Vietnam Elevators & Escalators Market Forecast: Projected Growth and Opportunities 2027

1
Vietnam Elevators Escalators Market Trends,
Opportunities, and Forecasts for 2018-2027
The
is projected to reach
Vietnam elevators and escalators market
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.
2
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.techsciresearc
h.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.
3

• 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
• Download Sample Report
• Customers can also request for 10 free
  customization on this report.

4
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. Download Sample
Report - https//www.techsciresearch.com/sample-
report.aspx?cid7447
Related Reports India Elevators Market -
https//www.techsciresearch.com/report/india-
elevators-market/7564.html Malaysia Elevators
Escalators Market - https//www.techsciresearch.c
om/report/malaysia-elevator-and-escalator-
market/7209.html Indonesia Elevator Market -
https//www.techsciresearch.com/report/indonesia-e
levator- market/13027.html About TechSci
Research
5
TechSci Research is a research based management
consulting firm providing market research and
advisory solutions to its customers worldwide,
spanning a range of industries. TechSci
Researchs core values are value, integrity and
insight. Led by a team of dynamic industry
experts, TechSci Research provides its customers
with high value market research and advisory
services that helps them identify new market
opportunities, growth engines and innovative ways
to capture the market share. As a result,
TechScis client leads rather than follow market
trends. Not bound by legacy, TechScis
cutting-edge research model leverages its
decades of research knowledge and an increased
use of technology as engines of innovation to
deliver unique research value. Provided as an
alternative to traditional market research,
TechSci Research reports do not just deliver
data and knowledge rather highlights the insights
in a more usable and interactive format for its
clients. Contact Mr. Ken Mathews 708 Third
Avenue, Manhattan, NY, New York 10017 Tel
1-646-360-1656 Email sales_at_techsciresearch.com W
eb https//www.techsciresearch.com