.                Key Product/Services

17.  Strategic Recommendations

18.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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PT. KONE Indo Elevator, Toshiba Elevator and Building Systems Corporation (TOSHIBA), PT Berca Schindler Lifts, OTIS Elevator Company (Vietnam) Ltd., TK Elevator Vietnam Private Limited, PT Mitsubishi Jaya Elevator and Escalator, PT. Fujitec Vietnam, PT. Jaya Kencana, PT Sarang Teknik Utama Vietnam (Hitachi), Shanghai Mitsubishi Elevator Vietnam Co., Ltd., are some of the major players in Vietnam Elevator Modernization Market.

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The major segments in the Vietnam Elevator Modernization Market are Elevator Type, Component, End User, Modernization Type, and Region.

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The dominant segment By Elevator in Vietnam Elevator Modernization Market is Traction machinery segment, the main advantage of the traction elevators is their cost as these are reasonably affordable when compared to other type of elevators.

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The main challenges faced by Vietnam Elevator Modernization Market are Slowdown in the Economy, High Installation & Maintenance Cost.

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Srishti Verma

Business Consultant
Press Release

Vietnam Elevator Modernization Market expected to Grow at 6% CAGR through 2028

Dec, 2022

Vietnam Elevator Modernization market is expected to grow due to Rising Digital Urbanization and Reduces Electromagnetic Noise.