DUBLIN–(BUSINESS WIRE)–The “Vietnam Elevators & Escalators Market, By Type (Elevator {By Elevator Door Type, By Elevator Technology}, Escalator, Moving Walkways), By Service, By End User, By Region, Competition, Forecast & Opportunities, 2017- 2027” report has been added to ResearchAndMarkets.com’s offering.
The Vietnamese Elevators & Escalators Market is projected to grow from USD470.22 million in 2021 to USD748.73 million by 2027 at a CAGR of 7.87% in the forecast period.
Rapid urbanization and the growing construction of smart cities in Vietnam are the primary factors driving the demand for the Vietnamese Elevators & Escalators Market. Also, the growing demand for improved safety features in buildings and the advent of smart elevators & elevators are the other prominent factors expected to accelerate the Vietnamese Elevators & Escalators Market growth in the forecast period.
The government is encouraging the construction of smart cities in Vietnam, such as Thu Thiem Eco Smart City, Ecopark Smart City, The BRG Smart City in Hanoi, and other smart cities, which are fueling the demand for advanced technologies in elevators & escalators to provide a quality living experience to consumers.
Market players are introducing attractive features in elevators and escalators such as music systems and Wi-Fi to enhance the consumer experience while commuting through them. Companies are developing energy-efficient elevator & escalator which are solar-powered or uses alternate renewable sources of energy to support the sustainable development goals set by the country.
Also, the increase in construction of high-rise buildings requiring elevators to combat the problems faced by older people and pregnant women face while climbing the stairs is boosting the demand for elevators & elevators in the commercial as well as residential buildings of Vietnam.
The Vietnamese Elevators & Escalators Market 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.
High investments in the construction industry and the rapid industrialization and urbanization in the Southern region are the primary factors driving the market demand. Also, renovations in the buildings to ease the commuting for old age population is expected to bolster the Vietnamese Elevators & Escalators Market growth in 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 Elevators & Escalators Market, By Type:
- Elevator
- Elevator Door Type
- Automatic
- Manual
- Elevator Technology
- Traction
- Machine Room-Less Traction
- Hydraulic
- Escalator
- Moving Walkways
Vietnam Elevators & Escalators Market, By Service:
- Modernization and Maintenance & Repair
- New Installation
Vietnam Elevators & Escalators Market, By End-User:
- Residential
- Commercial
- Infrastructural
- Institutional
- Others (airports, railways)
- Vietnam Elevators & Escalators Market, By Region
- Southern Region
- Northern Region
- Central Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Vietnamese Elevators & Escalators Market.
- Mitsubishi Electric Vietnam Co., Ltd.
- Schindler Vietnam Ltd.
- Fujitec Vietnam Co., Ltd.
- KONE Vietnam LLC
- Hitachi Elevator Vietnam Co., Ltd
- Otis Vietnam
- Hyundai Thanh Cong Vietnam Elevator Co., Ltd.
- Toshiba Elevator (Vietnam) Limited Liability Company
- Thyssenkrupp Elevator Vietnam Co., Ltd
- VGSI Elevator LLC
- Pacific Elevator Co., Ltd.
- Thang Long Elevator Equipment Group Co. Ltd
- Alpec Joint Venture Joint Stock Company
For more information about this report visit https://www.researchandmarkets.com/r/nmyk8a