Market Size of Vietnam Crane Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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
