Vietnam: Market for Lifts, Elevators, Moving Stairways and Draglines 2025

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Vietnam

In 2022, the Vietnamese market for lifts, elevators, moving stairways and draglines decreased by -7.6% to $X, falling for the third year in a row after six years of growth. In general, consumption posted a tangible expansion. Lift, elevator, stairway and dragline consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports from Vietnam

After two years of decline, overseas shipments of lifts, elevators, moving stairways and draglines increased by 99% to X units in 2022. In general, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 168%. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, lift, elevator, stairway and dragline exports skyrocketed to $X in 2022. Overall, exports posted a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 118%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X units), India (X units) and Myanmar (X units) were the main destinations of lift, elevator, stairway and dragline exports from Vietnam, together comprising 55% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +40.5%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for lifts, elevators, moving stairways and draglines exports from Vietnam, comprising 29% of total exports. The second position in the ranking was held by India ($X), with an 11% share of total exports. It was followed by Myanmar, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Japan amounted to +25.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+34.2% per year) and Myanmar (+16.7% per year).

Export Prices by Country

The average export price for lifts, elevators, moving stairways and draglines stood at $X per unit in 2022, declining by -27.4% against the previous year. Overall, the export price continues to indicate a noticeable decline. The pace of growth appeared the most rapid in 2014 when the average export price increased by 75% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+41.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports into Vietnam

Lift, elevator, stairway and dragline imports into Vietnam was estimated at X units in 2022, picking up by 2.6% compared with the previous year. Overall, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 64% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, lift, elevator, stairway and dragline imports fell to $X in 2022. In general, imports continue to indicate a perceptible increase. The growth pace was the most rapid in 2015 when imports increased by 60%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Thailand (X units) and Poland (X units) were the main suppliers of lift, elevator, stairway and dragline imports to Vietnam, together accounting for 82% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +104.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lift, elevator, stairway and dragline suppliers to Vietnam were China ($X), Thailand ($X) and South Korea ($X), together comprising 72% of total imports. Japan, Taiwan (Chinese), Poland and Singapore lagged somewhat behind, together accounting for a further 5.9%.

Poland, with a CAGR of +92.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for lifts, elevators, moving stairways and draglines amounted to $X per unit, shrinking by -13.1% against the previous year. In general, the import price showed a perceptible slump. The most prominent rate of growth was recorded in 2021 an increase of 42% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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