Vietnam Elevator Market Overview:
\nVietnam Elevator Market Size Was Valued at USD 394.22 Million In 2023 And Is Projected to Reach USD 740.14 Million By 2032, Growing at A CAGR of 7.25% From 2024-2032.
\nAn elevator also called a lift is a hydraulic cylinder-assisted, cable-assisted, or roller-track-assisted machine that moves in a vertical shaft that helps to carry people or bulk of goods between the levels, floors, or decks of a multi-storey building. They are typically operated by electric motors which drive the counterweight systems such as hoist and traction cables. There are various types of elevators which include geared or gearless traction elevators, hydraulic elevators, machine-room-less (MRL) elevators, and vacuum (air-driven) home elevators. The history of the elevators starts several years before Christ. The first elevators in Vietnam were designed by a French architect in the year 1929 and were installed in the 99 doors of the richest Hua family. The elevators are used as the backbone of high-rise buildings. It provides a gentle and comfortable experience for people while transporting between the floor.
\nIn addition, escalator and moving walkway is also used for the transport the people between the floors of the building. The escalator is the moving staircase that vertically transports people. The various types of escalators are used to carry a large number of people at a time. The types include parallel escalators, spiral parallel escalators, multiple parallel escalators, crisscross escalators, curved escalators, step-type, escalators, and wheelchair-accessible escalators. The components required for the manufacturing of the escalators consist of a landing platform, truss, balustrade, handrail, skirt panel, balustrade panel, tracks, and steps. In the escalator design, safety is the major concern like elevator design. Moreover, the moving walkway is also carrying people horizontally. There are several types of moving walkways such as belt-type moving walkways, pallet-type moving walkways, glide path glide walk moving walkways and high-speed moving walkways.<\/p>\n
Market Dynamics And Factors For Vietnam Elevator Market
\nDriver:
\nSustainable Construction Practices To Drive Demand
\nWith the highest recent revenue growth rate in the Asia Pacific region, Vietnam’s construction sector has been performing the best. The construction industry, one of the main employers in Vietnam and a crucial pillar of the country’s economy, contributed an increasing amount to the GDP. At the same time, it has been one of the sectors that have garnered the most FDI throughout recent years. Despite the COVID-19 epidemic, it is anticipated that this industry would keep expanding along with Vietnam’s brisk economic growth.
\nVietnam’s developing economy, growing population, and hasty urbanization have elevated pressure on Vietnam’s natural resources. The country’s huge coastline makes it sensitive to the effects of climate change and rising sea levels. According to the Ministry of Construction (MoC), housing demand in Vietnam will increase by 70 million m2 per year, equivalent to 17,500 30-storey buildings by 2030. However, Vietnam will only register until the end of 2021 more than 200 units. build projects. All types of buildings, including commercial, institutional and residential, use a significant percentage of a country’s resources during their lifetime. In Vietnam, buildings use 17% of the country’s freshwater, a quarter of timber production, 30 to 40% of energy production, and half of the raw materials. Sustainable construction is a valuable solution to gradually cascading the harmful effects of human activities on the environment. Buildings identified as green are very efficient in using energy and materials, limiting their harm to public health and the ecosystem. These buildings are made to last a long time, requiring environmentally friendly materials that are characterized as non-toxic, recyclable, efficient, energy efficient, long-lived, or low-polluting environmental contamination.
\nAccording to VGBC, consumer and market demand is the main driver of green buildings in Vietnam. The growth of this sector is well accomplished by the rise of the business environment and the demand for urban and semi-urban offices and housing. Vietnam’s real estate industry has recently experienced strong growth with high demand for offices and residences, which is expected to have a positive impact on the market during the forecast period.
\nRestraint:
\nGrowing Maintenance Costs Result In Customers Being Overcharged
\nEquipment failures can be avoided with proper maintenance and preventive checks. Regular maintenance increases productivity by avoiding downtime and shows a 15% reduction in energy consumption. Long wait times and frequent breakdowns are frustrating and even a sign of wear and tear. High power consumption, overheating and low power factor are rare problems, but they come with potential costs. Common elevator problems such as the worn pulley, contaminated oil, and lubrication, bearing failure, motor bearing misalignment, contaminated oil and lubricant, and power failure. Some common problems may include elevators not working, call boxes not working, bumpy or jerky movements, stuck equipment, and strange noises. Owners may even notice high power consumption, increased downtime, and sluggish operation. Lack of maintenance can increase the frequency of elevator problems and system failures such as noise, door jams, and machine delays.
\nAccording to Vietnam Elevator Magazine, every year 40,000 elevators are inspected, and more than 130 organizations are allowed to inspect with several inspectors about 1,000 people. The criteria and back-testing times are pretty lackluster. Not to mention the maintenance and maintenance of the elevator is not guaranteed on time according to the issued standards, there is no standard on labor. At this time, the Vietnam Elevator Association plays a huge role in advising on the development of the necessary standards to ensure the safety of consumers. In addition, the Vietnam Elevator Trade Promotion Association connects at home and abroad for Vietnamese elevator companies to participate in the global supply chain. In conclusion, rising maintenance costs and temporary barriers have affected the growth of the Vietnam elevator market during the forecast period.
\nOpportunity:
\nSmart Elevators
\nThe Vietnam Elevators 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 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 utilization. For instance, IoT is an interconnected network across the globe with various hardware and software devices. IoT in the elevator industry enables predictive elevator maintenance. Smart elevators from companies like Otis and Schindler can detect and predict any problems. The smart elevator’s remote diagnostics and troubleshooting capabilities save a lot of time and money. However, emerging economies in Asia-Pacific are taking an alternative and investing heavily in the construction of new integrated cities, often referred to as \u201csmart cities\u201d. These smart cities aim to be more human-centric and provide sustainable infrastructure to improve liveability.
\nSegmentation Analysis of Vietnam Elevator Market
\nBy Type, The Elevator (Vertical) segment is expected to have the highest share of the Vietnam Elevator Market in the forecast period. An elevator, generally known as a lift, is a machine that travels vertically across a building’s floors to transport people or cargo. The majority of contemporary elevators are moved by electric motors through a network of cables and sheaves with the help of a counterweight (pulleys). The Escalator segment is expected to have the second highest share of the Vietnam Elevator Market. An escalator is a type of motorized movable staircase that is popular in very crowded places or where a regular staircase would be very long and tiring to climb. The main types of escalators are parallel escalators, spiral parallel escalators, parallel multiples of two or more escalators, diagonal cross escalators, curved escalators, step escalators, and wheelchair escalators. The Moving Walkways segment, A moving walkway that moves people horizontally from one end of the walkway to the other is referred to as a moving walkway (also called a travellator and even an auto walk). They are propelled by motors, which are frequently common drive methods for escalators.
\nBy Application, The Residential segment is expected to have the highest share of the Vietnam Elevator Market in the forecast period. Residential elevators are also classified according to the technology that is used to move them, just like any other elevator system. These include traction elevators, hydraulic elevators, and elevators with less machine room. Rapid urbanization leads to an increase in the number of low- and high-rise buildings, large retail stores, and other structures. The Commercial segment is expected to have the second highest share of the Vietnam Elevator Market. Commercial segments include commercial buildings, shopping complexes, hotels, restaurants, mixed-use properties, and hospitals. The demand for the commercial segment is largely driven by the increasing construction in the commercial sector, specifically in offices. The Institutional Segment, Elevators and lifts are frequently the most practical alternative for providing access to multi-story buildings for people with special needs. It connects the building to another that has special access for individuals with disabilities. The infrastructure segment, Elevators and escalators are simple to integrate into existing building infrastructure, and this space-saving solution provides people with a convenient and safe mode of transit.
\nCOVID-19 Impact Analysis on Vietnam Elevator Market
\nThe prevalence of the covid-19 has severely affected several businesses in Vietnam including the elevator industry. The government of Vietnam imposed a lockdown in the overall country which created a financial crisis in the country. Also, the outbreaks of the virus cause majorly disturb the supply chain and thereby suddenly halted the manufacturing activity of the elevators or escalators. The manufacturers of elevators & escalators and the overall construction industry are faced with many challenges such as cash flow constraints, and the unavailability of workers. Moreover, owing to the strict government lockdown and implementation of social distancing across the country, the construction industries experienced problems like the unavailability of workers and lack of construction materials, resulting in delays of several projects in Vietnam and slowing down the growth of the construction industry.
\nAfter the outbreaks of the covid-19 ended, the key players emphasized the rapid expansion of their businesses because the nature of the demand of the construction industry drastically changed. Thus, increase in the demand for elevators and engineers are starting to quickly develop advanced solutions that assist builders to prepare for the safe reopening and maintenance of their buildings, which contains touchless elevator technologies, purification products, and traffic-flow analysis and solutions that support social distancing and helps to avoid infection and this can increase the sale the elevator company in the forthcoming year.
\nTop Key Players Covered In Vietnam Elevator Market<\/p>\n
SCHINDLER (SWITZERLAND)<\/p>\n
OTIS ELEVATOR COMPANY<\/p>\n
THYSSENKRUPP AG<\/p>\n
KONE CORPORATION<\/p>\n
HITACHI LTD.<\/p>\n
FUJITEC CO., LTD<\/p>\n
HYUNDAIELEVATOR CO., LTD.,<\/p>\n
ELECTRA ELEVATORS<\/p>\n
MITSUBISHI ELECTRIC CORPORATION<\/p>\n
ELEVATOR WORLD, LLC<\/p>\n
TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION<\/p>\n
EITA ELEVATOR (M) SDN. BHD.<\/p>\n
ORONA<\/p>\n
OTHER MAJOR PLAYERS
\nKey Industry Developments In The Vietnam Elevator Market
\nIn September 2022, Hitachi Develops a Touchless Operating Panel Establishing an Elevator Without Physical Floor Buttons that Allows Users to Experience a Completely New Sensation.
\nIn July 2021, the KONE company secured an order to install 77 KONE elevators and escalators for Changsha Shengtong Meixi International in Hunan, China.<\/p>\n","protected":false},"excerpt":{"rendered":"
An elevator also called a lift is a hydraulic cylinder-assisted, cable-assisted, or roller-track-assisted machine that moves in a vertical shaft that helps to carry people or bulk of goods between the levels, floors, or decks of a multi-storey building. They are typically operated by electric motors which drive the counterweight systems such as hoist and traction cables.<\/p>\n","protected":false},"featured_media":14420,"template":"","meta":{"_acf_changed":false},"product_brand":[],"product_cat":[232],"product_tag":[],"class_list":["post-18974","product","type-product","status-publish","has-post-thumbnail","product_cat-electronics-semiconductors","first","instock","virtual","purchasable","product-type-simple"],"acf":[],"yoast_head":"\n