Vietnam Elevator & Escalator Market to Undergo 8.10% CAGR by 2026
Availability of cheap labor and rapid urbanization are some major factors driving the growth of Vietnam elevator & escalator market.
According to TechSci Research report, “Vietnam Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), 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, Forecast & Opportunities, 2016- 2026”, Vietnam elevator & escalator market underwent 6.95% CAGR in 2019 and is further expected to witness 8.10% CAGR, in terms of value by 2026. Key factors driving the growth of Vietnam elevator & escalator market are increasing infrastructure spending by government, availability of cheap labour and rapid urbanization in the country. Moreover, rise in number of high rise commercial buildings as well as residential complexes and increasing aging population are also creating high demand for escalators and elevators in Vietnam. Apart from that, with the introduction of latest technology and increasing capital inflow into the real-estate sector, Vietnam elevator & escalator market is poised to undergo a significant growth in next five years.
Additionally, government of Vietnam is investing on modernization and maintenance of old commercial as well as residential buildings around the country which is positively impacting the growth of elevator & escalator market. Also, the country is witnessing increasing construction of urban railway systems, hotels and office buildings which are leading to growing demand for elevators & escalators in order to enable smooth transfer in these buildings.
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Vietnam elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. Based on service, the market can be split into maintenance & repair, new installation and modernization. Among them, in 2019, the modernization and maintenance & repair segment together accounted for 59.76% market share, in terms of value. The segment is further expected to maintain its dominance during the forecast period and account for 61.78% market share by 2026 owing to the presence of high number of old buildings in the country and government’s effort on renovating them.
Based on end user, Vietnam elevator & escalator market can be split into residential, commercial, institutional, infrastructural and others. Among them, the residential sector is expected to dominate the market and hold 45.15% market share by 2026. The reasons can be attributed to the thriving real estate sector and increasing number of high-rise residential buildings in order to accommodate the growing population of Vietnam.
Leading market players in Vietnam elevator & escalator market are KONE Corporation, Hyundai Elevator, Hitachi Elevator Vietnam Co, Ltd., Otis Elevator Company (UTC), Mitsubishi Electric Corporation, Schindler Holding Ltd., Hyundai Elevator AG and Toshiba Elevator and Building Systems Corporation. In 2016, Hitachi Ltd. expanded its elevator and escalator business in Vietnam and established 100% owned subsidiary for sales and services in Vietnam. Moreover, key growth strategies being adopted by market players are product innovation, mergers & acquisitions, partnerships and collaborations.
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“Vietnam is witnessing high economic growth and the government is investing heavily on construction and infrastructural development of the country. The construction of elevated railway stations in the country is leading to increased sales of elevators and escalators. Besides, Vietnam is among one of the top destinations for establishing manufacturing plants owing to cheap labour and low cost of production in the country.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), 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, Forecast & Opportunities, 2016- 2026” has analyzed the potential of Vietnam elevator & escalator market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Vietnam elevator & escalator market.
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