Chicago, May 17, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the Vietnamese construction equipment market is expected to grow at a CAGR of 5.9% over the period 2022-2028. Several public infrastructure projects are taken over, such as the expansion of Vietnam airport under the public-private partnership model. The expansion project is scheduled for 2022, with the Vietnamese government planning to invest $11 billion in expanding the airport over the next five years.
The construction equipment market in Vietnam is expected to reach 6,869 units by 2028. The government plans to invest about 65 billion in road infrastructure by 2030. About 48% of the total transport industry investment is planned for the development of a road network by 2030. The main road construction projects are North-South Express (18.5 billion dollars), The long Thanh Airport (16 billion dollars), 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 underway in 2022.
Vietnam Scope of the Construction Equipment Market Report
| REPORT ATTRIBUTES | DETAILS | |
| MARKET SIZE (2028) | $913 million | |
| MARKET SIZE (VOLUME – 2028) | 6,869 Units | |
| CAGR | 5.9% | |
| HISTORICAL YEAR | 2019-2020 | |
| YEAR OF REFERENCE | 2021 | |
| FORECAST YEAR | 2022-2028 | |
| TYPE | Earthmoving equipment, road construction equipment, material handling equipment | |
| END USERS | Construction, manufacturing, mining and others | |
| KEY SUPPLIERS | Komatsu, Hyundai Doosan Infracore, Hyundai Construction Equipment, Caterpillar, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Volvo Construction Equipment, SANY and Liebherr | |
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Rising infrastructure development projects in Ho Chi Minh City, Hanoi and the Da Nang area are expected to drive the demand for earthmoving equipment. In 2021, the government has allocated $120 billion for the development of public infrastructure. Vietnam earthmoving equipment market is expected to grow strongly through 2028, driven by increased government investment in highway, subway and airport construction projects, and expanding construction sectors , transport and renewable energies.
Highlights
- Vietnam construction equipment market is expected to grow significantly at a CAGR of 6.71% during the forecast period (2022-2028) with strong demand for forklifts in material handling segment owing to growing manufacturing, logistics and freight handling activities. Growth in construction equipment is mainly driven by an increase in public investment in infrastructure by the government and growth in housing and renewable energy projects.
- In 2021, the Vietnamese government planned to invest $480 billion until 2030 to upgrade infrastructure, including 11 power plants, new highways and roads. Vietnam’s Ministry of Transport has drafted a road and highway construction plan in 2021. The department aimed to connect all highways to major political centers, key economic regions, seaports and international airports. In addition to this, about 5,000 kilometers of highway construction were planned.
- The demand for housing in Bao Loc, Dalat and Ho Tram regions is increasing, especially after the pandemic. FDI inflows into the country’s real estate sector accounted for 11% of total FDI inflows for the year 2021. Government initiatives to ease housing laws under the National Housing Development Plan 2021- 2030 should support the demand for housing in the country.
- The depletion of mineral resources, declining oil and gas production and rising prices of building materials are major challenges for the Vietnamese economy.
- Komatsu, Hyundai Doosan Infracore, XCMG & Caterpillar account for 46% market share in Vietnam.
- Komatsu, Hyundai Doosan Infracore, Caterpillar, XCMG, Volvo Construction Equipment, SANY and Liebherr are the major suppliers in the Vietnamese construction equipment market. Other important suppliers are Kobelco, Terex Corporation, Zoomlion and Hitachi Construction Equipment.
Main suppliers
- Komatsu
- Hyundai Doosan Infracore
- Hyundai construction equipment
- caterpillar
- Xuzhou Construction Machinery Group Co.Ltd. (XCMG)
- Volvo construction equipment
- SANY
- Liebherr
Other Important Suppliers
- Kobelco
- Terex Company
- Zoomlion Heavy Industry Science & Technology Co.Ltd
- Hitachi construction machinery
Distributor Profiles
- Hoang Gia construction machinery
- BIN LAW CO. LTD
- Troung Phat Import Export Investment Service Company Limited
- Limited Vietserve Technology
- T&C Machine and Repair
Vietnam construction equipment market Report – Contents
Chapter 1 Overview
• Market overview
• Summary
Section 2 Market Overview
Economic scenario, foreign direct investment, major infrastructure projects in Vietnam
Section 3 Vietnam Building Material (Type and Application)
3.1 Vietnam Construction Equipment Market by Type (Volume and Value)
3.1.1. earthmoving equipment
- Excavator
- Backhoe loader
- motor grader
- Other earthmoving equipment (other loaders, bulldozer, trencher, etc.)
3.1.2. road construction equipment
- asphalt paver
- road roller
3.1.3. Handling equipment
- Crane
- Forklift and telehandler
- Aerial platform (articulated platforms, telescopic platforms, scissor lifts, etc.)
3.2 Vietnam Construction Equipment Market by Application (Volume and Value)
- Construction
- Mining
- Manufacturing
- Other (power generation and utilities, municipality, etc.)
Section 4 Market Dynamics
Market drivers, restraints, trends, key economic regions in Vietnam, Vietnam advantage, FDI in Vietnam, import/export trend analysis, supply chain. Impact of COVID-19
Section 5 Technological Development
advent of technology
Section 6 Competitive Landscape
- Overview of the competitive landscape
- Main Suppliers (Caterpillar | Volvo Construction Equipment | Komatsu | SANY | Zoomlion Vietnam | Liebherr | Terex Corporation | Hyundai Construction Equipment | XCMG | Kobelco | Hyundai Doosan Infracore | Hitachi Construction Equipment)
- Other Important Suppliers
- Distributor Profiles
Section 7 Quantitative Summary
Quantitative Summary
Article 8 Summary of the report
1. Key information
- Abbreviations
- List of graphics
- List of paintings
Section 9 Scope and definition of the report
- Research Methodology
- Research objective
- Market definition, inclusion and exclusion
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