Vietnam Elevators and Escalators Market

Vietnam Elevators and Escalators Market, By Type (Elevator, Escalator, Moving Walkways); By Service (New Installation, Maintenance & Repair, Modernization); By Elevator Technology (Traction Elevator, Machine Room Less Traction Elevator, Hydraulic); By End Use Industry (Residential, Commercial, Institutional, Infrastructure), Trend Analysis, Competitive Landscape & Forecast, 2019–2029


Vietnam Elevator and Escalators Market Size Set to Reach USD 438.68 Million by 2029

Vietnam elevator and escalators market is flourishing due to urbanization, increasing infrastructure development, a growing real estate sector, rising disposable income, and a focus on improving accessibility and convenience in public and commercial spaces.

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.

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.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Elevator and Escalators Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Elevator and Escalators Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.


1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. Vietnam Elevators and Escalators Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Growing Need for Reducing Energy Consumption in Buildings
3.2.1.2. Advancement in Technology
3.2.2. Restraints
3.2.2.1. Uncertainty and Risk Regarding Economy
3.2.3. Opportunities
3.2.3.1. Adoption of Green Building Codes and Energy-Efficient Products
3.2.4. Challenges
3.2.4.1. Compliance with Standards and Regulations
3.3. Technology Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. Vietnam Elevators and Escalators Market Overview
4.1. Market Size & Forecast, 2019–2029
4.1.1. By Value (USD Million)
4.2. Market Share & Forecast
4.2.1. By Type
4.2.1.1. Elevator
4.2.1.2. Escalator
4.2.1.3. Moving Walkways
4.2.2. By Service
4.2.2.1. New Installation
4.2.2.2. Maintenance & Repair
4.2.2.3. Modernization
4.2.3. By Elevator Technology
4.2.3.1. Traction Elevator
4.2.3.2. Machine Room Less Traction Elevator
4.2.3.3. Hydraulic
4.2.4. By End Use Industry
4.2.4.1. Residential
4.2.4.2. Commercial
4.2.4.3. Institutional
4.2.4.4. Infrastructure
4.2.4.5. Others
5. Competitive Landscape
5.1. List of Key Players and Their Offerings
5.2. Vietnam Elevators and Escalators Company Market Share Analysis, 2022
5.3. Competitive Benchmarking, By Operating Parameters
5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Vietnam Elevators and Escalators Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
7.1. Hitachi Ltd
7.2. Hyundai Elevator
7.3. Kleemann
7.4. Kone Corporation
7.5. Mitsubishi Electric Corporation
7.6. Orona, Otis Elevator
7.7. Schindler Group
7.8. Sigma Elevator Company
7.9. ThyssenKrupp AG
7.10. Toshiba Elevators and Building Systems Corporation
7.11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
9.1. Qualitative Research
9.1.1. Primary & Secondary Research
9.2. Quantitative Research
9.3. Market Breakdown & Data Triangulation
9.3.1. Secondary Research
9.3.2. Primary Research
9.4. Breakdown of Primary Research Respondents, By Region
9.5. Assumptions & Limitations
*Financial information in case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 Vietnam Elevators and Escalators Segmentation
Figure 2 Vietnam Elevators and Escalators Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Vietnam Elevators and Escalators Market Size, By Value (USD Million), 2019-2029
Figure 5 Vietnam Elevators and Escalators Market Share, By Type, By Value, 2019-2029
Figure 6 Vietnam Elevators and Escalators Market Share, By Services, By Value, 2019-2029
Figure 7 Vietnam Elevators and Escalators Market Share, By Elevator Technology, By Value, 2019-2029
Figure 8 Vietnam Elevators and Escalators Market Share, By End Use Industry, By Value, 2019-2029
List of Tables
Table 1 Vietnam Elevators and Escalators Market Size, By Value (USD Million), 2019-2029
Table 2 Vietnam Elevators and Escalators Market Size, By Type, By Value, 2019-2029
Table 3 Vietnam Elevators and Escalators Market Size, By Services, By Value, 2019-2029
Table 4 Vietnam Elevators and Escalators Market Size, By Elevator Technology, By Value, 2019-2029
Table 5 Vietnam Elevators and Escalators Market Size, By End Use Industry, By Value, 2019-2029
Table 6 Hitachi Ltd Company Overview
Table 7 Hitachi Ltd Financial Overview
Table 8 Hyundai Elevator Company Overview
Table 9 Hyundai Elevator Financial Overview
Table 10 Kleemann Company Overview
Table 11 Kleemann Financial Overview
Table 12 Kone Corporation Company Overview
Table 13 Kone Corporation Financial Overview
Table 14 Mitsubishi Electric Corporation Company Overview
Table 15 Mitsubishi Electric Corporation Financial Overview
Table 16 Orona, Otis Elevator Company Overview
Table 17 Orona, Otis Elevator Financial Overview
Table 18 Schindler Group Company Overview
Table 19 Schindler Group Financial Overview
Table 20 Sigma Elevator Company: Company Overview
Table 21 Sigma Elevator Company Financial Overview
Table 22 ThyssenKrupp AG Company Overview
Table 23 ThyssenKrupp AG Financial Overview
Table 24 Toshiba Elevators and Building Systems Corporation Company Overview
Table 25 Toshiba Elevators and Building Systems Corporation Financial Overview

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