Vietnam: Ride-On Compaction Equipment Market 2024

Ride-On Compaction Equipment Market Size in Vietnam

In 2022, after two years of growth, there was significant decline in the Vietnamese ride-on compaction equipment market, when its value decreased by -26.6% to $X. In general, consumption, however, recorded a strong increase. Ride-on compaction equipment consumption peaked at $X in 2021, and then reduced rapidly in the following year.

Ride-On Compaction Equipment Exports

Exports from Vietnam

After two years of decline, shipments abroad of ride-on compaction equipment increased by 29% to X units in 2022. Over the period under review, exports saw buoyant growth. The growth pace was the most rapid in 2013 when exports increased by 310%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, ride-on compaction equipment exports skyrocketed to $X in 2022. Overall, exports continue to indicate a remarkable increase. The growth pace was the most rapid in 2013 when exports increased by 738% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cambodia (X units), Lao People's Democratic Republic (X units) and the Philippines (X units) were the main destinations of ride-on compaction equipment exports from Vietnam, with a combined 94% share of total exports. Moreover, ride-on compaction equipment exports in Cambodia exceeded the figures recorded by the second-largest exporter, Lao People's Democratic Republic, twofold.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +17.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ride-on compaction equipment exported from Vietnam were Cambodia ($X), Lao People's Democratic Republic ($X) and the Philippines ($X), together accounting for 99% of total exports.

Lao People's Democratic Republic, with a CAGR of +30.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average ride-on compaction equipment export price amounted to $X per unit, growing by 2.2% against the previous year. Overall, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ride-on compaction equipment export price increased by +7.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 104%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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 the Philippines ($X per unit), while the average price for exports to Australia ($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 Pakistan (+29.7%), while the prices for the other major destinations experienced more modest paces of growth.

Ride-On Compaction Equipment Imports

Imports into Vietnam

In 2022, after two years of growth, there was significant decline in overseas purchases of ride-on compaction equipment, when their volume decreased by -28.2% to X units. In general, imports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 129% against the previous year. As a result, imports reached the peak of X units, and then fell dramatically in the following year.

In value terms, ride-on compaction equipment imports contracted markedly to $X in 2022. Overall, imports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2013 when imports increased by 158% against the previous year. Imports peaked at $X in 2021, and then dropped sharply in the following year.

Imports by Country

Germany (X units), Indonesia (X units) and Japan (X units) were the main suppliers of ride-on compaction equipment imports to Vietnam, with a combined 71% share of total imports. China, India, the United States, the United Arab Emirates and Sweden lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +54.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ride-on compaction equipment suppliers to Vietnam were Germany ($X), Indonesia ($X) and Japan ($X), together comprising 71% of total imports. China, India, the United States, the United Arab Emirates and Sweden lagged somewhat behind, together comprising a further 28%.

The United Arab Emirates, with a CAGR of +63.5%, recorded the highest rates of growth with regard to the value of imports, among 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 ride-on compaction equipment import price stood at $X per unit in 2022, growing by 4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 31% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per unit) and India ($X per unit), while the price for the United Arab Emirates ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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