Vietnam $748.73 Mn Elevators & Escalators Markets, Competition, Forecast & Opportunities, 2027 –

DUBLIN–(BUSINESS WIRE)–That “Vietnam Elevator and Escalator Market, by Type (Elevator {by Elevator Door Type, by Elevator Technology}, Escalator, Moving Walks), by Service, by End-User, by Region, Competition, Forecast and Opportunity, 2017-2027” Report has been added Offer.

The Vietnam elevator and escalator market is projected to grow from US$470.22 million in 2021 to US$748.73 million in 2027, at a CAGR of 7.87% over the forecast period.

Rapid urbanization and increasing construction of smart cities in Vietnam are the main factors driving the demand for Vietnam elevator and escalator market. Also, growing demand for enhanced safety features in buildings and advent of smart elevators and elevators are the other major factors that are expected to accelerate the growth of Vietnam elevators and escalators market during the forecast period.

The government is promoting the construction of smart cities in Vietnam, such as B. Thu Thiem Eco Smart City, Ecopark Smart City, The BRG Smart City in Hanoi and other smart cities, fueling the demand for advanced technology for elevators and escalators to provide a quality living experience for consumers.

Market participants are introducing attractive features in elevators and escalators, such as music systems and Wi-Fi, to enhance the customer commuting experience. Companies are developing energy-efficient elevators and escalators that are solar-powered or use alternative renewable energy sources to support the country’s sustainable development goals.

Also, the increasing construction of high-rise buildings that require elevators to deal with the problems faced by the elderly and pregnant women climbing stairs is increasing the demand for elevators and lifts in commercial and residential buildings in Vietnam.

The Elevators and Escalators market in Vietnam is segmented into Type, Service, End-User, Competitive Landscape and Region. On the basis of regional distribution, the southern region dominated the market in 2021 with a market share of 50.18% and is expected to maintain its dominance throughout the forecast period.

Heavy investment in the construction industry and the rapid industrialization and urbanization in the southern region are the main factors driving the market demand. Also, renovation works in the buildings to make commuting easier for the elderly population are expected to support the growth of Vietnam’s elevator and escalator market over the next five years.

Report scope:

Years considered for this report:

  • Historical years: 2017-2020

  • Base year: 2021

  • Estimated year: 2022E

  • Forecast Period: 2023F-2027F

Vietnam Elevator and Escalator Market by Type:

  • Elevator

  • elevator door type

  • Automatically

  • Manual

  • elevator technology

  • traction

  • Traction without machine room

  • hydraulic

  • escalator

  • treadmills

Elevator and Escalator Market in Vietnam, by Services:

  • Modernization and maintenance & repair

  • Fresh installation

Vietnam Elevator and Escalator Market, by End User:

  • residential

  • Commercially

  • infrastructure

  • Institutional

  • Other (airports, railways)

  • Elevators and Escalators Market in Vietnam, by Region

  • Southern region

  • Northern Region

  • central region

competitive landscape

Company Profiles: Detailed analysis of the key companies operating in the Vietnam elevator and escalator market.

  • Mitsubishi Electric Vietnam Co.,Ltd.

  • Schindler Vietnam Ltd.

  • Fujitec Vietnam Co.,Ltd.

  • KONE Vietnam LLC

  • Hitachi Elevator Vietnam Co., Ltd

  • Otis Viet Nam

  • Hyundai Thanh Cong Vietnam Elevator Co., Ltd.

  • Toshiba Elevator (Vietnam) Limited Company

  • ThyssenKrupp Elevator Vietnam Co.,Ltd

  • VGSI Elevator LLC

  • Pacific Elevator Co.,Ltd.

  • Thang Long Elevator Equipment Group Co.Ltd

  • Alpec Joint Venture Public Company

For more information about this report, see

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