Vietnam Crane Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

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).

Vietnam Crane Market Size

Vietnam Crane Market_overview
Study Period: 2018 - 2028
CAGR: > 5 %

Major Players


*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and it's growth?

Vietnam Crane Market Analysis

The Vietnam crane market is expected to register a CAGR of over 5% during the forecasted period (2020 - 2025)

  • Some of the major factors driving the market are the rise in new construction and renovation activities. There has been an increase in investments for the construction of roads, highways, smart cities, metros, bridges, and expressways due to the growing population and urbanization over the last three years. The Vietnamese construction industry is expected to witness significant growth in the coming years, with great opportunities in the infrastructure, residential, and non-residential sectors.
  • However, an increase in the demand for rental cranes may hinder the growth and demand for new cranes. However, the enactment of stringent emission norms is expected to create demand for new cranes that comply with the new regulations.
  • Furthermore, the increase in mining activities in the country is expected to increase the purchases and rentals of cranes

Vietnam Crane Industry Segmentation

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

By Type
Mobile Crane
Fixed Cranes
Marine and Off-shore Cranes
By Application Type
Construction and Infrastructure
Mining and Excavation
Marine and Off-Shore
Industrial Applications
Other Applications

Report scope can be customized per your requirements. Click here.

Vietnam Crane Market Trends

This section covers the major market trends shaping the Vietnam Crane Market according to our research experts:

Increasing Demand for Rental and Used Cranes may Hinder the Growth of the Market

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.

Vietnam crane market

Construction and Infrastructure Segment expected to Dominate the Market

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.

  • During July 2018, Manitowoc cranes were used in the construction of Vietnam’s tallest building, the Landmark 81 due to their speed and efficiency. The cranes supplied by Manitowoc were two MR 418 luffing jib cranes and two MCT 205 topless cranes.
  • In addition to this, Manitowoc has also supplied tower cranes for the leading construction company in the country. Coteccons, a construction firm has also added 20 new MCT 205 cranes and three MCR 160 luffing jib cranes to its lineup to meet the construction demand.
vietnam crane market

Vietnam Crane Industry Overview

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.

Vietnam Crane Market Leaders

  1. Sumitomo Heavy Industries Construction Cranes Co. Ltd

  2. Vietnam Steel Structures and Lifting Equipment JSC

  3. Kobelco International (S) Co. Pte. Ltd

  4. Palfinger Marine Vietnam Co. Ltd

  5. Tadano Ltd

*Disclaimer: Major Players sorted in no particular order

Market Concentration

Vietnam Crane Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's 5 Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 By Type

      1. 5.1.1 Mobile Crane

      2. 5.1.2 Fixed Cranes

      3. 5.1.3 Marine and Off-shore Cranes

    2. 5.2 By Application Type

      1. 5.2.1 Construction and Infrastructure

      2. 5.2.2 Mining and Excavation

      3. 5.2.3 Marine and Off-Shore

      4. 5.2.4 Industrial Applications

      5. 5.2.5 Other Applications


    1. 6.1 Vendor Market Share**

    2. 6.2 Company Profiles

      1. 6.2.1 Konecranes PLC

      2. 6.2.2 Cargotec OYJ

      3. 6.2.3 Quang Lien Crane Elevator Co. Ltd

      4. 6.2.4 Tadano Ltd

      5. 6.2.5 Sumitomo Heavy Industries Construction Cranes Co. Ltd

      6. 6.2.6 Vietnam Steel Structures and Lifting Equipment JSC

      7. 6.2.7 Kato Works Co. Ltd

      8. 6.2.8 Kobelco International (S) Co. Pte. Ltd

      9. 6.2.9 Palfinger Marine Vietnam Co. Ltd

      10. 6.2.10 Zoomlion Heavy Industry Science and Technology Co. Ltd

      11. 6.2.11 Favelle Favco Group

      12. 6.2.12 Manitowoc

      13. 6.2.13 Liebherr-International AG


You can also purchase parts of this report. Do you want to check out a section wise price list?

Vietnam Crane Market Research FAQs

The Vietnam Crane Market is studied from 2018 - 2028.

The Vietnam Crane Market is growing at a CAGR of >5% over the next 5 years.

Sumitomo Heavy Industries Construction Cranes Co. Ltd, Vietnam Steel Structures and Lifting Equipment JSC, Kobelco International (S) Co. Pte. Ltd, Palfinger Marine Vietnam Co. Ltd, Tadano Ltd are the major companies operating in Vietnam Crane Market.

Vietnam Crane Industry Report

Statistics for the 2023 Vietnam Crane market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Crane analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!