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Vietnam Crane Market - Growth, Trends, and Forecast (2019 - 2024)

  • ID: 4828251
  • Report
  • June 2019
  • Region: Vietnam
  • 70 pages
  • Mordor Intelligence
until Mar 31st 2020
1 of 4


  • Cargotec OYJ
  • Favelle Favco Group
  • Kato Works Co. Ltd
  • Konecranes PLC
  • Liebherr-International AG
  • Manitowoc
  • MORE
Market Overview

The Vietnam crane market is expected to grow at a steady pace, registering a CAGR of more than 5%, during the forecast period, 2019-2024.
  • 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 Vietnam construction industry is expected to witness significant growth in the coming years, with good opportunities in infrastructure, residential, and non-residential sectors.
  • However, an increase in the demand for rental cranes may hinder the growth and demand for new cranes. But 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.
Scope of the Report

The Vietnamese crane market has been segmented into type and application.

Key Market Trends

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

Vietnam has emerged as a developing country. Until 1986, the country’s economy was a planned one, However, 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 benefitted 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 ton to 500 metric ton. 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 to 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 firsthand 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.

Construction & Infrastructure Segment expected to Dominate the Market

Construction activities in Vietnam have increased over the last three years. In 2007, the revenue from the construction sector in the country was USD 1.2 billion and by 2017, this revenue ramped up to USD 12.8 billion.

This trend continued during the first half of 2018. With the increase in the issuance of building permits, economic recovery, and the government’s investment in both commercial and residential construction, the construction sector revenue increased by 7.93% in H1 (First Half) of 2018 as compared to H1 of 2017.

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 commonly 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.
Competitive Landscape

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.
Note: Product cover images may vary from those shown
2 of 4


  • Cargotec OYJ
  • Favelle Favco Group
  • Kato Works Co. Ltd
  • Konecranes PLC
  • Liebherr-International AG
  • Manitowoc
  • MORE
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study



4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

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

6.1 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
6.2.12 Manitowoc
6.2.13 Liebherr-International AG

Note: Product cover images may vary from those shown
3 of 4


4 of 4
  • Konecranes PLC
  • Cargotec OYJ
  • Quang Lien Crane Elevator Co. Ltd
  • Tadano Ltd
  • Sumitomo Heavy Industries Construction Cranes Co. Ltd
  • Vietnam Steel Structures and Lifting Equipment JSC
  • Kato Works Co. Ltd
  • Kobelco International (S) Co. Pte. Ltd
  • Palfinger Marine Vietnam Co, Ltd
  • Zoomlion Heavy Industry Science and Technology Co. Ltd
  • Favelle Favco Group
  • Manitowoc
  • Liebherr-International AG
Note: Product cover images may vary from those shown