The Vietnam Elevator Market size is expected to grow from USD 48167.57 Units in 2022 to USD 64514.12 Units by 2030, at a CAGR of 3.72% during the forecast period (2023-2030).
A multi-story building can use an elevator, also known as a lift, to move people or large objects between its levels, floors, or decks. It operates in a vertical shaft with the assistance of a hydraulic cylinder, cable, or roller track. Usually, electric motors that power counterweight systems like traction cables and hoists are used to drive them. A residential elevator that is vacuum (air-driven), a machine-room-less (MRL) elevator, a gearless or geared traction elevator, and a hydraulic elevator are among the several kinds of elevators. The elevators' history begins several years before the birth of Christ. The wealthiest Hua family in Vietnam had the first elevators built in their 99 doors in 1929, according to the design of a French architect.
Introspective Market Research Pvt Ltd is pleased to announce the release of its in-depth market research report on the Vietnam Elevator Market. The report provides valuable insights into market dynamics, trends, and regional influences, making it an essential resource for industry stakeholders and decision-makers. Our report leverages a rigorous research methodology to analyze complex data and present it in an easily comprehensible format. The report covers various aspects of the Vietnam Elevator market, including Porter's analysis, PESTEL analysis, market segments, competitive analysis, and more.
Top Key Players Covered In Vietnam Elevator Market
SCHINDLER (SWITZERLAND), OTIS ELEVATOR COMPANY, THYSSENKRUPP AG, KONE CORPORATION, HITACHI LTD., FUJITEC CO., LTD, HYUNDAIELEVATOR CO., LTD., ELECTRA ELEVATORS, MITSUBISHI ELECTRIC CORPORATION, ELEVATOR WORLD, LLC, TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION, EITA ELEVATOR (M) SDN. BHD., ORONA, OTHER MAJOR PLAYERS
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Segmentation Analysis of the Vietnam Elevator Market
By Type
- Elevator (Vertical)
- Escalator
- Moving Walkway
By Application
- Residential
- Commercial
- Institutional
- Infrastructure
- Others
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Market Dynamics And Factors For Vietnam Elevator Market
Driver:
Sustainable Construction Practices To Drive Demand
With 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.
Restraint:
Growing Maintenance Costs Result In Customers Being Overcharged
Equipment 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.
Opportunity:
Smart Elevators
The 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 Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
𝐑𝐞𝐩𝐨𝐫𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐑𝐞𝐚𝐬𝐨𝐧𝐬:
- a qualitative and quantitative study based on segmentation that includes both economic and non-economic factors
- Data on value for each section and sub-segment
- Indicates the region and segment that is likely to expand the fastest and dominate the.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the within each region.
- The competitive landscape includes the top players' rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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