ResearchAndMarkets says new installations are expected to grow at a 3.41% CAGR from 2025, supported by infrastructure spending, urban development, demographic shifts and tighter building standards.
Vietnam's elevator and escalator market is projected to expand to 51,013 units by 2031 from an estimated 41,717 units in 2025, according to a ResearchAndMarkets report, with new installations forecast to grow at a 3.41% CAGR from 2025. The outlook is tied to large public investment, including major transport projects such as high-speed rail and airport development, alongside continued urban construction activity across residential and commercial property. The report also points to demographic change, with Vietnam's population projected to reach 104.7 million by 2029 and the share of people over 60 increasing demand for accessible mobility solutions and modernization of existing systems. It highlights stricter elevator requirements for taller buildings and a greater focus on firefighting and accessibility features as additional demand drivers. AI-enabled systems from companies including KONE, OTIS and Schindler are cited as a market opportunity as developers pursue smarter and more efficient vertical transport. High installation and maintenance costs, as well as geopolitical tensions and currency depreciation that raise procurement costs and affect investment flows, remain key restraints.