Vietnam Crane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Vietnam has emerged as a developing country majorly after becoming a member of WTO in 2007, the country has attracted several foreign direct investments especially from Korea, China, America, France, and Japan.

Construction and industrial activities in the country have increased significantly, thereby, creating a demand for cranes and other construction machinery.

Although the domestic firms in Vietnam have been offering crane rental service for more than a decade, the demand for the rental segment increased only since 2012. The end-users are benefited by the hassle-free operation of the construction and material handling activity. Renting the equipment augments in reducing the initial investment and the operational and maintenance costs.

Apart from crane rental services and leasing of cranes, the availability of used cranes has helped the fleet operators to maintain a wide range of diversified cranes at their disposal without requiring much capital investment, thereby, sufficing the business needs of customers with operational flexibility.

Asia Machinery Solutions (AMS), a leading crane rental company in Vietnam has been offering mobile cranes, crawler cranes, tower cranes, and forklifts for several industrial and construction activities. The company currently provides cranes with capacities ranging from 25 metric tons to 500 metric tons. AMS has directly imported equipment from leading Japanese manufacturers that include Kato Works, Tadano, Kobelco, and Hitachi Sumitomo.

A used crane is considered to be a significant cost-efficient investment for fleet operators. The saving made on a used crane is significantly high and would easily amount to hundreds of thousands of dollars, in comparison to a new crane purchase.

Price has been a determining factor, which prevents the purchase of a new crane, thereby, affecting the market growth to a significant extent. A lot of companies and fleet operators require the cranes to do the work but are reluctant to invest, as they doubt that they would not have enough work to recoup the investment from new equipment.

Additionally, another advantage of renting a crane is that the operators can get first-hand experience of the crane's performance before making a purchase decision. The increase in the prices of new cranes further affects the market for new cranes and pose a significant concern to the crane manufacturers.