The Vietnam construction equipment market was valued at around $616 million in 2021, and the market is projected to reach $913 million by 2028.
Chicago, May 17, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the Vietnam construction equipment market to grow at a CAGR of 5.9% during 2022-2028. Several public infrastructure projects are taken up such as the expansion of Vietnam’s airport under the Public-Private Partnership model. The expansion project is planned for 2022, with the Vietnamese government planning to invest $11 billion in the airport expansion in the next five years.
The construction equipment market in Vietnam is expected to reach 6,869 units by 2028. The government has plans to invest ~65 billion in road infrastructure by 2030. About 48% of the total transport industry investment is planned for the development of a road network by 2030. Major road construction projects are North-South Express ($18.5 billion), The long Thanh Airport ($16 billion), Ho Chi Minh City Metro ($6.2 billion), Hanoi Ring Road ($368 million), Hai Van Tunnel 2 ($312 million) & Lien Chieu Port Da Nang ($147 million) are under progress in 2022.
Vietnam Construction Equipment Market Report Scope
MARKET SIZE (2028)
MARKET SIZE (VOLUME - 2028)
Earthmoving Equipment, Road Construction Equipment, Material Handling Equipment
Construction, Manufacturing, Mining, and Others
Komatsu, Hyundai Doosan Infracore, Hyundai Construction Equipment, Caterpillar, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Volvo Construction Equipment, SANY, and Liebherr
The surge in infrastructure development projects in Ho Chi Minh City, Hanoi, and Da Nang region expects to drive the demand for earthmoving equipment. In 2021, the government allocated $120 billion for public infrastructure development. The Vietnam earthmoving equipment market expects to grow strongly through 2028, owing to the rise in government investments in highway, metro, and airport construction projects, and the expansion of construction, transportation, and renewable energy sectors.
Vietnam construction equipment market is expected to grow significantly at a CAGR of 6.71% during the forecast period (2022-2028) with high demand for forklifts in the material handling segment due to growth in manufacturing, logistics & cargo handling activities. The growth in construction equipment is majorly driven by a surge in public infrastructure investment by Government, and growth in housing and renewable energy projects.
In 2021, the Vietnam government planned to invest $480 billion till 2030 for upgrading infrastructure, including 11 power plants, new highways, and roadways. Ministry of Transport Vietnam drafted a road & highways construction plan in 2021. The department aimed to connect all highways to main political centers, key economic regions, seaports, and international airports. In addition to it ~5,000 kilometers of highway construction were planned.
The demand for housing in Bao Loc, Dalat, and Ho Tram regions is increasing especially post-pandemic. FDI inflow in the country’s real estate industry accounted for 11% of total FDI inflows for the year 2021.The government initiatives of loosening the housing laws under the national housing development plan 2021-2030 are expected to support the demand for housing in the country.
Depletion of mining resources, declining oil & gas production and rising building material prices are major challenges to the Vietnamese economy.
Komatsu, Hyundai Doosan Infracore, XCMG & Caterpillar accounts for 46% of the market share in Vietnam.
Komatsu, Hyundai Doosan Infracore, Caterpillar, XCMG, Volvo Construction Equipment, SANY, and Liebherr are the major Vendors in Vietnam Construction Equipment Market. Other Prominent Vendors are Kobelco, Terex Corporation, Zoomlion, & Hitachi Construction Equipment.
Hyundai Doosan Infracore
Hyundai Construction Equipment
Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
Volvo Construction Equipment
Other Prominent Vendors
Zoomlion Heavy Industry Science & Technology Co. Ltd
Hitachi Construction Machinery
Construction Machinery Hoang Gia
BIN LOI CO. LTD
Troung Phat Import Export Investment Service Company Limited
Vietserve Technology Limited
T&C Machine and Repair
Vietnam Construction Equipment Market Report – Table of Content
Section 1 Introduction
• Market Snapshot
• Executive Summary
Section 2 The Market Overview
Economic Scenario, Foreign Direct Investment, Major Infrastructure Projects in Vietnam
Section 3 Vietnam Construction Equipment (Type & Application)
3.1 Vietnam Construction Equipment Market by Type (Volume & Value)
3.1.1. Earth Moving Equipment
Other Earth Moving Equipment (Other Loaders, Bulldozer, Trencher, etc.)
3.1.2. Road Construction Equipment
3.1.3. Material Handling Equipment
Forklift and Telescopic Handler
Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, Scissor Lifts, etc)
3.2 Vietnam Construction Equipment Market by Application (Volume & Value)
Others (Power Generation and Utilities, Municipal Corporation etc)
Section 4 Market Dynamics
Market Drivers, Restraints, Trends, Key Economic Regions in Vietnam, Advantage Vietnam, FDI in Vietnam, Import/Export Trend Analysis, Supply chain. COVID-19 Impact
Section 5 Technology Development
Advent of Technology
Section 6 Competitive Landscape
Competitive Landscape Overview
Major Vendors (Caterpillar | Volvo Construction Equipment| Komatsu | SANY | Zoomlion Vietnam | Liebherr | Terex Corporation | Hyundai Construction Equipment | XCMG | Kobelco| Hyundai Doosan Infracore | Hitachi Construction Equipment)
Other Prominent Vendors
Section 7 Quantitative Summary
Section 8 Report Summary
1. Key Insights
List of Graphs
List of Tables
Section 9 Report Scope & Definition
Market Definition, Inclusion & Exclusion
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