Vietnam Crane Market Report and Forecast 2024-2032

Vietnam Crane Market Size

The Vietnam crane market is projected to grow at a CAGR of 4.8% between 2024 and 2032. The market growth can be attributed to the robust growth of the mining and construction sectors.

Vietnam Crane Market Outlook

• In 2021, 647 mining and quarrying organisations were established, and active enterprises in the mining and quarrying sectors witnessed a y-o-y growth of 3%, reaching 5,416 in the same year.

• In May 2024, two STS and three RTG cranes were delivered to Chu Lai International Port in Vietnam.

• In November 2023, Sarens, a renowned provider of crane rental, heavy lift, and engineered transportation services, partnered with Dae Ah to oversee the upkeep of Hyosung's chemical plant located in Phu My, Ba Ria-Vung Tau, Vietnam.

Vietnam Crane Market Growth

Vietnam is experiencing a surge in mining activities, leading to an increased demand for cranes. In 2020, the mining sector represented 2.4% of the country’s GDP. The country boasts the world’s second-largest deposit of rare earth elements, amounting to 22 million rare earth oxides. As the Vietnamese government aims to surge its rare earth elements production to 2.02 million tonnes per year by 2030, the country has the opportunity to become a significant contributor to rare earth supply chains. This is expected to boost the demand for cranes as they are essential in mining and mineral processing and material supply.

Vietnam is currently experiencing swift urbanisation, marked by a notable rise in residential, commercial, and industrial structures. The government's emphasis on enhancing infrastructure, encompassing roads, bridges, ports, and airports, has resulted in a heightened need for cranes to facilitate these extensive undertakings. The market growth can also be attributed to national initiatives like the National Targeted Programs for New Rural Development and the Sustainable Poverty Reduction Support Program.

The logistics market in Vietnam is growing at an impressive average annual rate of 14–16%. This demonstrates the nation's dedication to improving connectivity and logistics efficiency. When managing large, heavy loads that cannot be handled by other means, cranes are indispensable. For sectors like manufacturing, shipping, and construction where big, heavy objects need to be precisely moved and positioned, this capability is essential. To maximise space utilisation in warehouses and storage yards, cranes make it possible to stack and store goods efficiently. Logistics companies can optimise their storage capacity and streamline their operations with the help of this improved inventory management.

Vietnam Crane Industry Segmentation

“Vietnam Crane Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Mobility

• Static

• Mobile

Market Breakup by Type

• Overhead Travelling Crane

• Transporter Crane

• Gantry Crane

• Bridge Crane

• Tower Crane

• Others

Market Breakup by Sales Channel

• OEM

• Aftermarket

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Crane Market Share

Based on mobility, the market is segmented into static and mobile. Mobile cranes are projected to grow at a CAGR of 5.5% during the forecast period of 2024-2032. These adaptable cranes are suitable for a variety of work environments and are capable of lifting a diverse array of loads. They are ideal for hoisting, transporting, and positioning equipment with minimal assembly required, and are frequently utilised in construction, wind power, and HVAC projects.

Leading Companies in the Vietnam Crane Market

Major market players are focusing on the adoption of advanced technologies and increasing preference for rental services to gain a competitive edge.

• Tadano Ltd.

• XCMG Construction Machinery Co Ltd.

• SANY Group

• Zoomlion Heavy Industry Sci & Tch Co Ltd.

• The Manitowoc Company, Inc.

• Sumitomo Heavy Industries Construction Cranes Co.

• Others

Key Highlights of the Report

Vietnam Crane Market Report Snapshots

Vietnam Crane Market Size

Vietnam Crane Market Growth

Vietnam Crane Market Share

Vietnam Crane Companies