Vietnam Crawler Excavator Market by Volume to Reach 2,832 Units by 2027 - Arizton

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Aug 12, 2021, 11:00 ET

CHICAGO, Aug. 12, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this Vietnam crawler excavator market report.

The Vietnam crawler excavator market is expected to grow at a CAGR of over 9.84% during the period 2021−2027.

Key Highlights Offered in the Report:

1. The market value is expected to reach USD 271.6 million by 2027, growing at a CAGR of 9.42% during the forecast period.

2. Vietnam's gross domestic product (GDP) was USD 340.8 billion in 2020, with manufacturing and construction being the significant economic contributors. Vietnam's economy is resilient and recovered fast from the impact of COVID-19, driven by increase in consumption, including a significant increase in public spending, investment in infrastructure, and net exports.

3. By 2025, the government of Vietnam is planning to invest around USD 120 billion on infrastructure projects. Infrastructure construction projects that are halted or suspended due to the pandemic are expected to resume over the second half of 2021.

4. The Government has allocated funds on various infrastructure projects including coastal roads, ring roads surrounding major economic and urban zones, regional expressways, and construction of large-scale hospitals for 2021-2025.

5. Also, in 2020, foreign investors invested more than USD 17 billion in Vietnam with a significant portion of these projects targeted at construction, infrastructure, manufacturing, real estate, and power distribution.

6. Vietnam imports construction equipment majorly from South Korea, China, and Japan

7. Vietnam imports more than 85% of construction equipment majorly from China, South Korea, and Japan. Excavator manufacturing companies have partnered with local distributors and dealers to sell their equipment in the local market.

Key Offerings:

Market Size & Forecast by Revenue | 2021−2027
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by excavator type and operating weight, application, and gross power output
Competitive Landscape – 8 key vendors and 4 other vendors

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Vietnam Crawler Excavator Market – Segmentation

Mini excavators are majorly used in various construction works such as roads, municipal works, gardening, and agriculture-related activities. They are feasible to transport due to their smaller size, light weight, and capability to operate in small spaces. Vietnam's mini crawler excavator market is expected to reach USD 11.2 million by 2027, growing at a CAGR of 10.31%.
Vietnam's crawler excavator market by construction accounts for 61% share of the overall crawler excavator market. The construction industry contributes 6.19% of the country's GDP. The government has introduced the PPP model (Public Private Partnership) that will help to fund massive construction projects.
Vietnam's <60 HP crawler excavator market is expected to reach 362 units by 2027, growing at 10.9% CAGR during the forecast period. This type of excavators is primarily used in utilitarian applications where labor is in short supply. As a result, increasing labor scarcity will drive up the demand for these excavators.

Vietnam Crawler Excavator Market by Excavator Type

Mini (
Small (7-25 tons)
Medium (26-40 tons)
Large (above 40 tons)

Vietnam Crawler Excavator Market by Application

Construction
Mining
Agriculture
Forestry
Others

Vietnam Crawler Excavator Market by Gross Power Output

61-101 HP
102-200 HP
>201 HP

Vietnam Crawler Excavator Market – Dynamics

Numerous trade agreements singed in recent times, such as the free trade agreement with EU, UK, Japan, Korea, and ASEAN countries are improving the ease of trade in Vietnam for foreign companies. High foreign investment leading to economic growth will help the government to invest more on public infrastructure, which will be a major driving force for the demand of excavators in the country.

Key Drivers and Trends fueling Market Growth:

Increasing government expenditure on construction projects
Increasing FDI in Vietnam owing to favorable government policies and rise in infrastructure projects
Focus on waste management
Growing demand for green buildings is expected to boost the demand for crawler excavators

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Major Vendors

Caterpillar
Komatsu
Hitachi
Hyundai Construction Equipment
Sany
Volvo
Doosan
Kobelco

Other Prominent Vendors

Kubota
Sumitomo
Ingersoll Rand
XCMG

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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SOURCE Arizton Advisory & Intelligence