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The Vietnam Crane Market has been segmented by Type (Mobile Crane, Fixed Cranes, and Marine and Off-shore Cranes), Application Type (Construction and Infrastructure, Mining and Excavation, Marine and Off-shore, Industrial Applications, and Other Application Types).
The Vietnam crane market is expected to register a CAGR of over 5% during the forecasted period (2020 - 2025)
The Vietnam crane market covers the latest trends and technological developments in the market, demand by crane type, application type, and share of major players across this region
|Marine and Off-shore Cranes|
|By Application Type|
|Construction and Infrastructure|
|Mining and Excavation|
|Marine and Off-Shore|
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Vietnam has emerged as a developing country majorly after becoming a member of WTO in 2007, the country has attracted several foreign direct investments especially from Korea, China, America, France, and Japan.
Construction and industrial activities in the country have increased significantly, thereby, creating a demand for cranes and other construction machinery.
Although the domestic firms in Vietnam have been offering crane rental service for more than a decade, the demand for the rental segment increased only since 2012. The end-users are benefited by the hassle-free operation of the construction and material handling activity. Renting the equipment augments in reducing the initial investment and the operational and maintenance costs.
Apart from crane rental services and leasing of cranes, the availability of used cranes has helped the fleet operators to maintain a wide range of diversified cranes at their disposal without requiring much capital investment, thereby, sufficing the business needs of customers with operational flexibility.
Asia Machinery Solutions (AMS), a leading crane rental company in Vietnam has been offering mobile cranes, crawler cranes, tower cranes, and forklifts for several industrial and construction activities. The company currently provides cranes with capacities ranging from 25 metric tons to 500 metric tons. AMS has directly imported equipment from leading Japanese manufacturers that include Kato Works, Tadano, Kobelco, and Hitachi Sumitomo.
A used crane is considered to be a significant cost-efficient investment for fleet operators. The saving made on a used crane is significantly high and would easily amount to hundreds of thousands of dollars, in comparison to a new crane purchase.
Price has been a determining factor, which prevents the purchase of a new crane, thereby, affecting the market growth to a significant extent. A lot of companies and fleet operators require the cranes to do the work but are reluctant to invest, as they doubt that they would not have enough work to recoup the investment from new equipment.
Additionally, another advantage of renting a crane is that the operators can get first-hand experience of the crane’s performance before making a purchase decision. The increase in the prices of new cranes further affects the market for new cranes and pose a significant concern to the crane manufacturers.
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Construction activities in Vietnam have increased over the last three years. The industry's output value - measured at constant 2017 US dollar exchange rates - increasing from USD 53.0 billion in 2017 to USD 57.5 billion in 2018.
The government in Vietnam aims at increasing the housing area per capita from 16.7 m2 in 2015 to 25 m2 by the end of 2020. Ongoing and future construction projects in the country include Thu Thiem Smart City, Metro lines development (USD 800 million), Long Thanh International airport (USD 16 billion), and expansion at the Tan Son Nhat International airport.
Considering all the ongoing and future construction activities in Vietnam, the crane market is expected to witness steady growth over the forecast period.
Manitowoc and Liebherr cranes are the most used cranes in the construction sector.
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The Vietnam crane market is fragmented. Some of the major players in the market are Liebherr, Cargotec, Kone Cranes PLC, Sumitomo Heavy Industries Construction Cranes Co. Ltd, and Vietnam Steel Structures and Lifting Equipment. Industry participants are expected to expect intensive competition owing to aggressive strategies, including acquisitions, pricing, merges, and new product development. In Sep 2019, Sumitomo Heavy Industries Construction Cranes Co Ltd acquired Invertek, Invertek is a well-known manufacturer of electric motors for heavy vehicles and industrial purposes.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's 5 Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Mobile Crane
5.1.2 Fixed Cranes
5.1.3 Marine and Off-shore Cranes
5.2 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
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share**
6.2 Company Profiles
6.2.1 Konecranes PLC
6.2.2 Cargotec OYJ
6.2.3 Quang Lien Crane Elevator Co. Ltd
6.2.4 Tadano Ltd
6.2.5 Sumitomo Heavy Industries Construction Cranes Co. Ltd
6.2.6 Vietnam Steel Structures and Lifting Equipment JSC
6.2.7 Kato Works Co. Ltd
6.2.8 Kobelco International (S) Co. Pte. Ltd
6.2.9 Palfinger Marine Vietnam Co. Ltd
6.2.10 Zoomlion Heavy Industry Science and Technology Co. Ltd
6.2.11 Favelle Favco Group
6.2.13 Liebherr-International AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS