VIETNAM CONSTRUCTION EQUIPMENT MARKET SIZE WAS VALUED AT USD 616 MILLION IN 2021 AND IS EXPECTED TO REACH USD 913 MILLION BY 2028, GROWING AT A CAGR OF 5.88%.

Vietnam Construction Equipment Market Research Report includes segments by

  • Earth Moving Equipment: Excavator, Backhoe Loader, Motor Grader, and Other Earth Moving Equipment
  • Material Handling Equipment: Crane, Forklift & Telescopic Handler, Arial Platforms (Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts, etc.)
  • Road Construction Equipment: Road Roller and Asphalt Paver
  • End-users: Construction, Manufacturing, Mining, and Others

Licence Types What are these?
GET ACTIONABLE INSIGHTS ON HOW COVID-19 IS IMPACTING YOUR BUSINESS
Enquire Now Download Free Sample

Most Exhaustive Report

icon-pages

108 Pages

icon-table

15 Tables

icon-chart

58 Charts

icon-region

1 Regions

icon-country

1 Countries

icon-company

16 Companies

icon-market

4 Market Segment

VIETNAM CONSTRUCTION EQUIPMENT MARKET REPORT SCOPE

Report Attribute Details
Market Size (2028) USD 913 Million
Market Size (2021) USD 616 Million
CAGR (2022-2028) 5.88%
Market Size (Volume) 6,869 Units (2028)
Historic Year 2019-2020
Base Year 2021
FORECAST YEAR 2022-2028
TYPE Earth Moving Equipment (Excavator, Backhoe Loader, Motor Grader, and Other Earth Moving Equipment), Material Handling Equipment (Crane, Forklift & Telescopic Handler, Arial Platforms (Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts, etc.) and Road Construction Equipment (Asphalt Paver and Road Roller)
END-USERS Construction, Manufacturing, Mining, and Others
KEY VENDORS Komatsu, Hyundai Doosan Infracore, Caterpillar, XCMG, Volvo, Sany, and Liebherr.

MARKET OVERVIEW

The Vietnam construction market was valued at around USD 616 million in 2021, and the market is projected to register a growth rate of 5.88% during the forecast period (2022 -2028). The sales are projected to reach 6,869 units by 2028. The growth in construction equipment is majorly driven by the Government's surge in public infrastructure investment, growth in housing, and renewable energy projects.

KEY HIGHLIGHTS IN THE REPORT

  • The material handling segment accounts for the largest Vietnam construction equipment market share. Due to manufacturing and construction industry growth, forklift accounts for the largest market share in the material handling segment.
  • The earthmoving segment is the second-largest second after material handling. Backhoe loaders are popular due to their extensive use in civil work and urban development projects in Ho Chi Minh City and Hanoi. Backhoe loaders provide flexible operation facilities on muddy and uneven terrain, making them more popular than excavators in the Vietnam earthmoving equipment segment.
  • In 2022, the Government plan to $120 billion on public infrastructure. The construction industry is expected to grow by 6% in 2022 due to a rise in government investment in infrastructure & road construction projects. The country's real estate sectors witnessed 4% growth in 2021; similar growth is expected in 2022.
  • The country's manufacturing sector grew by 6.3% in 2021; the industry benefited by shifting manufacturing bases from China to the country's northern region due to the availability of low business setup costs.
  • The Government's shifts focus to renewable energy resources is expected to prompt the investment and FDI inflow in the renewable energy sector in 2022.
  • The demand for mini excavators and cranes is expected to grow due to the surge in solar and wind farm projects to achieve carbon-neutral status by 2050.

Investment in Infrastructure & Renewable Energy Sector Drives the Economic Recovery

Vietnam's economy was resilient and witnessed 2.9% growth in 2020. The country's manufacturing and export sectors performed well in 2020, which offset the negative impact of COVID-19. The government investment in Real Estate, Construction, Mining, Power, Information technology & Education sectors will improve economic activities across the country in 2021, resulting in a growth of 6.3% in the construction industry.

According to the IMF forecast, Vietnam's economy is expected to grow by 6.5% in 2022, making the country one of the fastest-growing economies in the Southeast Asian region. Government initiatives of tax reduction on importing raw materials and reducing land rental are expected to impact the country's manufacturing industry positively.

Vietnam ranked 70th in ease of doing business in 2021. The country has a competitive edge over other Southeast Asian countries due to low coat business setting up compared to other countries such as Indonesia, Thailand & Malaysia because of the availability of low-cost labor and tax incentives provided by the Government. The country's electronics, textile, garments, and leather industries are booming due to a surge in demand.

In 2021, FDI inflow in Vietnam slightly declined by 1.2% due to slow economic recovery. The second wave of infection hampered the economic recovery process in the country. However, Government is expecting a strong market recovery and high FDI inflow due to a surge in infrastructure in 2022. The initiatives of low corporate tax rate and exemption from tax for major industries such as garment, textile, telecommunication & electronics. Exemption of import duties on raw materials and reduction of land rental is expected to attract FDI in 2022.

According to government data, the country plans to invest $480 billion by 2030 to upgrade infrastructure, including 11 power plants, new highways, and roadways. In 2021, the Ministry of transport Vietnam drafted a road & highways construction plan. 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 highways construction were planned.

The Government planned to invest ~65 billion in road infrastructure by 2030. 48% of total transport industry investment is planned for road network development by 2030. Major road construction projects such as 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.

A surge in Investment in Public Infrastructure, Real estate & Renewable energy Projects

According to Asian Development Bank, Vietnam will invest ~5.7% of its GDP in infrastructure development in 2022. The Vietnamese Government is increasing public investment by 8.3% in 2022. An investment of $22.7 billion is planned for construction projects, including $1.5 billion from foreign sources. In 2022, the project funding will be more concentrated on enhancing transport infrastructure in the country.

Growth in Housing Projects in Bao Loc, Dalat & Ho Tram Regions

In 2022, the industry recovered, and demand for housing in the suburbs region to avoid city pollution & population has increased. So, the growth in demand for housing in Bao Loc, Dalat, and Ho Tram is witnessed especially after the pandemic. FDI inflow in the country's real estate industry accounted for 11% of total FDI inflows in 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.

Vietnam is one of the fasted growing economies in the Southeast Asian region. According to the Asian development bank, the country's GDP is expected to grow by 6.5% in 2022. The electricity demand is expected to grow by 11% in 2022. Therefore, the Government aims to reduce fossil fuel dependency and replace it with renewable energy resources under the climate safety program. Vietnam's solar generation capacity is expected to grow by more than 16,500 MW by 2022 due to government initiatives to provide tax benefits and subsidies for installing solar power generation projects. Similar growth is expected in the country's wind energy generation, which is also backed well by the Vietnamese Government to become carbon-neutral by 2050.

Depletion of mining resources, declining oil & gas production, and rising building material prices are major challenges to the Vietnamese economy

According to government data, at the current production rate, oil & coal resources in Vietnam will be exhausted in about 56 to 165 years. The country has small and scattered mineral reserves for iron, manganese, zinc, and lead. Mining activities in Vietnam have been facing several problems affecting many socio-economic aspects. Mining is causing serious environmental problems, including erosion, landslides, loss of biodiversity, and pollution of soil, groundwater, and surface water from chemicals used in mining. Mining in restricted mines and improper techniques in mining activities are the main factors for declining mineral resources in the country.

In Vietnam, oil & gas production is continuously decreasing over the years, from 16.9 million tons in 2015 to 9.7 million tons in 2020. According to Vietnam Oil & Gas Group, most of the oil & gas reserves are completely exploited. The Government does not have any countermeasure to avoid the declination of oil & gas production. According to government statistics, domestic oil production has continuously decreased from 16.9 million in 2015, 15.2 million in 2016, 13.4 million in 2017, 12 million tons in 2018, and 11 million and 9.7 million tons in 2019 and 2020.

In 2021, there was a surge in iron & steel prices in the Vietnam market. The prices of building materials, including iron & steel, increased by 30%-40% in 2021, pushing the country's overall price of real estate projects. Other construction materials such as asphalt prices increased by 9%-10%, and cement prices increased by 3-5% in the Vietnam market in 2021. The price of construction projects increased by 30-35% in 2021, which hampered the project completion on scheduled time due to cash crunches. Some contractors were forced to stop construction and switch to the construction of non-steel materials such as woods etc. The construction price index in 2021 increased by 3.65% from 2020.

Labour shortage triggers the demand for automation & smart operation technology In Construction equipment

Vietnam is facing a severe labor shortage in various industries such as construction, manufacturing, and mining. The country highly depends on migrants workers from Indonesia, Thailand, and Bangladesh. The shortage of labor forces triggers the demand for recent technologies in construction equipment to increase workers' efficiency and reduce the dependency on laborers. For instance, leading construction equipment company Hitachi introduces wheel loaders and excavators with automation, smart operation technology & Concise Hitachi Comprehensive Machine Management support system. The Chinese manufacturer XCMG introduces dual excavators in the Vietnam market, which are extremely flexible, cost-efficient, and easy to transport.

VENDOR LANDSCAPE

  • Komatsu, Hyundai Doosan Infracore, Caterpillar, & XCMG are the market leaders and established players in the Vietnam market. Chinese manufacturers such as SANY & XCMG are recently gaining popularity due to Equipment's low price as compared to other manufacturers
  • Komatsu, Hyundai Doosan Infracore, XCMG & Caterpillar accounts for 46% of the market share in Vietnam.
  • Prominent vendors are Liebherr, Volvo Construction Equipment, and Hyundai construction Equipment, whereas other prominent vendors are Zoomlion, Hitachi Construction Equipment, Terex Corporation & Kobelco.

REPORT COVERAGE:

Earthmoving Equipment:

  • Excavator
  • Backhoe Loaders
  • Motor Graders
  • Other Earthmoving Equipment (Others loaders, Bulldozers, Trenchers)

Road Construction Equipment

  • Road Rollers
  • Asphalt Pavers

Material Handling Equipment

  • Crane
  • Forklift & Telescopic Handlers
  • Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)

End Users

  • Construction
  • Manufacturing
  • Mining
  • Others

Frequently Asked Questions

WHAT IS THE GROWTH RATE OF THE CONSTRUCTION EQUIPMENT MARKET IN VIETNAM?

The growth rate by volume in the Vietnam Construction Equipment Market is expected to grow at a CAGR of 6.71% during the forecast period.

WHO ARE THE KEY PLAYERS IN THE VIETNAM CONSTRUCTION MACHINERY MARKET?

Key players include Komatsu, Hyundai Doosan Infracore, Caterpillar, XCMG, Volvo, Sany, and Liebherr.

WHAT ARE THE MARKET OPPORTUNITIES FOR players IN THE VIETNAM CONSTRUCTION EQUIPMENT INDUSTRY?

The demand for construction equipment equipped with automation, IoT, and remote sensing technology is growing due to high investment in housing, mining, and infrastructure projects and creating opportunities for the new entrants and existing players.

WHAT ARE THE NEW INDUSTRY TRENDS IMPACTING THE GROWTH OF THE VIETNAM CONSTRUCTION EQUIPMENT MARKET?

The Chinese companies have recently gained a good market share due to their innovative products, low prices, and excellent after-sale services. The introduction of dual excavators supports the growth of Chinese companies in the Vietnam market.

HOW WILL EARTHMOVING EQUIPMENT CONTRIBUTE TO THE GROWTH IN THE VIETNAM CONSTRUCTION EQUIPMENT INDUSTRY?

The surge in infrastructure development projects in Ho Chi Minh City, Hanoi, and the Da Nang region is expected to drive the demand for earthmoving equipment. The Government allocated USD 120 billion for public infrastructure development in 2021. By 2028, the value of the earthmoving equipment segment in Vietnam is estimated to reach $381.7 million, with a CAGR of 6.40%.

Download Free Sample

Vietnam construction equipment market size was valued at USD 616 million in 2021 and is expected to reach USD 913 million by 2028, growing at a CAGR of 5.88%.

Vietnam is the third-largest market in southeast Asia. The country is strategically located in the center of Southeast Asia. It has a long coastline and is close to major international shipping routes. The country is closer to China, which provides an excellent opportunity for Chinese companies to set up their manufacturing base in Vietnam due to the availability of low-cost labor. The country's construction and manufacturing sectors are expected to grow sharply in 2022 due to a rise in economic activities and government investments.

Base Year: 2021

Forecast Year: 2022-2027

Scope: The report considers the present scenario of the Vietnam construction equipment market and market dynamics for the forecast period 2022−2028. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the Vietnam construction equipment market.

Key Vendors

  • Komatsu
  • Hyundai Doosan Infracore
  • Caterpillar
  • XCMG
  • Volvo
  • Sany
  • Liebherr

Other Prominent Vendors

  • Kobelco
  • Terex corporation
  • Zoomlion Heavy Industry
  • Hitachi Construction machinery

Distributors Profile

  • CONSTRUCTION MACHINERY HOANG GIA 
  • BIN LOI CO., LTD
  • TROUNG PHAT IMPORT EXPORT INVESTMENT SERVICE COMPANY LIMITED
  • T&C Machine and Repair
  • Vietserve Technology Limited

Market Segmentation by Type

  • Earthmoving Equipment
    • Excavator
    • Backhoe Loader
    • Motor Grader
    • Other earthmoving Equipment
  • Material Handling Equipment
    • Crane
    • Forklift and Telescopic Handler
    • Arial Platforms (articulated boom lifts, telescopic boom lifts, scissor lifts, etc.)
  • Road Construction Equipment
    • Asphalt Paver
    • Road Roller

Market Segmentation by Application

  • Construction
  • Manufacturing
  • Mining
  • Others

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

  1. Excavator
  2. Backhoe Loader
  3. Motor Grader
  4. Other Earth Moving Equipment (Other Loaders, Bulldozer, Trencher, etc.)

 3.1.2. Road Construction Equipment

  1. Asphalt Paver
  2. Road Roller

3.1.3.  Material Handling Equipment

  1. Crane
  2. Forklift and Telescopic Handler
  3. Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, Scissor Lifts, etc)

3.2 Vietnam Construction Equipment Market by Application (Volume & Value)

  1. Construction
  2. Mining
  3. Manufacturing
  4. 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

  1. Competitive Landscape Overview
  2. Major Vendors (Caterpillar | Volvo Construction Equipment| Komatsu | SANY | Zoomlion Vietnam | Liebherr | Terex Corporation | Hyundai Construction Equipment | XCMG | Kobelco| Hyundai Doosan Infracore | Hitachi Construction Equipment)
  3. Other Prominent Vendors
  4. Distributors Profiles

Section 7 Quantitative Summary

Quantitative Summary

Section 8 Report Summary
1. Key Insights

  1. Abbreviations
  2. List of Graphs
  3. List of Tables

Section 9 Report Scope & Definition

  1. Research Methodology
  2. Research Objective
  3. Market Definition, Inclusion & Exclusion

LIST OF EXHIBITS

Graph-1 Vietnam Construction Equipment Market by Volume 2019-2028 (Unit Sales)

Graph-2 Construction Equipment Market in Vietnam by Type, 2021 (% Volume Share)

Graph-3 Vietnam Construction Equipment Market by Volume, 2019-2028 (Unit Sales)

Graph-4 Vietnam Construction Equipment Market by Value, 2019-2028 ($ MN)

Graph-5 Vietnam Construction Equipment Market by End User, 2021 (%)

Graph-6 Vietnam Construction Equipment Market by Type, 2019-2028 (Unit Sales)

Graph-7 Vietnam GDP, 2015-2020 ($ BN)

Graph-8 Infrastructure Investments in Vietnam 2020 ($ MN)

Graph-9 Foreign Direct Investment, Net Inflow, 2016-2021 ($ BN)

Graph-10 Vietnam Construction Equipment Market by Type, 2019-2028 (Unit Sales)

Graph-11 Vietnam Construction Equipment Market by Type 2021 (% Volume Share)

Graph-12 Vietnam Construction Equipment Market by End User, 2019- 2028 (Unit Sales)

Graph-13 Vietnam Earthmoving Equipment Market, 2019–2028 (Unit Sales)

Graph-14 Vietnam Earthmoving Equipment Market, 2019–2028 ($ MN)

Graph-15 Vietnam Excavator Market, 2019–2028 (Unit Sales)

Graph-16 Vietnam Excavator Equipment Market, 2019–2028 ($ MN)

Graph-17 Vietnam Backhoe Loader Market, 2019–2028 (Unit Sales)

Graph-18 Vietnam Backhoe Loader Equipment Market, 2019–2028 ($ MN)

Graph-19 Vietnam Motor Grader Market, 2019–2028 (Unit Sales)

Graph-20 Vietnam Motor Grader Market, 2019–2028 ($ MN)

Graph-21 Vietnam Other Earthmoving Equipment Market, 2019–2028 (Unit Sales)

Graph-22 Vietnam Other Earthmoving Equipment Market, 2019–2028 ($ MN)

Graph-23 Vietnam Material Handling Equipment Market, 2019–2028 (Unit Sales)

Graph-24 Vietnam Material Handling Equipment Market, 2019–2028 ($ MN)

Graph-25 Vietnam Crane Market, 2019–2028 (Unit Sales)

Graph-26 Vietnam Crane Market, 2019–2028 ($ MN)

Graph-27 Vietnam Forklift and Telescopic Handler Market, 2019–2028 (Unit Sales)

Graph-28 Vietnam Forklift and Telescopic Handler Market, 2019–2028 ($ MN)

Graph-29 Vietnam Aerial Platforms Market, 2019–2028 (Unit Sales)

Graph-30 Vietnam Aerial Platforms Market, 2019–2028 ($ MN)

Graph-31 Vietnam Road Construction Equipment Market, 2019–2028 (Unit Sales)

Graph-32 Vietnam Road Construction Equipment Market, 2019–2028 ($ MN)

Graph-33 Vietnam Road Roller Market, 2019–2028 (Unit Sales)

Graph-34 Vietnam Road Roller Market, 2019–2028 ($ MN)

Graph-35 Vietnam Asphalt Paver Market, 2019–2028 (Unit Sales)

Graph-36 Vietnam Asphalt Paver Market, 2019–2028 ($ MN)

Graph-37 Vietnam Construction Equipment Market by Construction, 2019–2028 (Unit Sales)

Graph-38 Vietnam Construction Equipment Market by Construction, 2019–2028 ($ MN)

Graph-39 Vietnam Construction Equipment Market by Manufacturing, 2019–2028 (Unit Sales)

Graph-40 Vietnam Construction Equipment Market by Manufacturing, 2019–2028 ($ MN)

Graph-41 Vietnam Construction Equipment Market by Mining, 2019–2028 (Unit Sales)

Graph-42 Vietnam Construction Equipment Market by Mining, 2019–2028 ($ MN)

Graph-43 Vietnam Construction Equipment Market by Others, 2019–2028 (Unit Sales)

Graph-44 Vietnam Construction Equipment Market by Others, 2019–2028 ($ MN)

Graph-45 Import Value of Construction Equipment 2019 ($ MN)

Graph-46 Export Value of Construction Equipment 2019 ($ MN)

Graph-47 Caterpillar: Total Revenue, 2018-2020 ($ BN)

Graph-48 Caterpillar: Sales by Region (% Share)

Graph-49 Caterpillar: Total Revenue by Segment, 2020 (% Share)

Graph-50 Volvo: Construction Equipment Net Sales, 2016-2020 ($ BN)

Graph-51 Volvo: Share of Net Sales by Market, 2020 (% Share)

Graph-52 Volvo: Share of Net Sales by Segment, 2020 (% Share)

Graph-53 Komatsu: Consolidated Net Sales, 2018-2020 ($ BN)

Graph-54 Komatsu: Construction, Mining and Utility Equipment Business, Sales by Region, 2020 (%Share)

Graph-55 Komatsu: Breakdown of Net Sales by Segment, 2020 (% Share)

Graph-56 Liebherr: Total Revenue, 2018-2020 (% Share)

Graph-57 Liebherr: Revenue by Region (% Share)

Graph-58 Liebherr: Total Revenue by Product Segment, 2020 (% Share)

LIST OF TABLES

Table-1 Major Countries Investing 2020 (%)

Table-2 Sectors receiving Major FDI Investments 2020(%)

Table-3 FDI Inflow in Major Cities 2020 ($MN)

Table-4 Vietnam Construction Equipment Market by Volume 2019-2028

Table-5 Vietnam Construction Equipment by Type 2019-2018

Table-6 Vietnam Earth Moving Equipment Market Size & Forecast, By Type (Volume, Units)

Table-7 Vietnam Material Handling Equipment Market Size & Forecast, By Type (Volume, Units)

Table-8 Vietnam Road Construction Equipment Market Size & Forecast, By Type (Volume, Units)

Table-9 Vietnam Construction Equipment Market Size & Forecast, By End User (Units)

Table-10 Vietnam Construction Equipment Market by Value 2019-2028

Table-11 Vietnam Construction Equipment by Type 2019-2018

Table-12 Vietnam Earth Moving Equipment Market Size & Forecast, by Type (Value, $ MN)

Table-13 Vietnam Road Construction Equipment Market Size & Forecast, by Type (Value, $ MN)

Table-14 Vietnam Material Handling Equipment Market Size & Forecast, by Type (Value, $ MN)

Table-15 Vietnam Construction Equipment Market Size & Forecast, by End User

Select a license type that suits your business needs

single-user Single User Licence
$2200.00
  • Report accessible by one user only
  • Free 10% or 3 days of customization
  • Free post-sale service assistance
  • Continuous support through email
Best Value Tag
5-user 5 User Licence
$2500.00
  • Report accessible by 5 users within the organization
  • Free 15% or 4.5 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
corporate.png Corporate Licence
$3000.00
  • Free Datasheet worth $1500
  • Report accessible by the entire organization
  • Free 20% or 6 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Direct access to lead analysts
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
datasheet.png Datasheet Licence
$1500.00
  • Report accessible by 1 user only
  • Free 15% or 32 hours of customization
  • Free post-sale service assistance
  • Direct access to lead analysts

Our Clients

Licence Types What are these?

Our Clients Speak

erick

"The report by Arizton was spot on. It not only gave us insight into the pro audio market, we used it to raise funds for our company. The data proved (to the VC we pitched to) that the market was large enough for our company to not only survive but also grow."

Erik Young
CEO, Co-founder
Audink Inc., DBA Audios
SPEAK WITH OUR ANALYST

Want to know more about the report or any specific requirement?

Click to Email +1-312-235-2040

Want to Customize the Report?

Click Here

Why Arizton?

  • 100% Customer Satisfaction
  • 24x7 availability – we are always there when you need us
  • 200+ Fortune 500 Companies trust Arizton's report
  • 80% of our reports are exclusive and first in the industry
  • 100% more data and analysis
  • 1000+ reports published till date