Vietnam Elevators & Escalators Market: Industry Size, Share, and Competition Analysis

MANHATTAN, N.Y. - March 3, 2023 - PRLog -- 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.

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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.

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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