Vietnam: Lifting Equipment Market 2024

Lifting Equipment Market Size in Vietnam

In 2021, the Vietnamese lifting equipment market was finally on the rise to reach $X after two years of decline. In general, consumption, however, continues to indicate a drastic downturn. Lifting equipment consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Lifting Equipment Production in Vietnam

In value terms, lifting equipment production reached $X in 2021 estimated in export price. In general, production recorded a abrupt downturn. The pace of growth appeared the most rapid in 2014 when the production volume increased by 22% against the previous year. Lifting equipment production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Lifting Equipment Exports

Exports from Vietnam

In 2021, after two years of growth, there was significant decline in overseas shipments of lifting equipment, when their volume decreased by -8.6% to X units. In general, exports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 when exports increased by 118%. As a result, the exports reached the peak of X units, and then declined in the following year.

In value terms, lifting equipment exports fell remarkably to $X in 2021. Over the period under review, exports saw a perceptible slump. The most prominent rate of growth was recorded in 2019 when exports increased by 42% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then contracted sharply in the following year.

Exports by Country

The United States (X units), Russia (X units) and France (X units) were the main destinations of lifting equipment exports from Vietnam, together accounting for 40% of total exports.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +88.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lifting equipment exported from Vietnam were the United States ($X), Russia ($X) and France ($X), together accounting for 41% of total exports.

In terms of the main countries of destination, France, with a CAGR of +64.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average lifting equipment export price amounted to $X per unit, reducing by -15.1% against the previous year. In general, the export price showed a deep slump. The pace of growth was the most pronounced in 2018 an increase of 19%. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the United States ($X per unit) and Russia ($X per unit), while the average price for exports to the Netherlands ($X per unit) and Turkey ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Lifting Equipment Imports

Imports into Vietnam

In 2021, the amount of lifting equipment imported into Vietnam skyrocketed to X units, growing by 57% against the previous year's figure. Over the period under review, imports saw a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 393% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, lifting equipment imports surged to $X in 2021. In general, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by 219% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Thailand (X units), Germany (X units) and Japan (X units) were the main suppliers of lifting equipment imports to Vietnam, with a combined 54% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +81.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Germany ($X) and Japan ($X) were the largest lifting equipment suppliers to Vietnam, with a combined 54% share of total imports.

Among the main suppliers, Germany, with a CAGR of +122.5%, recorded the highest rates of growth with regard to 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 2021, the average lifting equipment import price amounted to $X per unit, growing by 67% against the previous year. In general, the import price, however, continues to indicate a abrupt curtailment. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from India ($X per unit) and the United States ($X per unit), while the price for Italy ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+67.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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