Market Overview:
Vietnam Elevator Market Size Was Valued at USD 2110 Million in 2022 and is Projected to Reach USD 3,136 Billion by 2030, Growing at a CAGR of 5.08% From 2023-2030.
An elevatoralso called a lift is a hydraulic cylinder-assisted, cable-assisted, or roller-track-assisted machine that moves in a vertical shaft that helps to carry people or bulk of goods between the levels, floors, or decks of a multi-story building. They are typically operated by electric motors which drive the counterweight systems such as hoist and traction cables. There are various types of elevators which include geared or gearless traction elevators, hydraulic elevators, machine-room-less (MRL) elevators, and vacuum (air-driven) home elevators. The history of the elevators starts several years before Christ. The first elevators in Vietnam were designed by a French architect in the year 1929 and were installed in the 99 doors of the richest Hua family. The elevators are used as the backbone of high-rise buildings. It provides a gentle and comfortable experience for people while transporting between the floor.
Top Key Players Covered in The Elevator Market:
- Otis Elevator Company (United States)
- Thyssenkrupp Ag (Germany)
- Kone Corporation (Finland)
- Hitachi Ltd. (Japan)
- Fujitec Co., Ltd (Japan)
- Hyundaielevator Co., Ltd., (South Korea)
- Electra Elevators (India)
- Mitsubishi Electric Corporation (Japan)
- Elevator World, Llc (United States)
- Toshiba Elevator and Building Systems Corporation (Japan)
- Eita Elevator (M) Sdn. Bhd. (Malaysia)
- Orona (Spain), and Other Major Players
Market Dynamics and Factors:
The global elevator market is driven by urbanization, infrastructure development, and the increasing demand for smart and energy-efficient vertical transportation solutions. Rapid urban population growth necessitates efficient mobility solutions in high-rise buildings, boosting elevator installations. Technological advancements, such as destination control systems and regenerative drives, enhance energy efficiency, catering to sustainability concerns. Opportunities in the elevator market arise from the expanding construction industry, especially in emerging economies, where urbanization and industrialization fuel demand. The integration of IoT and smart technologies in elevators offers growth potential, enabling features like predictive maintenance and remote monitoring. However, the elevator market faces restraints such as stringent regulations and safety standards, which can increase manufacturing costs. Economic uncertainties and fluctuations in raw material prices can also impact market growth. Additionally, the COVID-19 pandemic has temporarily hindered construction activities, affecting new installations.
The Elevator Market Report Highlight:
- By Type, The Elevator (Vertical) segment is expected to have the highest share of the Vietnam Elevator Market in the forecast period. An elevator, generally known as a lift, is a machine that travels vertically across a building's floors to transport people or cargo. The majority of contemporary elevators are moved by electric motors through a network of cables and sheaves with the help of a counterweight (pulleys). The Escalator segment is expected to have the second-highest share of the Vietnam Elevator Market.
- By Application, The Residential segment is expected to have the highest share of the Vietnam Elevator Market in the forecast period. Residential elevators are also classified according to the technology that is used to move them, just like any other elevator system. These include traction elevators, hydraulic elevators, and elevators with less machine room. Rapid urbanization leads to an increase in the number of low- and high-rise buildings, large retail stores, and other structures.
- By Country, Vietnam has a Significant Market Share in the Elevator Industry owing to its Skilled Labor Force, Affordable Prices, and Supportive Government Policies. The country's rapid economic growth and urbanization have spurred the demand for elevators, particularly in commercial and residential buildings. Vietnam's elevator market has witnessed notable developments in terms of technological advancements, improved safety features, and energy-efficient solutions. This progress has been supported by both domestic manufacturers, such as Vinacomin, as well as international players like Mitsubishi Electric and Otis.
Key Industry Development:
In March 2023, Mitsubishi Electric acquired ThyssenKrupp Elevator Vietnam, strengthening its position in the Vietnamese market. This acquisition provided Mitsubishi access to ThyssenKrupp's established distribution network and customer base.
In June 2023, Thang Long Elevator, a leading Vietnamese elevator manufacturer, announced a strategic partnership with the Swiss multinational conglomerate Schindler Group. The partnership aims to leverage Schindler's expertise and technology to enhance Thang Long's production capabilities and expand its market reach.
The Elevator Market Segmentation:
By Type
- Elevator (Vertical)
- Escalator
- Moving Walkway
By Application
- Residential
- Commercial
- Institutional
- Infrastructure
For this report, Introspective Market Research has segmented the Elevator Market Bin Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
