|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 2100 Million||USD 4200 Million||5.06%||2022|
Vietnam Elevators & Escalators Market
The global Vietnam elevators & escalators market size was evaluated at $2100 million in 2022 and is slated to hit $4200 million by the end of 2030 with a CAGR of nearly 5.06% between 2023 and 2030.
An elevator or escalator is equipment deployed in buildings & constructions for transporting people & goods from one floor to another. Reportedly, an individual can be shifted from one place to another through an elevator or escalator in various environments such as buildings, hospitals, malls, and railway stations. Furthermore, the government of Vietnam has made a slew of efforts for improving transport infrastructure including lift construction and use of escalators & elevators in public structures. Moreover, commodities and complete products can be moved from factory floors & industrial units by making use of elevators. For the record, the escalator continuously transports people in ascension as well as in descending mode.
Surging focus on eco-friendly construction to boost the market growth in Vietnam
Growing focus on sustainable & green construction activities in Vietnam is likely to escalate the demand for elevators & escalators in the construction sector of the country, thereby steering the growth of the Vietnam elevators & escalators market. Furthermore, the integration of IoT in escalators & elevators is anticipated to bring a strong paradigm shift in the escalators & elevators market in the country. With new escalators & elevators regulated by smartphone apps along with the use of advanced technologies for reducing the waiting period, the market for escalators & elevators is predicted to gain traction in the country over the years ahead.
The surging purchase of elevators for personal use has increased the scope of demand for the product in the country, thereby steering the market growth trends in the country. Escalating demand for smart escalators & elevators will steer the growth of the market in Vietnam. Moreover, adding new features to products has translated into a massive expansion of the market in the country. Citing an instance, in the second half of 2022, Hitachi Limited, a key Japanese player in the electronics business, launched a new touchless operating panel, thereby enhancing the elevator experience of the user by eliminating physical floor buttons. Reportedly, the new technology provides a contactless way for operating elevators, thereby bringing an improvisation in the safety & convenience for the people making use of elevators.
Humungous product costs can impede the industry surge in the country over the coming years
High costs of the product owing to supply chain disruptions and raw material costs can prove to be detrimental to the expansion of the Vietnam elevators & escalators industry in the coming years. Apart from this, changing import & export duties on the product levied by the government can further impact the industry growth in the country. A surge in maintenance charges and a high probability of equipment failure & breakdowns can further put brakes on the growth of the industry in Vietnam.
An increase in FDI in the real estate sector will open new avenues of growth for the market in Vietnam over the forecasting years
The product manufacturers in Vietnam differentiate their products from their competitors by using new concepts & technologies for manufacturing the product with innovative features. This, in turn, has opened new growth opportunities for the Vietnam elevators & escalators market. A large-scale flow of foreign direct investments in the real estate sector will prop up the scope of growth of the business in the country. An increase in the investments made by the Vietnamese government in infrastructural growth is likely to increase product sales in the infrastructure sector of the country in the coming decade. All these aforementioned aspects will create new vistas of growth for the market in the country.
|Report Attributes||Report Details|
|Report Name||Vietnam Elevators & Escalators Market|
|Market Size in 2022||USD 2100 Million|
|Market Forecast in 2030||USD 4200 Million|
|Growth Rate||CAGR of 5.06%|
|Number of Pages||212|
|Key Companies Covered||Otis Elevator Company, Thang Long Elevator Equipment Group Co. Ltd, Mitsubishi Elevator Company Limited, Toshiba Elevator Limited Liability Company, KONE LLC, Fujitec Company, Hyundai Thanh Cong Elevator Company Limited, Schindler Limited, Hitachi Elevator Company Limited, and others.|
|Segments Covered||By Type, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Stringent government regulations controlling the product use in high-rise constructions pose a huge challenge for the global industry surge
Strict government laws regulating the use of elevators & escalators in particular kinds of high-rise buildings can be a huge challenge to the growth of the Vietnam elevators & escalators industry. A rise in the cases of accidents & fatalities caused as a result of short circuits and power outages can impact the demand for the product in the country. High power consumption, low power or low voltage factor, voltage fluctuations, and overheating of the equipment can impact the growth of the industry in the country. Moreover, accidents as well as damage to equipment parts can also be caused as a result of fluctuating voltages and low supply of electricity as well as overheating, thereby adversely impacting the industry surge in Vietnam.
The Vietnam elevators & escalators market is sectored into type, application, and region.
In type terms, the Vietnam elevators & escalators market is segregated into elevator escalator and moving walkways segments. Furthermore, the elevator escalator segment, which acquired nearly 50% of the market revenue of the country in 2022, is predicted to register the fastest growth rate in the upcoming years. The expansion of the segment in the country during the predicted timeline can be a result of massive product deployment on railway platforms for travelers and old persons along with its use in buildings for transporting cargo as well as people in Vietnam.
Based on the application, the Vietnam elevators & escalators industry is sectored into the commercial, infrastructure, residential, and institutional segments. Additionally, the residential segment, which acquired a major chunk of the industry share of Vietnam in 2022, is predicted to lead the industry growth over the forecast timespan. The segmental expansion in the country over the projected timeline can be due to the large-scale use of products in residential buildings. Moreover, a rise in urbanization in the country has led to the demand for hydraulic and traction elevators in the residential sector in Vietnam.
The Vietnam elevators & escalators market profiles key players such as:
An elevator or escalator is equipment deployed in buildings & constructions for transporting people & goods from one floor to another.
The Vietnam elevators & escalators market growth can be owing to the integration of IoT in escalators & elevators and escalating demand for smart escalators & elevators in Vietnam.
According to a study, the Vietnam elevators & escalators industry size was $2100 million in 2022 and is projected to reach $4200 million by the end of 2030.
The global Vietnam elevators & escalators market is anticipated to record a CAGR of nearly 5.06% from 2023 to 2030.
The Vietnam elevators & escalators market is led by players such as Otis Elevator Company, Thang Long Elevator Equipment Group Co. Ltd, Mitsubishi Elevator Company Limited, Toshiba Elevator Limited Liability Company, KONE LLC, Fujitec Company, Hyundai Thanh Cong Elevator Company Limited, Schindler Limited, and Hitachi Elevator Company Limited.
The Vietnam elevators & escalators market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.