Vietnam Elevator & Escalator Market to Undergo 8.10% CAGR by 2026
by Mack Nene SEO | Digital MarketingAvailability 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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Created on May 16th 2021 05:41. Viewed 251 times.