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Latest Report On Vietnam Elevator Market Industry 2022 Introspective Market Research Report
Vietnam Elevator market is projected to reach 62379 Units by 2028 from 46440 units in 2021, at a CAGR of 3.72% during the forecast period.
An elevator, also known as a lift, is a vehicle that travels in a vertical shaft with hydraulic cylinder assistance, cable assistance, or roller track assistance. It is used to transport people or large objects between levels, floors, or decks of a multi-story building. Elevator and escalator markets are expanding as a result of increased investment in residential and commercial infrastructure projects in both developing and developed economies. It is anticipated that the product will develop when more of the largest and tallest commercial developments are constructed.
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Market Dynamics:
Driver:
Sustainable Construction Practices To Drive Demand
Vietnam's construction industry has been performing the best in the Asia Pacific area, with the highest recent revenue growth rate. An increasing portion of the GDP was given by the construction sector, one of Vietnam's largest employers and a key pillar of the economy. At the same time, it has been among the industries that has attracted the most FDI lately. It is anticipated that this industry will continue to grow alongside Vietnam's rapid economic growth despite the COVID-19 epidemic.
Opportunities:
Smart Elevators
The integration of IoT in elevators and escalators is a significant development opportunity for the Vietnamese elevators market. A product may gather, exchange, and analyses data with its operators, producers, and other devices essential to the elevator sector thanks to the Internet of Things. Thanks to IoT, modern escalators and elevators may also be managed by a smartphone app. Networked sensor in elevators and escalators can increase elevator utilization by lowering wait times. For instance, the Internet of Things (IoT) is a global network of interconnected hardware and software devices. Predictive elevator maintenance is made possible by IoT in the elevator sector. Intelligent elevators from manufacturers like Otis and Schindler can identify and foresee any issues. The smart elevator's remote diagnostics and troubleshooting capabilities save a lot of time and money.
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Market coverage
•Available market numbers - 2022-2028
•Base Year - 2021
•Forecast Period - 2022-2028
•Segments covered - By Type, By Application
•Competitive Landscape -SCHINDLER (SWITZERLAND),OTIS ELEVATOR COMPANY,THYSSENKRUPP AG,KONE
Market Segmentation
By Type
• Elevator (Vertical)
• Escalator
• Moving Walkway
By Application
• Residential
• Commercial
• Institutional
• Infrastructure
• Others
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By Region
•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
•Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of South America)
Major Key Players Considered in the Market
• SCHINDLER (SWITZERLAND)
• OTIS ELEVATOR COMPANY
• THYSSENKRUPP AG
• KONE CORPORATION
• HITACHI LTD.
• FUJITEC CO., LTD
• HYUNDAIELEVATOR CO., LTD.,
• ELECTRA ELEVATORS
• MITSUBISHI ELECTRIC CORPORATION
• ELEVATOR WORLD, LLC
• TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION
• EITA ELEVATOR (M) SDN. BHD.
• ORONA
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Key Industry Developments In The Vietnam Elevator Market
In September 2022, Hitachi Develops a Touchless Operating Panel Establishing an Elevator Without Physical Floor Buttons that Allows Users to Experience a Completely New Sensation.
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•Sales Volume, and Revenue Analysis
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