The Vietnam elevators and escalators market is projected to reach USD 576.34 million by 2027, with a CAGR of 8.28%, as per the TechSci Research report titled “Vietnam Elevators & Escalators Market – By Region, Competition Forecast & Opportunities, 2017-2027.” The increase in population and economic growth has led to a rise in urbanization in Vietnam, resulting in a surge in the number of urban towns and cities. The growth in urban population and related infrastructure demands more housing, which is expected to have a positive impact on the elevators and escalators market in Vietnam.
Moreover, the real-estate sector’s growth is also a major driver of the Vietnam Elevators Market. This sector’s expansion is complemented by the rising demand for office space and urban and semi-urban accommodations. The demand for office and residential spaces has increased significantly, especially in sectors such as IT, retail, consulting, and e-commerce, thereby having a positive effect on the market.
The incorporation of IoT technology in elevators and escalators presents a promising growth opportunity for the Vietnam Elevators and Escalators Market. With the Internet of Things, elevators and escalators can collect, exchange, and analyze data with their operators, manufacturers, and other connected devices, thereby enabling the modernization of lifts and escalators through smartphone apps. The use of connected sensors in elevators and escalators can improve elevator usage, leading to reduced waiting times. As a result, the demand for elevators and escalators is anticipated to increase in Vietnam in the years ahead.
Browse over 34 market data Figures spread through 111 Pages and an in-depth TOC on ” Vietnam Elevators & Escalators Market” – https://www.techsciresearch.com/report/vietnam-elevator-and-escalator-market/7447.html
The Vietnam Elevators & Escalators market is divided into segments based on type, service, elevator technology, elevator door type, end-user, and region. The market is segmented into elevator, escalator, and moving walkways based on type, and modernization, maintenance & repair, and new installation based on service. New installation is the leading segment in the Vietnam Elevators & Escalators Market, accounting for a share of 58.66% in 2021. This is because of the expansion of high-rise residential buildings, growing commercial segment, and increasing capital arrival into the real-estate sector in the country.
Furthermore, the market growth is boosted by the increase in new plans and projects for the construction of skyscrapers. The government’s focus on smart cities and progress in infrastructure, including metro and railway development projects, is expected to have a positive impact on the Vietnam Elevator & Escalator Market.
The market is segmented into Traction, Hydraulic, and Machine Room-Less Traction based on elevator technology and Automatic and Manual based on elevator door type. The automatic elevator door segment in the Vietnam Elevators & Escalators market accounted for USD 285.43 million, with a market share of 91.40% in 2021. The segment is projected to reach USD 463.10 million by 2027, exhibiting the highest CAGR of 8.73% in value terms during 2022E-2027F. The demand for elevators equipped with automatic doors is driven by the increase in demand for smart elevators with the latest technological features across the nation.
Based on end-user, the market is segmented into residential, commercial, institutional, infrastructural, and others. Based on region, the market is divided into Southern Region, Northern Region, and Central Region.
Key market players in the Vietnam Elevators & Escalators market include:
- Mitsubishi Elevator Vietnam Company Limited.
- Schindler Vietnam Ltd.
- Thang Long Elevator Equipment Group Co. Ltd
- Fujitec Vietnam Co., Ltd.
- KONE Vietnam LLC
- Hitachi Elevator Vietnam Co., Ltd
- Otis Elevator Vietnam Company
- Hyundai Thanh Cong Vietnam Elevator Co., Ltd.
- Toshiba Elevator (Vietnam) Limited Liability Company
- TK ELEVATOR VIETNAM CO., LTD
- VGSI ELEVATOR LLC
- Pacific Elevator Co., Ltd.
- Alpec Joint Venture Joint Stock Company
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“In Vietnam Elevator and Escalator Market, Southern Vietnam is the largest contributor with 49.44% share in 2021 and the region is also projected to exhibit highest CAGR of 8.67%, in the upcoming period. This can be attributed to the region being a leader in construction, industrialization and modernization in the country. Furthermore, ongoing mega projects in the major provinces of the region including Ho Chi Min City, Binh Duong Province, Ba Ria – Vung Tau Province, Dong Nai Province, Tay Ninh Province, Binh Phuoc Province and Long a Province are projected to bring enormous growth opportunities for the companies of elevator and escalator market, creating huge demand for elevator installation and modernization services in Southern Vietnam.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Elevators & Escalators Market By Type (Elevator, Escalator and Moving Walkways), By Service (Modernization, Maintenance & Repair and New Installation), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Competition, Forecast & Opportunities, 2017- 2027”, has evaluated the future growth potential of Elevators & Escalators market in Vietnam and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Vietnam Elevators & Escalators market.
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