Vietnam Elevator & Escalator Market to Reach 51.03 Thousand Units by 2031 Backed by VND 995 Trillion Public Investment in 2026

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Industry Size, Sales, and Growth Forecast for 2026-2031

According to Arizton recent research, the Vietnam elevator and escalator market is expected to reach 51.03 thousand units by 2031, growing at a CAGR of 3.41%.

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Vietnam Elevator and Escalator Market Report Scope
Market Size by New Installations (2031):51.03 Thousand Units
Market Size by New Installations (2025):41.72 Thousand Units
CAGR - New Installations (2025-2031):3.41%
Market Size by Installed Base (2031):751.49 Thousand Units
Market Size by Modernization (2031): USD 32.56 Million
Historic Year:2022-2024
Base Year:2025
Forecast Year:2026-2031

Vietnam Emerges as a Fast-Growing Elevator & Escalator Market
Vietnam is witnessing strong demand for elevators and escalators as rapid urban development, and large infrastructure projects continue across the country. Growing investments in high-rise housing, metro networks, airports, and mixed-use developments are creating major opportunities for manufacturers and suppliers. Cities such as Hanoi and Ho Chi Minh City remain key growth centers, while emerging Tier-2 cities are also attracting new construction activity. Supported by government infrastructure spending and long-term development plans, Vietnam is expected to remain an attractive growth market for vertical transportation companies.

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Vietnam's Elevator & Escalator Market Key Highlights
• Vietnam's public investment reached over VND 902 trillion (USD 34 billion) in 2025 and is expected to rise to VND 995 trillion (USD 37.8 billion) in 2026, supporting infrastructure and construction growth across the country.
• Vietnam aims to develop around 1 million social housing units by 2030, with over 700,000 units already launched and nearly 215,000 units currently under construction.
• Mitsubishi Electric Building Solutions Corporation announced the acquisition of Hitachi's stake in Mitsubishi Hitachi Home Elevator, strengthening its residential elevator business.
• Growing high-rise and mixed-use developments are increasing demand for 2-15-person capacity elevators across Vietnam, supported by large projects such as the proposed Aspira Tower in Phú Quốc.

Vietnam's Construction Law 2025 Creating New Growth Opportunities
Vietnam's updated Construction Law 2025 is expected to support long-term growth in the elevator and escalator market by streamlining approval processes and improving the ease of project execution. Faster licensing and greater regulatory clarity are likely to accelerate residential, commercial, mixed-use, and infrastructure developments, key sectors driving demand for vertical transportation systems.
The reforms are also expected to strengthen investor confidence, encouraging both domestic and foreign investments in urban development projects. As Vietnam continues expanding high-rise construction and modernizing aging buildings across major cities, demand for both new elevator installations and modernization solutions is anticipated to increase.

The Vietnam & Malaysia Elevator & Escalator Market Report Includes:
• CAGR (Compound Annual Growth Rate) during the forecast period: Market size and growth forecasts for the Vietnam & Malaysia elevator & escalator markets
• Detailed information on growth drivers: Analysis of key growth drivers, including urbanization, infrastructure expansion, and high-rise construction activity
• Predictions about upcoming trends and changes in consumer behavior: Insights into emerging industry trends, modernization demand, and smart mobility solutions
• Competitive landscape analysis: Competitive landscape analysis, including profiles of leading companies and recent market developments
• Geographical market growth: Regional growth opportunities and infrastructure investment analysis across Vietnam and Malaysia
• Analysis of growth challenges: Evaluation of key market challenges, including pricing pressure, supply chain factors, and increasing competition

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Key Vendors in the Vietnam Elevator and Escalator Market
• Otis
• KONE
• TK Elevator
• Schindler
• Mitsubishi Electric
• Hyundai Elevator
• Hitachi
• Fujitec
Other Prominent Vendors
• Cibes Lift AB
• Toshiba
• Sicher Elevator Co., Ltd.
• Kalea Lifts
• Canny Elevator Co. Ltd.
• KOYO Elevator Co. Ltd
• BLT-Brilliant
• Sanyo Elevators & Escalators Co., Ltd.
• Thien Nam Elevator Joint Stock Company (TNE)
• Pacific Elevator Co., Ltd.
• Xiolift (Hangzhou XIO-Lift Co., Ltd.)

Vietnam Elevator and Escalator Size, Share, & Trends Analysis Report by
Elevator Market Segmentation
• Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
• Carriage Type: Passenger and Freight
• Capacity: 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
• End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)
Escalator Market Segmentation
• Product Type: Parallel, Multi Parallel, Moving Walkway, and Crisscross
• End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

Discover Connected Market Opportunities:
Indonesia Elevator and Escalator Market-Size & Growth Forecast 2026-2031
Philippines Elevator and Escalator Market - Size & Growth Forecast 2026-2031

What Key Findings Will Our Research Analysis Reveal?
• What will be the growth rate of the elevator and escalator market?
• How big is the elevator and escalator market?
• What is the number of installed bases in the elevator and escalator market in 2025?
• What are the key elevator and escalator market players?
• What are the key opportunities in the elevator and escalator market?

About Us:
Founded in 2017, Arizton Advisory & Intelligence delivers data-driven market research and strategic consulting that empowers clients to make informed decisions and drive growth. Combining quantitative and qualitative insights, we provide in-depth analysis across industries including Agriculture, Consumer Goods, Technology, Automotive, Healthcare, Data Centers, and Logistics. Recognized by top-tier media, our expert team transforms complex market data into actionable strategies, helping clients anticipate trends, seize opportunities, and stay ahead of the competition.

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Source: Arizton Advisory & Intelligence

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