Cranes are a type of engineering machinery primarily used for the vertical and horizontal movement of materials. They are widely used in the transportation of cargo, construction materials, and the assembly of heavy equipment in manufacturing. Cranes are essential for lifting and moving heavy loads and are commonly found in construction, manufacturing, ports, and mining.
Cranes can be categorized based on their use and function, including tower cranes, crawler cranes, truck cranes, and port cranes. Their application scenarios are extensive, covering almost all industries requiring the lifting and transporting of heavy objects. Major downstream users of cranes include construction companies, port operators, manufacturing enterprises, and mining companies. These entities have significant demand for cranes, particularly in large infrastructure projects, manufacturing production lines, and port handling operations.
According to CRI, the leading crane exporters in the Asia-Pacific region and globally include China, Japan, Germany, and the United States. Prominent crane manufacturers from these countries, such as Zoomlion, Sany, Tadano, and Terex, hold significant positions in the global market.
In Vietnam, with rapid economic development and advancing infrastructure construction, the demand for cranes has been increasing. CRI reports that the main downstream users of cranes in Vietnam include the construction industry, the logistics industry, manufacturing sectors, etc. The Vietnamese crane market relies heavily on imported products. In recent years, Chinese brands have gained a substantial share in Vietnam's crane market due to their high cost-performance ratio and well-established after-sales service networks.
Cranes, as crucial engineering machinery, have extensive applications and market demand worldwide. As Vietnam's economy continues to grow and infrastructure construction progresses, the demand for cranes in Vietnam is expected to increase in the coming years. CRI data shows that in 2023, Vietnam's crane import value reached US$ 250 million. From January to May 2024, the import value of cranes in Vietnam was already close to US$ 160 million, reflecting the growing market demand.
CRI analyzes that from 2021 to 2024, the main sources of Vietnam's crane imports include China, Japan, and Hong Kong. Key companies exporting cranes to Vietnam are SANY International Development Ltd, WISDRI Engineering and Research Inc., and Mitsui E&S Machinery Co., Ltd. Both manufacturers and import-export traders are heavily involved.
In Vietnam, the primary importers of cranes are companies in the construction, shipbuilding, and related industries, as well as distributors. CRI analyzes that these importers include both local and foreign-invested enterprises, such as Hung Han, JSC, Hoa Phat Dung Quat Steel JSC, and Hyundai Vietnam Shipbuilding.
Overall, with population growth, urbanization, and the development of the construction, manufacturing, and logistics industries, the market size for cranes in Vietnam is expected to continue growing in the coming years. CRI predicts that due to limited domestic production capacity, Vietnam will continue to rely heavily on imported cranes, driving the increase in crane import value.
Topics covered:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook