Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Vietnam Elevators & Escalators Market, By Type (Elevator, Escalator and Moving Walkways), By Service, By Elevator Technology, By Elevator Door Type, By End User, By Region, Competition, Forecast & Opportunities, 2017- 2027" report has been added to ResearchAndMarkets.com's offering.
Vietnam Elevators & Escalators market stood at USD 361.83 million in 2021 and is expected to register a CAGR of 8.28% during the forecast period to 2027
The rising number of smart cities and leading companies such as Mitsubishi, Schindler, Fujitec, and KONE investing in technological development for escalators & elevators is likely to boost the market.
An elevator or a lift is a device installed in buildings to carry, transport, or transfer people and commodities from one floor to another. A person or an item can be transported from one level to another via an elevator in a variety of environments, including residential communities, business buildings, malls, hospitals, etc.
Additionally, commodities, equipment, and completed items can be moved between floors in factories and industrial facilities using elevators.
A set of moving steps that are frequently powered and organized as a continuous belt to transport people between floors of a building while continuously ascending or descending is known as an escalator.
Internet of Things Constant Evolution (IoT)
The Vietnam Elevators and Escalators Market has a strong development opportunity due to the integration of IoT in elevators and escalators. The Internet of Things enables a product to collect, exchange, and analyze data with its operators, manufacturers, and other devices vital to the elevator and escalator industry.
Modern escalators and lifts may also be controlled by a smartphone app thanks to IoT. By reducing waiting times, networked sensors in elevators and escalators can also boost elevator utilisation. As a result, it is expected that, Vietnam would see an increase in demand for elevators and escalators during the forecast period.
Rising demand for Personalized Elevators
To better satisfy the demands of customers, there is an increasing focus on creating a holistic experience to enhance the quality of the journey. This is a developing trend in several sectors, including hotel and infrastructure. Customized escalators and elevators are now being used as architectural features in malls, buildings, and airports.
For instance, KONE released the Nmono and Nmini lifts in five different themes based on the colors, textures, and patterns used. The development of energy-efficient solutions is likely to result in the development of innovative modernized solutions. As a result, it is expected that increased demand for high sustainability would propel product penetration in Vietnam.
Increasing demands for smart Elevators
Elevator speed is essential to reduce waiting times outside of elevators in high-rise buildings due to the growing height of structures, which calls for early planning while designing the buildings.
Taller structures with even more effective and cutting-edge transportation solutions will be needed in the near future with the focus on programs such as the Sahaya Vietnam Housing Program and the creation of smart cities. As a result, Vietnamese manufacturers are concentrating on creating new technologies to distinguish their goods and keep their market share.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Vietnam Elevators & Escalators Market.
- Mitsubishi Elevator Vietnam Company Limited.
- Schindler Vietnam Ltd.
- Thang Long Elevator Equipment Co. Ltd
- Fujitec Vietnam Co., Ltd.
- KONE Vietnam LLC
- Hitachi Elevator Vietnam Co., Ltd
- Otis Elevator Vietnam Company
- Hyundai Thanh Cong Vietnam Elevator Co., Ltd.
- Toshiba Elevator (Vietnam) Limited Liability Company
- TK ELEVATOR VIETNAM CO., LTD
- VGSI ELEVATOR LLC
- Pacific Elevator Co., Ltd.
- Alpec Joint Venture Joint Stock Company
Report Scope:
Vietnam Elevators & Escalators Market, By Type:
- Elevator
- Escalator
- Moving Walkways
Vietnam Elevators & Escalators Market, By Service:
- Modernization and Maintenance & Repair
- New Installation
Vietnam Elevators & Escalators Market, By Elevator Technology:
- Traction
- Hydraulic
- Machine Room-Less Traction
Vietnam Elevators & Escalators Market, By Elevator Door Type:
- Automatic
- Manual
Vietnam Elevators & Escalators Market, By End User:
- Commercial
- Residential
- Infrastructural
- Institutional
- Others (airports, railways)
Vietnam Elevators & Escalators Market, By Region
- Southern Region
- Northern Region
- Central Region
For more information about this report visit https://www.researchandmarkets.com/r/wpgjwh
