Vietnam: Lift And Hoist Market 2025

Lift And Hoist Market Size in Vietnam

After two years of decline, the Vietnamese lift and hoist market increased by 10% to $X in 2022. Overall, consumption continues to indicate resilient growth. Lift and hoist consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Lift And Hoist Exports

Exports from Vietnam

After two years of decline, shipments abroad of lifts and hoists increased by 117% to X units in 2022. Over the period under review, exports, however, continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 187% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, lift and hoist exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 156%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units) was the main destination for lift and hoist exports from Vietnam, accounting for a 51% share of total exports. Moreover, lift and hoist exports to Japan exceeded the volume sent to the second major destination, South Korea (X units), threefold. Lao People's Democratic Republic (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+21.5% per year) and Lao People's Democratic Republic (-4.6% per year).

In value terms, Japan ($X) emerged as the key foreign market for lifts and hoists exports from Vietnam, comprising 51% of total exports. The second position in the ranking was held by South Korea ($X), with a 19% share of total exports. It was followed by Lao People's Democratic Republic, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Japan amounted to +8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+55.8% per year) and Lao People's Democratic Republic (-2.4% per year).

Export Prices by Country

The average lift and hoist export price stood at $X per unit in 2022, surging by 7.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2014 when the average export price increased by 48% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Myanmar ($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 South Korea (+28.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lift And Hoist Imports

Imports into Vietnam

In 2022, after two years of decline, there was significant growth in overseas purchases of lifts and hoists, when their volume increased by 17% to X units. In general, imports recorded prominent growth. The growth pace was the most rapid in 2016 when imports increased by 61% against the previous year. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, lift and hoist imports rose sharply to $X in 2022. Overall, imports continue to indicate a noticeable increase. The most prominent rate of growth was recorded in 2015 with an increase of 50% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Thailand (X units) and South Korea (X units) were the main suppliers of lift and hoist imports to Vietnam, together accounting for 85% of total imports. Japan, Sweden, Taiwan (Chinese) and Belgium lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +61.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lift and hoist suppliers to Vietnam were China ($X), Thailand ($X) and South Korea ($X), with a combined 85% share of total imports. Japan, Sweden, Taiwan (Chinese) and Belgium lagged somewhat behind, together comprising a further 11%.

Sweden, with a CAGR of +58.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average lift and hoist import price stood at $X per unit in 2022, reducing by -7.1% against the previous year. Over the period under review, the import price recorded a perceptible shrinkage. The growth pace was the most rapid in 2015 when the average import price increased by 20% 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 stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Sweden ($X per unit) and South Korea ($X per unit), while the price for Taiwan (Chinese) ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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