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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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.*
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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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