Vietnam elevator Market Size, Share, Growth, and Industry Analysis, By Type (Elevator (Vertical), Escalator and Moving Walkway), By Application (Moving Walkway), and Regional Forecast to 2028

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VIETNAM ELEVATOR MARKET OVERVIEW

The Vietnam Elevator Market stood at approximately USD 0.7 billion in 2024 and is set to expand to USD 0.75 billion in 2025, eventually reaching USD 1.3 billion by 2033, driven by a CAGR of about 6.5%.

Vietnam's elevator assiduity has endured rapid growth in recent times, driven by urbanization, rising high- rise construction, and profitable development. Domestic manufacturers similar as Thang Long and Thai Binh have surfaced alongside transnational brands like Otis, Schindler, and Mitsubishi. The government emphasizes safety norms and modernization, encouraging original product and technology transfer. In civic areas like Hanoi and Ho Chi Minh City, the demand for domestic and marketable elevators continues to rise. Vietnam's elevator market is getting more competitive, fastening on invention, energy effectiveness, and smart technology. This growing sector plays a crucial part in supporting the nation’s perpendicular structure expansion.

Vietnam's elevator market is expanding rapidly, fuelled by urbanization, structure development, and a growing demand for perpendicular mobility results. Major metropolises like Hanoi, Ho Chi Minh City, and Da Nang are witnessing a swell in high- rise constructions, challenging advanced elevator systems. The government's enterprise to develop smart metropolises and ultramodern transportation networks further bolster this growth. Domestic manufacturers, similar as iTEK Elevator, are arising alongside transnational brands, enhancing market competitiveness. Technological advancements, including IoT integration and energy-effective designs, are getting standard, aligning with global trends and safety norms. This dynamic environment positions Vietnam's elevator assiduity for sustained growth and invention.

COVID-19 IMPACT

Vietnam elevator Industry had a negative Effect Due to supply chain disruption during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID- 19 epidemic significantly impacted Vietnam's elevator market, dismembering force chains and halting construction conditioning due to lockdowns and travel restrictions. This led to detainments in new elevator installations and a decline in demand, particularly in commercial sectors where remote work reduced structure residency. Also, safety enterprises urged a shift towards touchless and smart elevator technologies. The epidemic also exposed vulnerabilities in the assiduity's reliance on imported factors, pressing the need for original manufacturing capabilities. Despite these challenges, the market is gradationally recovering, with increased focus on modernization and adherence to enhanced safety norms to meet evolving consumer prospects.

LATEST TRENDS

Emergence of Smart Elevators in Vietnam to Drive Market Growth

Recent traits inside the Vietnam elevator industry include the emergence of smart elevators in Vietnam. Vietnam's elevator market is fleetly embracing smart technologies, transubstantiating perpendicular transportation in civic centers. Modern elevators now incorporate Internet of effects (IoT) connectivity, artificial intelligence (AI), and prophetic conservation systems to enhance effectiveness and stoner experience. These inventions enable features like touchless controls, real- time monitoring, and energy optimization, aligning with global trends towards intelligent structure results. The integration of smart elevators is particularly apparent in marketable and domestic developments, where demand for advanced, safe, and accessible mobility results is rising. This shift towards digitalization underscores Vietnam's commitment to contemporizing its structure and meeting contemporary civic living norms.

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VIETNAM ELEVATOR MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Elevator (Vertical), Escalator and Moving Walkway

• Elevator (Vertical): Elevators (vertical transportation systems) are mechanical devices designed to move people or goods between different bottoms of a structure. Operated by electric motors and guided by rails, elevators enhance availability, especially in high- rise structures. They're essential for effective space application, convenience, and ultramodern civic structure development.

• Escalator: An escalator is a moving staircase that transports people between bottoms in structures. Powered by motors and chains, it operates continuously, allowing for smooth, effective movement. Generally set up in promenades, airfields, and conveyance stations, escalators enhance convenience, reduce traffic, and support high- business inflow in public and marketable spaces.

• Moving Walkway: A moving walkway is a slow- moving conveyor system that transports people across vertical or inclined shells. Generally set up in airfields, conveyance capitals, and large structures, it helps reduce walking trouble over long distances. Moving walkways ameliorate rambler inflow, enhance availability, and offer convenience in high- business surroundings.

By Application

Based on Application, the global market can be categorized into Moving Walkway

• Moving Walkway: Vietnam’s elevator assiduity is expanding into moving walkway operations, supporting structure in airfields, promenades, and conveyance capitals. Domestic manufacturers are integrating smart, energy-effective technologies to enhance passenger convenience and inflow. These systems reflect Vietnam’s growing capability in perpendicular and vertical transport results, meeting ultramodern civic and marketable development requirements.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

Rapid Urbanization and Infrastructure Development to Aid Market Growth

A factor in the Vietnam elevator market growth is the rapid urbanization and infrastructure development. As the population migrates from pastoral to civic areas, there's a growing need for high- rise domestic and marketable structures to accommodate this shift. Government- backed structure systems, including new apartment complexes, office halls, and conveyance capitals, farther energy the demand for perpendicular transportation results. This civic metamorphosis necessitates the installation of ultramodern elevators, both in new constructions and during the retrofitting of aged structures to meet evolving safety and effectiveness norms.

Growing Real Estate and Hospitality Sectors to Drive Market Growth

The growing real estate and hospitality sectors are another key aspect of the Vietnam elevator market. The growth of Vietnam's real estate and hospitality diligence plays a significant part in boosting the elevator market. Increased foreign investment and domestic development in hotels, resorts, shopping promenades, and mixed- use structures have created strong demand for advanced elevator systems. The tourism smash has led to a swell in high- end lodgment taking decoration elevator results, while commercial real estate development is incorporating smarter, more energy-effective lifts. Inventors are prioritizing high- speed, dependable, and aesthetically pleasing elevator systems as essential factors of their systems, contributing to market expansion across civic and arising areas likewise.

Restraining Factor

High Initial Investment and Maintenance Costs to Restrain Market Progress

The high initial cost associated with purchasing and installing elevator systems poses a significant restraining factor for the growth of the Vietnam elevator market. These costs include not only the outfit itself but also structural variations, labour, and compliance with safety regulations. Also, ongoing conservation, periodic examinations and the need for professed technicians add to the fiscal burden, especially for small and medium- sized inventors. In lower citified or lower- income regions, these charges can discourage relinquishment. The perception of elevators as a luxury rather than a necessity in certain structure types farther limits market penetration across wider geographical and economy segments.

Integration of Smart Elevator Technologies to Create Opportunity for the Product in the Market

Opportunity

The Vietnam elevator market is passing a significant opportunity through the relinquishment of smart technologies, particularly the Internet of effects (IoT). By incorporating IoT, elevators can collect and dissect data, enabling features similar as prophetic conservation, remote diagnostics, and enhanced energy effectiveness. These advancements reduce time-out and ameliorate stoner experience. The Vietnamese government's drive for smart megacity developments further amplifies this occasion, as modern structure systems demand intelligent perpendicular transportation results. Accordingly, elevator manufacturers are fastening on developing smart elevators that align with the country's urbanization and technological advancement pretensions.

Shortage of Skilled Labour and Technical Expertise Could Be a Potential Challenge for Consumers

Challenge

A significant challenge in the Vietnam elevator market is the deficit of professed labour and good specialized labour force. As the demand for advanced elevator systems grows, so does the need for technical knowledge in installation, conservation, and safety compliance. Still, Vietnam faces a gap in vocational training and specialized education specific to elevator technology. This results in inconsistent service quality and detainments in design prosecution. Also, the rapid-fire technological elaboration in elevator systems requires nonstop training, which numerous original enterprises struggle to give. This chops gap can hamper market growth and impact client satisfaction and safety standards.

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VIETNAM ELEVATOR MARKET REGIONAL INSIGHTS

• North America

Vietnam's elevator assiduity is making significant strides in North America, driven by adding exports and strategic partnerships. Vietnamese manufacturers, similar as iTek Elevator and Hoang Sa Viet Sankyo, are expanding their presence by offering cost-effective, high- quality products that meet transnational norms. The Vietnam Elevator Expo has become a vital platform for these companies to connect with global mates, including those from the U.S. and Canada. Specially, the United States stands as a crucial importer of Vietnamese elevator products, pressing the growing demand for Vietnam's elevator results in North America. This expansion underscores Vietnam's emergence as a competitive player in the global elevator market.

• Europe

Vietnam's elevator assiduity is laboriously expanding into the European market, using transnational exhibitions and strategic partnership. Events like the Vietnam Elevator Expo 2023 have eased connections between Vietnamese manufacturers and European stakeholders, fostering trade relations. Collaborations with European associations, similar as the European Federation for Elevator Small and Medium- sized Enterprises (EFESME), have further strengthened these ties. Vietnamese companies are aligning their products with European norms, fastening on energy effectiveness and sustainability to meet the mainland's strict conditions. This strategic approach positions Vietnam as a competitive player in Europe's elevator market, emphasizing quality, invention, and compliance with international morals.

• Asia

The region dominates the Vietnam elevator market share. Asia plays a vital part in shaping Vietnam's elevator market, with indigenous collaborations and investments driving significant growth. South Korea, for case, has established a strategic cooperation with Vietnam, fastening on elevator safety and technological advancements. The Korea Elevator Safety Agency (KoELSA) has been necessary in participating moxie, abetting Vietnam in enhancing its elevator safety norms and structure. Also, the Vietnam Elevator Expo 2024 witnessed substantial participation from Asian countries, especially China, pressing the region's keen interest in Vietnam's burgeoning elevator assiduity. These collaborations emphasize Asia's dominant influence in propelling Vietnam's elevator market forward, fostering invention, safety, and sustainable growth.

KEY INDUSTRY PLAYERS

Key Industry Players Shaping the Market through Innovation and Market Expansion

Key enterprise players are shaping the Vietnam elevator marketplace through strategic innovation and marketplace growth. These agencies are introducing superior milling strategies to beautify the fine and nutritional profile. They are also increasing their product traces to include specialized versions like organic and vertical farming, catering to various purchaser preferences. Additionally, they may be leveraging virtual systems for greater market reach and distribution performance. By making an investment in research and improvement, improving delivery chain managements, and exploring new regional markets, those players are riding a boom and setting traits within the Vietnam elevator enterprise.

List Of Top Vietnam Elevator Companies

• HISA (U.S.)
• Hitachi (Japan)
• Thien Nam (Vietnam)
• Thyssen Krupp (Germany)
• Kone (Finland)
• Thai Binh (Vietnam)
• Otis (U.S.)
• Schindler Vietnam (Vietnam)
• Mitsubishi Electric (Japan)

KEY INDUSTRIAL DEVELOPMENT

May 2025: At The smarter E Europe 2025, held from May 7–9 at Messe München, Hinen unveiled its innovative Max High-voltage System, a notable advancement in energy storage technology. This system comprises the Max 12it Inverter and the Max 8b Battery Module, designed to deliver high performance and safety for both residential and commercial applications. The Max 12it Inverter is a 12kW three-phase hybrid inverter supporting up to 150% photovoltaic input, accommodating a wide battery voltage range of 120–600V, and offering a maximum charge/discharge current of 30A. Its features include an Emergency Power Supply (EPS) switch function with a swift 10-millisecond transition and support for 100% unbalanced output, ensuring uninterrupted power supply during outages. This launch underscores the growing emphasis on integrated, efficient energy solutions in Europe's transition towards sustainable energy systems.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.