Vietnam Elevator and Escalators Market Size Set to Reach USD 438.68 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam elevator and escalators market size at USD 361.83 million in 2022. During the forecast period between 2023 and 2029, Vietnam elevator and escalators market size is to grow at a robust CAGR of 3.26% reaching a value of USD 438.68 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam elevator and escalators market size at USD 361.83 million in 2022. During the forecast period between 2023 and 2029, Vietnam elevator and escalators market size is to grow at a robust CAGR of 3.26% reaching a value of USD 438.68 million by 2029. The growing need for vertical transportation solutions caused by urbanization and infrastructure development projects across the country is the primary factor driving the growth of the Vietnam elevators and escalators market. As sustainability becomes a concern, the industry has seen an increase in the installation of energy-efficient and eco-friendly elevators and escalators. In response to the COVID-19 pandemic, there is also a growing emphasis on sophisticated technology such as smart elevators with IoT capabilities and touchless control systems. Also, the industry is seeing an increase in maintenance and modernization services to extend the life and efficiency of current vertical transportation systems. Overall, the elevators and escalators market in Vietnam is distinguished by innovation, sustainability, and a focus on improving user experience.
Vietnam Elevator and Escalators Market – Overview
Vertical transportation systems such as escalators and elevators are used to convey people between different floors or levels of a building. Escalators are made up of a set of steps that cycle constantly, moving passengers in a smooth, inclining motion. They're common in public places like malls, airports, and train stations. Elevators, on the other hand, are enclosed cabins that travel vertically along a shaft, allowing passengers to easily visit different floors. They are crucial in high-rise buildings and provide an important mode of transit for people with mobility issues. In modern infrastructure, both escalators and elevators provide simple and effective options for vertical transportation, expanding accessibility and improving people flow.
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Impact of COVID-19 on Vietnam Elevator and Escalators Market
The COVID-19 pandemic significantly impacted Vietnam elevator and escalator market. As the country implemented strict lockdown measures and social distancing protocols, construction projects were halted or delayed, leading to a decline in demand for elevators and escalators. Supply chains were disrupted, affecting the timely delivery of equipment and components. Also, concerns over virus transmission in confined spaces like elevators led to reduced usage and heightened safety requirements. However, as Vietnam gradually recovers and eases restrictions, the market is expected to rebound with increased investments in infrastructure and construction projects, driving the demand for elevators and escalators during the forecast period.
Vietnam Elevators and Escalators Market – By type
On the basis of type, Vietnam elevators and escalators market is divided into Elevator, Escalator, and Moving Walkways segments. The elevator segment dominates the market. Elevators are essential for vertical transportation in high-rise buildings, commercial complexes, and residential towers. With the rapid urbanization and construction boom in Vietnam, the demand for elevators has been steadily increasing. The Elevator segment encompasses various types, including passenger elevators, freight elevators, and service elevators, catering to different needs and requirements. This segment plays a crucial role in enhancing accessibility, convenience, and efficiency in Vietnam's vertical transportation infrastructure.
Competitive Landscape
Vietnam elevators and escalators market is significantly competitive. Major companies in the market include Hitachi Ltd, Hyundai Elevator, Kleemann, Kone Corporation, Mitsubishi Electric Corporation, Orona, Otis Elevator, Schindler Group, Sigma Elevator Company, Thyssenkrupp AG, and Toshiba Elevators and Building Systems Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position Vietnam elevators and escalators market.
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