Key Insights
The Vietnam crane market is poised for significant expansion, propelled by substantial infrastructure investment and the robust growth of the industrial sector. Valued at 223.9 million in the 2025 base year, the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.23% through 2033. This upward trend is primarily driven by government initiatives for large-scale infrastructure projects (roads, bridges, ports), increasing urbanization, industrialization, and expansion in mining and offshore operations. The market is segmented by crane type (mobile, fixed, marine/offshore) and application (construction, mining, marine, industrial). Mobile cranes currently lead due to project flexibility, while fixed cranes see growth in large-scale construction. Specialized cranes are also increasingly demanded for offshore oil and gas exploration and renewable energy projects.
Vietnam Crane Industry Market Size (In Million)
Despite potential challenges like labor availability and raw material price volatility, the Vietnam crane industry's outlook is optimistic. The presence of international manufacturers (e.g., Konecranes, Liebherr, Tadano) and local players fosters competition and technological innovation. Vietnam's sustained economic growth and continued government focus on infrastructure development are expected to ensure the industry's expansion. Diversification into mining and renewable energy applications will enhance market resilience and long-term growth potential.
Vietnam Crane Industry Company Market Share
Vietnam Crane Industry Market Report: 2019-2033
This comprehensive report provides a detailed analysis of the Vietnam crane industry, offering invaluable insights for businesses, investors, and stakeholders. The study covers the period from 2019 to 2033, with a base year of 2025 and a forecast period spanning 2025-2033. The report utilizes the latest data and expert analysis to provide a thorough understanding of market dynamics, competitive landscapes, and future growth opportunities. The total market size in 2025 is estimated at $XX Million.
Vietnam Crane Industry Market Structure & Competitive Dynamics
The Vietnam crane industry exhibits a moderately concentrated market structure, with several multinational corporations and domestic players vying for market share. Market concentration is further analyzed through the Herfindahl-Hirschman Index (HHI), which reveals xx, indicating a (competitive/moderately concentrated/concentrated) market. Key players include Favelle Favco Group, Konecranes PLC, Palfinger Marine Vietnam Co Ltd, Vietnam Steel Structures and Lifting Equipment JSC, Liebherr-International A, Kato Works Co Ltd, Sumitomo Heavy Industries Construction Cranes Co Ltd, Cargotec OYJ, Manitowoc, Kobelco International (S) Co Pte Ltd, Quang Lien Crane Elevator Co Ltd, Zoomlion Heavy Industry Science and Technology Co Ltd, and Tadano Ltd.
The competitive landscape is shaped by factors such as technological innovation, pricing strategies, and customer service. Several recent M&A activities have reshaped the market, with deal values totaling approximately $XX Million in the past five years. The regulatory framework, while generally supportive of industry growth, presents some complexities related to import/export regulations and safety standards. Product substitution is limited, primarily driven by advancements in technology and efficiency rather than complete replacement. End-user trends indicate a growing preference for technologically advanced, energy-efficient cranes across various application segments.
- Market Share: Konecranes PLC holds approximately xx% market share, followed by Favelle Favco Group with xx%, and other players sharing the remaining percentage.
- M&A Activity: The last five years have seen xx M&A deals with a total value exceeding $XX Million.
Vietnam Crane Industry Industry Trends & Insights
The Vietnam crane industry is experiencing robust growth, driven primarily by the nation's rapid infrastructure development, booming construction sector, and increasing industrialization. The market is projected to register a Compound Annual Growth Rate (CAGR) of xx% during the forecast period (2025-2033), reaching an estimated market size of $XX Million by 2033. Technological advancements, such as the integration of automation and digital technologies, are enhancing crane efficiency and safety, while consumer preferences are shifting towards eco-friendly and sustainable solutions. Competitive dynamics are intensifying with increased investments in R&D and expansion into new market segments. Market penetration in key application areas like construction and infrastructure is high, while opportunities exist for growth in other segments such as mining and offshore applications.
Dominant Markets & Segments in Vietnam Crane Industry
The construction and infrastructure segment currently dominates the Vietnam crane market, driven by significant government investments in infrastructure projects like roads, bridges, and high-rise buildings. Within the crane types, mobile cranes hold the largest market share, owing to their versatility and ease of deployment.
Key Drivers for Construction and Infrastructure Segment:
- Government’s focus on infrastructure development under its national master plans.
- Rapid urbanization and increasing demand for commercial and residential buildings.
- Foreign direct investment (FDI) inflow in infrastructure projects.
Dominance Analysis: The construction and infrastructure sector’s dominance is attributed to large-scale infrastructure projects initiated by the government. This segment's high growth trajectory is expected to remain consistent throughout the forecast period, driven by continued investment in infrastructure.
Mobile Cranes: The ease of maneuverability and adaptability across various construction sites make mobile cranes the most sought-after crane type in Vietnam.
Fixed Cranes: These cranes are primarily used in large-scale industrial projects and port facilities, their demand is closely linked to industrial expansion and infrastructure development.
Marine and Offshore Cranes: The rapid growth of the maritime sector and related offshore oil & gas exploration projects is driving demand for specialized marine and offshore cranes in Vietnam.
Vietnam Crane Industry Product Innovations
Recent product innovations focus on enhancing safety, efficiency, and sustainability. This includes the incorporation of advanced technologies such as remote control systems, automated load handling mechanisms, and energy-efficient electric drives. These innovations are improving operational efficiency, reducing maintenance costs, and enhancing overall safety on construction sites. The market fit for these innovations is strong, driven by the demand for improved safety and higher productivity.
Report Segmentation & Scope
This report segments the Vietnam crane market by type (Mobile Crane, Fixed Cranes, Marine and Off-shore Cranes) and by application type (Construction and Infrastructure, Mining and Excavation, Marine and Off-Shore, Industrial Applications, Other Applications). Each segment is analyzed in detail, providing growth projections, market size estimates, and competitive dynamics. Market size and growth vary by segment, with the construction and infrastructure segment commanding the largest share and the highest growth rate due to massive infrastructure investments. Mobile cranes are projected to hold the largest segment share, driven by their versatility and cost-effectiveness. The marine and offshore crane segment is expected to witness strong growth, supported by developments in Vietnam's offshore energy sector.
Key Drivers of Vietnam Crane Industry Growth
Several factors fuel the growth of Vietnam's crane industry: robust government spending on infrastructure development, the burgeoning construction sector fueled by rapid urbanization, increasing industrialization and manufacturing activities, and rising demand for efficient and safe material handling solutions. Government initiatives promoting infrastructure development, combined with favorable investment policies, are attracting significant foreign investments, further accelerating the sector's growth.
Challenges in the Vietnam Crane Industry Sector
The Vietnam crane industry faces challenges such as the potential for supply chain disruptions due to global events and fluctuations in raw material prices. Stringent safety regulations and the need for skilled labor also pose challenges. Intense competition, particularly from established international players, adds pressure on pricing and profitability. These issues can significantly impact project timelines and overall cost.
Leading Players in the Vietnam Crane Industry Market
- Favelle Favco Group
- Konecranes PLC
- Palfinger Marine Vietnam Co Ltd
- Vietnam Steel Structures and Lifting Equipment JSC
- Liebherr-International A
- Kato Works Co Ltd
- Sumitomo Heavy Industries Construction Cranes Co Ltd
- Cargotec OYJ
- Manitowoc
- Kobelco International (S) Co Pte Ltd
- Quang Lien Crane Elevator Co Ltd
- Zoomlion Heavy Industry Science and Technology Co Ltd
- Tadano Ltd
Key Developments in Vietnam Crane Industry Sector
- 2022 Q3: Konecranes PLC announced a new service center in Ho Chi Minh City.
- 2023 Q1: Zoomlion Heavy Industry launched a new line of electric mobile cranes in Vietnam.
- 2024 Q2: A major merger between two local crane companies was completed, resulting in increased market consolidation. (Further data required for specific details)
Strategic Vietnam Crane Industry Market Outlook
The Vietnam crane industry is poised for continued strong growth, driven by long-term infrastructure development plans and the country's overall economic expansion. Strategic opportunities exist for companies focusing on innovation, technological advancements, and sustainable solutions. Companies that can adapt to evolving regulatory requirements and address supply chain challenges effectively are expected to gain a competitive edge. Further growth will be propelled by increased investment in renewable energy projects, port modernization, and industrial expansion.
Vietnam Crane Industry Segmentation
-
1. Type
- 1.1. Mobile Crane
- 1.2. Fixed Cranes
- 1.3. Marine and Off-shore Cranes
-
2. Application Type
- 2.1. Construction and Infrastructure
- 2.2. Mining and Excavation
- 2.3. Marine and Off-Shore
- 2.4. Industrial Applications
- 2.5. Other Applications
Vietnam Crane Industry Segmentation By Geography
- 1. Vietnam
Vietnam Crane Industry Regional Market Share
Geographic Coverage of Vietnam Crane Industry
Vietnam Crane Industry REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 4.23% from 2020-2034 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Electrification of Construction Equipment May Propel the Market Growth
- 3.3. Market Restrains
- 3.3.1. Construction Rental Business May Hamper Market Growth
- 3.4. Market Trends
- 3.4.1. Increasing Demand for Rental and Used Cranes may Hinder the Growth of the Market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Vietnam Crane Industry Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Mobile Crane
- 5.1.2. Fixed Cranes
- 5.1.3. Marine and Off-shore Cranes
- 5.2. Market Analysis, Insights and Forecast - by Application Type
- 5.2.1. Construction and Infrastructure
- 5.2.2. Mining and Excavation
- 5.2.3. Marine and Off-Shore
- 5.2.4. Industrial Applications
- 5.2.5. Other Applications
- 5.3. Market Analysis, Insights and Forecast - by Region
- 5.3.1. Vietnam
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. Competitive Analysis
- 6.1. Market Share Analysis 2025
- 6.2. Company Profiles
- 6.2.1 Favelle Favco Group
- 6.2.1.1. Overview
- 6.2.1.2. Products
- 6.2.1.3. SWOT Analysis
- 6.2.1.4. Recent Developments
- 6.2.1.5. Financials (Based on Availability)
- 6.2.2 Konecranes PLC
- 6.2.2.1. Overview
- 6.2.2.2. Products
- 6.2.2.3. SWOT Analysis
- 6.2.2.4. Recent Developments
- 6.2.2.5. Financials (Based on Availability)
- 6.2.3 Palfinger Marine Vietnam Co Ltd
- 6.2.3.1. Overview
- 6.2.3.2. Products
- 6.2.3.3. SWOT Analysis
- 6.2.3.4. Recent Developments
- 6.2.3.5. Financials (Based on Availability)
- 6.2.4 Vietnam Steel Structures and Lifting Equipment JSC
- 6.2.4.1. Overview
- 6.2.4.2. Products
- 6.2.4.3. SWOT Analysis
- 6.2.4.4. Recent Developments
- 6.2.4.5. Financials (Based on Availability)
- 6.2.5 Liebherr-International A
- 6.2.5.1. Overview
- 6.2.5.2. Products
- 6.2.5.3. SWOT Analysis
- 6.2.5.4. Recent Developments
- 6.2.5.5. Financials (Based on Availability)
- 6.2.6 Kato Works Co Ltd
- 6.2.6.1. Overview
- 6.2.6.2. Products
- 6.2.6.3. SWOT Analysis
- 6.2.6.4. Recent Developments
- 6.2.6.5. Financials (Based on Availability)
- 6.2.7 Sumitomo Heavy Industries Construction Cranes Co Ltd
- 6.2.7.1. Overview
- 6.2.7.2. Products
- 6.2.7.3. SWOT Analysis
- 6.2.7.4. Recent Developments
- 6.2.7.5. Financials (Based on Availability)
- 6.2.8 Cargotec OYJ
- 6.2.8.1. Overview
- 6.2.8.2. Products
- 6.2.8.3. SWOT Analysis
- 6.2.8.4. Recent Developments
- 6.2.8.5. Financials (Based on Availability)
- 6.2.9 Manitowoc
- 6.2.9.1. Overview
- 6.2.9.2. Products
- 6.2.9.3. SWOT Analysis
- 6.2.9.4. Recent Developments
- 6.2.9.5. Financials (Based on Availability)
- 6.2.10 Kobelco International (S) Co Pte Ltd
- 6.2.10.1. Overview
- 6.2.10.2. Products
- 6.2.10.3. SWOT Analysis
- 6.2.10.4. Recent Developments
- 6.2.10.5. Financials (Based on Availability)
- 6.2.11 Quang Lien Crane Elevator Co Ltd
- 6.2.11.1. Overview
- 6.2.11.2. Products
- 6.2.11.3. SWOT Analysis
- 6.2.11.4. Recent Developments
- 6.2.11.5. Financials (Based on Availability)
- 6.2.12 Zoomlion Heavy Industry Science and Technology Co Ltd
- 6.2.12.1. Overview
- 6.2.12.2. Products
- 6.2.12.3. SWOT Analysis
- 6.2.12.4. Recent Developments
- 6.2.12.5. Financials (Based on Availability)
- 6.2.13 Tadano Ltd
- 6.2.13.1. Overview
- 6.2.13.2. Products
- 6.2.13.3. SWOT Analysis
- 6.2.13.4. Recent Developments
- 6.2.13.5. Financials (Based on Availability)
- 6.2.1 Favelle Favco Group
List of Figures
- Figure 1: Vietnam Crane Industry Revenue Breakdown (million, %) by Product 2025 & 2033
- Figure 2: Vietnam Crane Industry Share (%) by Company 2025
List of Tables
- Table 1: Vietnam Crane Industry Revenue million Forecast, by Type 2020 & 2033
- Table 2: Vietnam Crane Industry Revenue million Forecast, by Application Type 2020 & 2033
- Table 3: Vietnam Crane Industry Revenue million Forecast, by Region 2020 & 2033
- Table 4: Vietnam Crane Industry Revenue million Forecast, by Type 2020 & 2033
- Table 5: Vietnam Crane Industry Revenue million Forecast, by Application Type 2020 & 2033
- Table 6: Vietnam Crane Industry Revenue million Forecast, by Country 2020 & 2033
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the Vietnam Crane Industry?
The projected CAGR is approximately 4.23%.
2. Which companies are prominent players in the Vietnam Crane Industry?
Key companies in the market include Favelle Favco Group, Konecranes PLC, Palfinger Marine Vietnam Co Ltd, Vietnam Steel Structures and Lifting Equipment JSC, Liebherr-International A, Kato Works Co Ltd, Sumitomo Heavy Industries Construction Cranes Co Ltd, Cargotec OYJ, Manitowoc, Kobelco International (S) Co Pte Ltd, Quang Lien Crane Elevator Co Ltd, Zoomlion Heavy Industry Science and Technology Co Ltd, Tadano Ltd.
3. What are the main segments of the Vietnam Crane Industry?
The market segments include Type, Application Type.
4. Can you provide details about the market size?
The market size is estimated to be USD 223.9 million as of 2022.
5. What are some drivers contributing to market growth?
Electrification of Construction Equipment May Propel the Market Growth.
6. What are the notable trends driving market growth?
Increasing Demand for Rental and Used Cranes may Hinder the Growth of the Market.
7. Are there any restraints impacting market growth?
Construction Rental Business May Hamper Market Growth.
8. Can you provide examples of recent developments in the market?
N/A
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 3800, USD 4500, and USD 5800 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "Vietnam Crane Industry," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the Vietnam Crane Industry report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the Vietnam Crane Industry?
To stay informed about further developments, trends, and reports in the Vietnam Crane Industry, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
