Vietnam Elevator & Escalator Market is expected to grow at a 8.28% CAGR

Rising development of high-rise commercial and residential buildings coupled with increasing capital inflow into the real-estate sector are expected to propel the Vietnam Elevator and Escalator Market during the forecast period.

According to TechSci Research report, “Vietnam Elevator & Escalator Market – By Region, Competition, Forecast and Opportunities, 2029F”, Vietnam Elevator & Escalator Market was valued at USD 361.83 million in 2023 and is expected to reach USD 588.42 million by 2029 with a CAGR of 8.28% during the forecast period 2025-2029. The Vietnam elevators and escalators market is experiencing notable growth driven by the rapid urbanization and robust construction sector in the country. With an increasing population and a surge in high-rise buildings, particularly in metropolitan areas like Ho Chi Minh City and Hanoi, the demand for efficient vertical transportation solutions is escalating. The government's commitment to infrastructure development, alongside foreign direct investments in residential, commercial, and industrial projects, is further fueling this demand. Modernization of existing buildings and the rise of smart cities are also contributing to the market's expansion, as property developers seek to enhance building safety, energy efficiency, and convenience through advanced elevator and escalator systems. However, the market faces significant challenges, particularly in the form of regulatory and compliance issues. Vietnam's regulatory framework for elevator and escalator safety is still evolving, and inconsistent enforcement of safety standards can lead to operational risks. This can deter foreign companies from entering the market or slow down the deployment of new technologies. Additionally, the high initial cost of advanced elevator systems and the maintenance expenses pose financial challenges for property developers, especially those in the mid-tier segment. Balancing the need for state-of-the-art technology with cost considerations is a critical hurdle that stakeholders in the Vietnam elevators and escalators market must navigate to sustain growth.

Browse over XX market data Figures spread through 86 Pages and an in-depth TOC on the "Vietnam Elevators and Escalators Market."

Based on by Service, the maintenance and repair service segment dominated the Vietnam elevators and escalators market and is anticipated to sustain its dominance in the forecast period. Maintenance and repair services are essential for ensuring the safe and reliable operation of vertical transportation systems throughout their lifecycle. As the installed base of elevators and escalators in Vietnam continues to grow, driven by urbanization and infrastructure development, the demand for regular maintenance and timely repairs is increasing. Building owners and facility managers prioritize preventive maintenance to minimize downtime, enhance equipment longevity, and ensure compliance with safety regulations. Moreover, the emphasis on safety and operational efficiency encourages proactive maintenance practices, where service providers conduct routine inspections, lubrication, and component replacements to prevent breakdowns and optimize performance. The maintenance and repair segment includes both scheduled maintenance contracts and on-demand repair services, catering to a wide range of customers from residential buildings to commercial complexes and public infrastructure. With the rapid expansion of the market, service providers are investing in skilled technicians, advanced diagnostic tools, and digital monitoring systems to deliver efficient and responsive maintenance solutions. This proactive approach not only enhances customer satisfaction but also strengthens the market position of maintenance and repair services as the cornerstone of sustainable and reliable vertical transportation in Vietnam's evolving urban landscape.

The central region of Vietnam has emerged as the fastest-growing market for elevators and escalators, driven by several key factors. This region, which includes cities such as Da Nang, Hue, and Quy Nhon, is experiencing rapid urbanization and economic development. Da Nang, in particular, stands out as a burgeoning urban center with a strategic location, serving as a gateway between the northern and southern parts of the country. The city's booming tourism industry, coupled with substantial investments in infrastructure and real estate, has led to a surge in the construction of high-rise hotels, commercial complexes, and residential buildings, all of which require modern elevator and escalator systems.

The Vietnamese government's focus on developing the central region as a hub for trade and tourism is also a significant driver. Initiatives like the Da Nang International Airport expansion and the development of the East-West Economic Corridor enhance the region's connectivity and economic prospects, thereby increasing the demand for vertical transportation solutions. Moreover, the central region's attractiveness to foreign investors, particularly in the hospitality and manufacturing sectors, has accelerated the growth of new construction projects. This influx of investment has resulted in a higher demand for elevators and escalators to support the rapid infrastructure development.

The rise of industrial parks and special economic zones in the central region contributes to the increased need for efficient vertical transportation. These developments attract a workforce that requires residential and commercial facilities, further driving the market for elevators and escalators. The emphasis on modernizing existing buildings to meet international standards of safety and convenience is another factor propelling the market's growth in this region. 

The central region's strategic location, government initiatives, robust tourism industry, and significant foreign investments are key factors making it the fastest-growing market for elevators and escalators in Vietnam. This dynamic environment presents abundant opportunities for market players to expand their presence and cater to the increasing demand for advanced vertical transportation solutions.

Key market players in the Vietnam Elevator & Escalator Market are: -

Download Free Sample Report

Customers can also request for 10% free customization on this report.

“The Vietnam elevators and escalators market is poised for robust growth, driven by ongoing urbanization, infrastructure development, and foreign investments. The government's focus on smart city projects and modernizing existing infrastructure will further boost demand for advanced vertical transportation solutions. The expansion of residential, commercial, and industrial sectors, particularly in rapidly developing regions like the central area, will continue to drive market growth.  The increasing adoption of energy-efficient and smart elevator systems will cater to the evolving needs of modern buildings, ensuring sustained growth in the coming years.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

Vietnam Elevator & Escalator Market Segmented By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By End User Industry (Residential, Commercial, Institutional, Infrastructural & Others), By Elevator Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator Door Type (Automatic and Manual), By Region, Competition, Forecast & Opportunities, 2019-2029F,” has evaluated the future growth potential of Vietnam Elevator & Escalator Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Telehealth Market. 

Contact

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170

Tel: +13322586602

Email: [email protected]               

Website: www.techsciresearch.com