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Vietnam Crane Market Size, Share, Analysis, Growth: By Mobility: Static, Mobile; By Type: Overhead Travelling Crane, Transporter Crane, Gantry Crane, Bridge Crane, Tower Crane, Others; By Sales Channel: OEM, Aftermarket; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 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 Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | XX |
| Market Size 2032 | USD Million | XX |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.8% |
| CAGR 2024-2032 - Market by Region | Red River Delta | 5.3% |
| CAGR 2024-2032 - Market by Region | Mekong River Delta | 4.6% |
| CAGR 2024-2032 - Market by Mobility | Mobile | 5.5% |
| CAGR 2024-2032 - Market by Sales Channel | OEM | 5.2% |
| Market Share by Region | Red River Delta | 23.7% |
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:
| CAGR 2024-2032 - Market by | Mobility |
| Mobile | 5.5% |
| Static | XX% |
Market Breakup by Mobility
- Static
- Mobile
Market Breakup by Type
- Overhead Travelling Crane
- Transporter Crane
- Gantry Crane
- Bridge Crane
- Tower Crane
- Others
| CAGR 2024-2032 - Market by | Sales Channel |
| OEM | 5.2% |
| Aftermarket | XX% |
Market Breakup by Sales Channel
- OEM
- Aftermarket
| CAGR 2024-2032 - Market by | Region |
| Red River Delta | 5.3% |
| Mekong River Delta | 4.6% |
| Southeast | XX% |
| South Central Coast | XX% |
| Others | XX% |
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.
| Market Share by | Region |
| Southeast | XX% |
| Red River Delta | 23.7% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Mobility |
|
| Breakup by Type |
|
| Breakup by Sales Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Vietnam Crane Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Crane Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Crane Historical Market (2018-2023)
8.3 Asia Pacific Crane Market Forecast (2024-2032)
9 Vietnam Crane Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Crane Historical Market (2018-2023)
9.3 Vietnam Crane Market Forecast (2024-2032)
10 Vietnam Crane Market by Mobility
10.1 Static
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Mobile
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Vietnam Crane Market by Type
11.1 Overhead Travelling Crane
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Transporter Crane
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Gantry Crane
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Bridge Crane
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Tower Crane
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Vietnam Crane Market by Sales Channel
12.1 OEM
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Aftermarket
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Vietnam Crane Market by Region
13.1 Southeast
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Red River Delta
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Mekong River Delta
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Central Coast
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Tadano Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 XCMG Construction Machinery Co Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 SANY Group
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Zoomlion Heavy Industry Sci & Tch Co Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 The Manitowoc Company, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Sumitomo Heavy Industries Construction Cranes Co., Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Crane Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Crane Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Crane Historical Market: Breakup by Mobility (USD Million), 2018-2023
4. Vietnam Crane Market Forecast: Breakup by Mobility (USD Million), 2024-2032
5. Vietnam Crane Historical Market: Breakup by Type (USD Million), 2018-2023
6. Vietnam Crane Market Forecast: Breakup by Type (USD Million), 2024-2032
7. Vietnam Crane Historical Market: Breakup by Sales Channel (USD Million), 2018-2023
8. Vietnam Crane Market Forecast: Breakup by Sales Channel (USD Million), 2024-2032
9. Vietnam Crane Historical Market: Breakup by Region (USD Million), 2018-2023
10. Vietnam Crane Market Forecast: Breakup by Region (USD Million), 2024-2032
11. Vietnam Crane Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 4.8% between 2024 and 2032.
The market is being driven by rapid urbanisation and rising demand for mining and extraction activities.
The key trends aiding the crane market in Vietnam include technological advancements and port and logistics development.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The major market segmentations based on mobility include static and mobile.
The major players in the market are Tadano Ltd., XCMG Construction Machinery Co Ltd., SANY Group, Zoomlion Heavy Industry Sci & Tch Co Ltd., The Manitowoc Company, Inc., and Sumitomo Heavy Industries Construction Cranes Co., among others.
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