Vietnam Elevator Modernization Market expected to Grow at 4.57% CAGR through 2029

Vietnam Elevator Modernization market is expected to grow due to Rising Digital Urbanization and Reduces Electromagnetic Noise.

According to TechSci Research report, “Vietnam Elevator Modernization Market - By Region, Competition, Forecast & Opportunities, 2029”, Vietnam Elevator Modernization is not an exception as virtually every industry and sector throughout the globe is undergoing a digital transformation. Modern elevators provide consumers with a rich, multi-sensory experience by utilizing cutting-edge hardware and technology, such as artificial intelligence (AI) and the internet of things (IOT). The user experience is enhanced by these technologies, which also let people stay connected to the outside world.

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Based on End User, Commercial segment is the dominant in Vietnam Elevator Modernization Market, In the Vietnam elevator modernization market, the commercial segment emerges as the dominant end-user category, fueled by the country's rapid economic development, urbanization, and burgeoning commercial real estate sector. Commercial buildings, including office complexes, shopping malls, hotels, and retail spaces, require efficient and reliable vertical transportation systems to cater to high volumes of foot traffic and ensure smooth operations.

One of the key drivers propelling the dominance of the commercial segment is the increasing demand for modern, safe, and energy-efficient elevator solutions. As businesses compete to attract tenants and customers, they recognize the importance of upgrading elevator systems to enhance user experience, reduce downtime, and comply with stringent safety regulations. Modernized elevators equipped with advanced features such as destination control systems, energy-efficient motors, and smart monitoring capabilities are particularly sought after in commercial settings.

The expansion of multinational corporations and foreign investments in Vietnam has led to the construction of numerous high-rise commercial buildings in major cities like Ho Chi Minh City and Hanoi. These developments often require elevator systems that can handle high traffic volumes efficiently and provide reliable service to tenants and visitors. The need to align with international standards and cater to a diverse clientele further drives the adoption of modernization solutions in the commercial sector.

Government initiatives and regulations promoting sustainable building practices and energy efficiency play a significant role in encouraging commercial property owners to invest in elevator modernization. By upgrading to energy-efficient elevators, businesses can reduce operational costs and demonstrate their commitment to environmental responsibility, which is increasingly valued by tenants, investors, and regulatory bodies.

Technological advancements and innovations in elevator design and functionality continue to shape the commercial segment. The integration of IoT-enabled sensors, cloud-based monitoring systems, and predictive maintenance capabilities not only improves elevator performance but also enhances operational efficiency and reduces maintenance costs. These smart technologies allow building managers to monitor elevator usage patterns, anticipate maintenance needs, and optimize elevator service levels, thereby enhancing overall building management.

Driven by economic growth, urbanization, regulatory incentives, and technological advancements, the commercial segment stands out as the dominant end-user category in the Vietnam elevator modernization market. The ongoing demand for efficient, safe, and environmentally friendly vertical transportation solutions underscores the importance of continuous modernization efforts in commercial buildings across the country.

Key market players in the Vietnam Elevator Modernization Market include:

• PT. KONE Indo Elevator
• Toshiba Elevator and Building Systems Corporation (TOSHIBA)
• PT Berca Schindler Lifts
• OTIS Elevator Company (Vietnam) Ltd.
• TK Elevator Vietnam Private Limited
• PT Mitsubishi Jaya Elevator and Escalator
• PT. Fujitec Vietnam
• PT. Jaya Kencana
• PT Sarang Teknik Utama Vietnam (Hitachi)
• Shanghai Mitsubishi Elevator Vietnam Co., Ltd

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Building managers and other security personnel can see real-time elevator status using their smartphones and the Internet of Things thanks to systems that elevator modernization providers have previously installed (IoT). Additionally, it creates an open environment where all significant participants can obtain real-time data on their equipment at any time and from any location.

“During the anticipated period, the Vietnam Elevator Modernization Market is anticipated to grow due to a growth in industry mergers and acquisitions and the installation of systems that can synchronize data utilizing various technologies by elevator modernization businesses, and Electromagnetic (EM) noise can be reduced with elevator upgrading. Modernizing elevators is necessary because solid-state elevators emit EM waves, which are a significant contributor to human tissue damage, the market is robust and is anticipated to continue expanding and many more factors will drive the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vietnam Elevator Modernization Market By Elevator Type (Traction, Hydraulic, Machine Room-Less Traction), By Component (Controller, Door Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, Others), By End User (Residential Sector, Industrial Sector, Commercial Sector, Infrastructural Sector), By Modernization Type (Partial, Full) , By Region, Competition, Forecast & Opportunities, 2029”, has evaluated the future growth potential of Vietnam Elevator Modernization Market and provides statistics and information on market structure, size, share, and future growth. The report is intended 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 present in the Vietnam Elevator Modernization Market.

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