Vietnam: Crane Market 2024

Crane Market Size in Vietnam

The Vietnamese crane market skyrocketed to $X in 2022, with an increase of 16% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.0% against 2020 indices. Crane consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Crane Exports

Exports from Vietnam

In 2022, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were exported from Vietnam; which is down by -12.3% against 2021. In general, exports recorded a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 156%. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, crane exports contracted to $X in 2022. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2017 with an increase of 170%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X units), Pakistan (X units) and Indonesia (X units) were the main destinations of crane exports from Vietnam, together accounting for 56% of total exports.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +48.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X) emerged as the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from Vietnam, comprising 32% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.6% share of total exports. It was followed by Hong Kong SAR, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+34.9% per year) and Hong Kong SAR (-12.0% per year).

Export Prices by Country

In 2022, the average crane export price amounted to $X per unit, increasing by 5.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 22%. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Vietnam

In 2022, supplies from abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane was finally on the rise to reach X units after four years of decline. Over the period under review, imports recorded a prominent increase. The pace of growth was the most pronounced in 2014 with an increase of 70%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, crane imports expanded notably to $X in 2022. In general, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -7.5% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 58%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and Germany (X units) were the main suppliers of crane imports to Vietnam, with a combined 77% share of total imports. Denmark, the Philippines, South Korea and the United States lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +96.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crane suppliers to Vietnam were Japan ($X), China ($X) and Germany ($X), with a combined 76% share of total imports. South Korea, Denmark, the Philippines and the United States lagged somewhat behind, together comprising a further 9.6%.

In terms of the main suppliers, Denmark, with a CAGR of +124.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, which is down by -14.6% against the previous year. In general, the import price recorded a abrupt downturn. The growth pace was the most rapid in 2020 an increase of 28% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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