Vietnam Crane Market Size (2024 - 2029)

Vietnam Crane Market Size Summary

The Vietnam crane market is poised for significant growth, driven by a surge in construction and renovation activities across the country. The increasing investments in infrastructure projects such as roads, highways, smart cities, metros, bridges, and expressways, fueled by urbanization and a growing population, are key factors propelling the market. The construction industry in Vietnam is expected to expand, offering substantial opportunities in infrastructure, residential, and non-residential sectors. However, the rising demand for crane rentals may pose a challenge to the market's growth, although stringent emission norms are likely to boost the demand for new, compliant cranes. Additionally, the expansion of mining activities is anticipated to further stimulate the purchase and rental of cranes.

Vietnam's status as a developing nation, particularly after joining the WTO, has attracted significant foreign direct investments, notably from countries like Korea, China, America, France, and Japan. This influx has led to a rise in construction and industrial activities, increasing the demand for cranes and other machinery. The rental market has gained traction, offering cost-effective solutions for fleet operators by reducing initial investments and operational costs. Companies like Asia Machinery Solutions (AMS) play a pivotal role in providing a diverse range of cranes, including mobile, crawler, and tower cranes, imported from leading manufacturers. The market is characterized by intense competition among major players such as Liebherr, Cargotec, and Kone Cranes, with strategies focusing on acquisitions, pricing, and new product development. Despite challenges like high prices of new cranes, the market is expected to witness steady growth, supported by ongoing and future construction projects in the country.