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Yahoo
14 hours ago
- Business
- Yahoo
Vietnam's Construction Equipment Market to Double by 2030 - Vietnam Construction Equipment Market Strategic Assessment & Forecast Report 2025-2030
Vietnam's Construction Equipment Market, with a 2024 size of 2,575 units, is projected to grow at a CAGR of 11.25% to 4,881 units by 2030. Tariffs moderately impact the market, particularly from U.S. imports. Earthmoving equipment, notably excavators, leads the market driven by infrastructure investments. Chinese brands, especially SANY, hold significant presence. The market is shifting towards sustainable options, influenced by eco-friendly initiatives. A $25 billion government infrastructure investment will spur growth. Labor shortages and rising material costs pose challenges. Key players include Caterpillar, Komatsu, and Hitachi. Vietnamese Construction Equipment Market Dublin, July 29, 2025 (GLOBE NEWSWIRE) -- The "Vietnam Construction Equipment Market - Strategic Assessment & Forecast 2025-2030" report has been added to Vietnamese Construction Equipment Market was sized at 2575 Units in 2024, and is projected to reach 4,881 Units by 2030, rising at a CAGR of 11.25%. KEY HIGHLIGHTS Earthmoving equipment accounted for the largest market share in the Vietnam construction equipment market in 2024. Excavators in the earthmoving segment accounted for the largest share in 2024. The country's investment in renovating its public infrastructure drives the growth of the country's earthmoving market. The sales of construction equipment are expected to grow at a steady pace in 2024 due to growing investment in public infrastructure, including the transport sector. In 2024, the weakening of Vietnam's local currency, the Dong, was expected to further impact the sales of heavy equipment, including crawler excavators, in the Vietnamese industry. The depreciation of the Vietnamese currency will impact the cost of excavators, as Vietnam majorly depends on imports. In 2024, the country's government planned to invest over USD 25 billion in public infrastructure projects. Chinese manufacturers have a strong market presence in the Vietnam construction equipment market. In 2024, SANY held the strongest industry share among Chinese players in Vietnam. Liugong has established its third subsidiary in Southeast Asia, with the official opening of Liugong Vietnam Company in Hanoi. The government allows the duty-free import of crawler excavators. The country relies on imports of construction machinery, including excavators from China, the U.S., Japan, and Korea. In 2023, Vietnam and Singapore signed an MoU (Memorandum of Understanding) to work together on eco-friendly and digital economic initiatives. This agreement will support the launch of new infrastructure projects aimed at achieving net-zero emissions. VIETNAM CONSTRUCTION EQUIPMENT MARKET TRENDS & DRIVERS Rising Focus on Compact and Electric Construction Equipment in the Vietnam Construction Equipment Market The Vietnamese construction industry is shifting toward sustainable and electrified solutions. The industry is transforming to use electric construction equipment instead of traditional Internal combustion engine (ICE). The electric construction equipment market is driven by several factors, such as favorable government initiatives and a growing demand for eco-friendly construction projects. However, an important challenge is the high price of electric construction machinery, including electric crawler excavators. To align with the global net-zero emission target, construction equipment manufacturers are focusing on capitalizing on the lithium-ion battery technology in electric excavators and other electric-powered equipment to reduce their carbon footprint. Introduction of Dual Excavators in the Vietnam Construction Equipment Market Due to Their Flexible Uses XCMG, a Chinese multinational company, introduces dual-use diggers and ordinary peach shovels in excavators. It has the advantage of being able to work for multiple purposes at a time, such as a chain hoe and wheel hoe, by switching between the chain and the tires. This equipment is widely used in the construction and manufacturing industries in the country. In 2023, XCMG launched dual excavators that were extremely flexible, cost-efficient, and easy to transport. Chinese companies have recently gained a good industry share due to their innovative products, low prices, and excellent after-sales services. The introduction of dual excavators supports the growth of Chinese companies in the Vietnamese industry. Rise in Infrastructure Investment Projects In 2024, the Vietnam government planned to invest over USD 25 billion in various public infrastructure projects globally. Nearly 65% of the total investment was allocated to the transport sector, which will promote smooth transit and create new development space for localities and regions across the country. The government relies on three investment channels, such as domestic, foreign, and private, for its infrastructure projects. A large amount of the investment is planned for the transport sector, as investment in the transport industry will reduce business logistics costs and increase the competitiveness of businesses and the economy. The Vietnamese government planned 34 major infrastructure projects across 46 provinces in 2024. In addition, the government also planned five railway projects, two airports, and several road, highway, and ring road construction projects in the Hanoi Capital region, Ho Chi Minh City, etc. Such projects are projected to support the growth of the Vietnam construction equipment market. Growing Investment in Renewable Energy Sector The country will face a surge in power demand and consumption over the coming decade, according to the Institute of Energy of Vietnam (IEV). The government expects power consumption to grow 10%-12% annually by 2030. Therefore, the government increases its focus on renewable energy resources to fulfill the growing power demand. The country has high potential to generate solar energy, according to the World Bank. In 2023, the country generated 17,000 MW of solar energy, which was expected to grow in 2024 due to various government initiatives providing tax benefits and subsidies for installing solar power generation units. INDUSTRY RESTRAINTS Shortage of Skilled Labor in Vietnam Ho Chi Minh City is experiencing a significant shortage of skilled labor. This shortage is impacting various industries, making it challenging for businesses to recover production and expand their markets. Despite efforts to recruit workers, many companies are struggling to find enough qualified employees. FDI companies in Nghe An, a province in central Vietnam, are struggling to find highly skilled workers as new factories become operational. The province has a significant labor force, yet many workers are migrating to places with better opportunities. High labor turnover, partly due to low wages and inadequate infrastructure, exacerbates the issue. To address this shortage, companies need to improve the working conditions and offer competitive benefits. The demand for skilled labor is expected to surge further by 2025. Increase in Building Material Prices Hampering the Vietnam Construction Equipment Market In 2024, there was a surge in iron and steel prices in the Vietnamese market. The prices of building materials, including iron and steel, increased by 30%-40% in 2024, which pushed up the overall price of real estate projects in the country. In 2024, other construction materials, such as asphalt, saw a price increase of 9%-10%, while the cement price increased by 3%-5% in the Vietnamese market. The increase in building material prices has made real estate prices higher, which adversely impacts the demand among low-income populations. The sharp increase in prices of building materials is due to a mismatch between demand and supply. In 2024, the demand for building materials increased exponentially due to rising government investment in infrastructure and housing projects across the country. VIETNAM CONSTRUCTION EQUIPMENT MARKET VENDOR LANDSCAPE Komatsu, Volvo CE, Hitachi Construction Machinery, SANY, and Caterpillar are the front runners in the Vietnam construction equipment market. These companies have strong market share and offer diverse sets of equipment in the Vietnamese industry. Yanmar, Kubota, Manitou, Liu Gong, Takeuchi, and JLG are niche players in the Vietnam construction equipment market. These companies offer low product diversification and have a strong presence in the country's market. JCB, Kobelco, Sumitomo, HD Hyundai Construction Equipment, CNH Industrial N.V., Tadano, and Zoomlion are emerging in the Vietnam construction equipment market. These companies are introducing new technologically advanced products to challenge the share of market leaders in the country's market. Kato Works, Airman, Terex, and Shantui have low product diversification in the Vietnam construction equipment market; these companies are lagging in adopting new technologies used in construction equipment. Prominent Vendors Caterpillar Komatsu Volvo Construction Equipment Hitachi Construction Machinery (HCM) Liebherr SANY Xuzhou Construction Machinery Group Co., Ltd. (XCMG) JCB Kobelco Zoomlion Heavy Industry Science & Technology Co., Ltd. Hyundai Construction Equipment Other Prominent Vendors JLG CNH Industrial N.V. Yanmar Liugong Machinery Co., Ltd. Shantui Construction Machinery Co., Ltd Takeuchi SDLG Manitou Sumitomo Construction Machinery Co. Ltd. Kato Works Co. Ltd. Terex Corporation Tadano Bobcat AIRMAN Distributor Profiles Tin Quang Equipment JSC VITRAC Marubeni Heavy Equipment Co., Ltd. JCT Vietnam Multico Equipment Vietnam Co., Ltd UMAC Vietnam Key Attributes: Report Attribute Details No. of Pages 150 Forecast Period 2024 - 2030 Estimated Market Value in 2024 2575 Units Forecasted Market Value by 2030 4881 Units Compound Annual Growth Rate 11.2% Regions Covered Vietnam Key Topics Covered: 1. Research Methodology2. Research Objectives3. Research Process4. Introduction4.1 Market Coverage4.2 Report Scope5. Market at a Glance5.1 Market Overview5.2 Market Snapshot6 Executive Summary7 Market Landscape7.1 PESTEL Analysis7.2 Economic Scenario7.3 Market Dynamics7.4 Geographic Analysis7.5 Import & Export Trend Analysis7.8 Supply Chain Analysis8 Segmentation8.1 By Type8.1.1 Earthmoving Equipment (Volume & Value)8.1.1.2 Excavators8.1.1.3 Backhoe Loaders8.1.1.4 Wheeled Loaders8.1.1.5 Other Earthmoving Equipment (Skid-Steer Loaders, Track Loaders, Bulldozers & Trenchers)8.1.2 Road Construction (Volume & Value)8.1.2.1 Road Rollers8.1.2.2 Asphalt Pavers8.1.3 Material Handling (Volume & Value)8.1.3.1 Cranes8.1.3.2 Forklifts & Telescopic Handlers8.1.3.3 Aerial Platforms8.1.4 Other Equipment (Volume & Value)8.1.4.1 Dump Trucks8.1.4.2 Concrete Mixers8.1.4.3 Concrete Pump Trucks8.2 By End-user8.2.1 Construction8.2.2 Manufacturing8.2.3 Mining8.2.4 Other End-users (Waste Management, Agriculture, Oil & Gas Extraction, Power Generation, Disaster & Water Management)9 Technology Development10 Competitive Landscape10.1 Competitive Landscape Overview10.2 Prominent Vendors10.3 Other Prominent Vendors10.4 Distributor Profiles11 Report Summary11.1 Key Insights11.2 Abbreviations11.3 Exhibits11.5 Database11.6 Global Reach11.7 OfferingsFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Vietnamese Construction Equipment Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Yahoo
14 hours ago
- Business
- Yahoo
Vietnam's Construction Equipment Market to Double by 2030 - Vietnam Construction Equipment Market Strategic Assessment & Forecast Report 2025-2030
Vietnam's Construction Equipment Market, with a 2024 size of 2,575 units, is projected to grow at a CAGR of 11.25% to 4,881 units by 2030. Tariffs moderately impact the market, particularly from U.S. imports. Earthmoving equipment, notably excavators, leads the market driven by infrastructure investments. Chinese brands, especially SANY, hold significant presence. The market is shifting towards sustainable options, influenced by eco-friendly initiatives. A $25 billion government infrastructure investment will spur growth. Labor shortages and rising material costs pose challenges. Key players include Caterpillar, Komatsu, and Hitachi. Vietnamese Construction Equipment Market Dublin, July 29, 2025 (GLOBE NEWSWIRE) -- The "Vietnam Construction Equipment Market - Strategic Assessment & Forecast 2025-2030" report has been added to Vietnamese Construction Equipment Market was sized at 2575 Units in 2024, and is projected to reach 4,881 Units by 2030, rising at a CAGR of 11.25%. KEY HIGHLIGHTS Earthmoving equipment accounted for the largest market share in the Vietnam construction equipment market in 2024. Excavators in the earthmoving segment accounted for the largest share in 2024. The country's investment in renovating its public infrastructure drives the growth of the country's earthmoving market. The sales of construction equipment are expected to grow at a steady pace in 2024 due to growing investment in public infrastructure, including the transport sector. In 2024, the weakening of Vietnam's local currency, the Dong, was expected to further impact the sales of heavy equipment, including crawler excavators, in the Vietnamese industry. The depreciation of the Vietnamese currency will impact the cost of excavators, as Vietnam majorly depends on imports. In 2024, the country's government planned to invest over USD 25 billion in public infrastructure projects. Chinese manufacturers have a strong market presence in the Vietnam construction equipment market. In 2024, SANY held the strongest industry share among Chinese players in Vietnam. Liugong has established its third subsidiary in Southeast Asia, with the official opening of Liugong Vietnam Company in Hanoi. The government allows the duty-free import of crawler excavators. The country relies on imports of construction machinery, including excavators from China, the U.S., Japan, and Korea. In 2023, Vietnam and Singapore signed an MoU (Memorandum of Understanding) to work together on eco-friendly and digital economic initiatives. This agreement will support the launch of new infrastructure projects aimed at achieving net-zero emissions. VIETNAM CONSTRUCTION EQUIPMENT MARKET TRENDS & DRIVERS Rising Focus on Compact and Electric Construction Equipment in the Vietnam Construction Equipment Market The Vietnamese construction industry is shifting toward sustainable and electrified solutions. The industry is transforming to use electric construction equipment instead of traditional Internal combustion engine (ICE). The electric construction equipment market is driven by several factors, such as favorable government initiatives and a growing demand for eco-friendly construction projects. However, an important challenge is the high price of electric construction machinery, including electric crawler excavators. To align with the global net-zero emission target, construction equipment manufacturers are focusing on capitalizing on the lithium-ion battery technology in electric excavators and other electric-powered equipment to reduce their carbon footprint. Introduction of Dual Excavators in the Vietnam Construction Equipment Market Due to Their Flexible Uses XCMG, a Chinese multinational company, introduces dual-use diggers and ordinary peach shovels in excavators. It has the advantage of being able to work for multiple purposes at a time, such as a chain hoe and wheel hoe, by switching between the chain and the tires. This equipment is widely used in the construction and manufacturing industries in the country. In 2023, XCMG launched dual excavators that were extremely flexible, cost-efficient, and easy to transport. Chinese companies have recently gained a good industry share due to their innovative products, low prices, and excellent after-sales services. The introduction of dual excavators supports the growth of Chinese companies in the Vietnamese industry. Rise in Infrastructure Investment Projects In 2024, the Vietnam government planned to invest over USD 25 billion in various public infrastructure projects globally. Nearly 65% of the total investment was allocated to the transport sector, which will promote smooth transit and create new development space for localities and regions across the country. The government relies on three investment channels, such as domestic, foreign, and private, for its infrastructure projects. A large amount of the investment is planned for the transport sector, as investment in the transport industry will reduce business logistics costs and increase the competitiveness of businesses and the economy. The Vietnamese government planned 34 major infrastructure projects across 46 provinces in 2024. In addition, the government also planned five railway projects, two airports, and several road, highway, and ring road construction projects in the Hanoi Capital region, Ho Chi Minh City, etc. Such projects are projected to support the growth of the Vietnam construction equipment market. Growing Investment in Renewable Energy Sector The country will face a surge in power demand and consumption over the coming decade, according to the Institute of Energy of Vietnam (IEV). The government expects power consumption to grow 10%-12% annually by 2030. Therefore, the government increases its focus on renewable energy resources to fulfill the growing power demand. The country has high potential to generate solar energy, according to the World Bank. In 2023, the country generated 17,000 MW of solar energy, which was expected to grow in 2024 due to various government initiatives providing tax benefits and subsidies for installing solar power generation units. INDUSTRY RESTRAINTS Shortage of Skilled Labor in Vietnam Ho Chi Minh City is experiencing a significant shortage of skilled labor. This shortage is impacting various industries, making it challenging for businesses to recover production and expand their markets. Despite efforts to recruit workers, many companies are struggling to find enough qualified employees. FDI companies in Nghe An, a province in central Vietnam, are struggling to find highly skilled workers as new factories become operational. The province has a significant labor force, yet many workers are migrating to places with better opportunities. High labor turnover, partly due to low wages and inadequate infrastructure, exacerbates the issue. To address this shortage, companies need to improve the working conditions and offer competitive benefits. The demand for skilled labor is expected to surge further by 2025. Increase in Building Material Prices Hampering the Vietnam Construction Equipment Market In 2024, there was a surge in iron and steel prices in the Vietnamese market. The prices of building materials, including iron and steel, increased by 30%-40% in 2024, which pushed up the overall price of real estate projects in the country. In 2024, other construction materials, such as asphalt, saw a price increase of 9%-10%, while the cement price increased by 3%-5% in the Vietnamese market. The increase in building material prices has made real estate prices higher, which adversely impacts the demand among low-income populations. The sharp increase in prices of building materials is due to a mismatch between demand and supply. In 2024, the demand for building materials increased exponentially due to rising government investment in infrastructure and housing projects across the country. VIETNAM CONSTRUCTION EQUIPMENT MARKET VENDOR LANDSCAPE Komatsu, Volvo CE, Hitachi Construction Machinery, SANY, and Caterpillar are the front runners in the Vietnam construction equipment market. These companies have strong market share and offer diverse sets of equipment in the Vietnamese industry. Yanmar, Kubota, Manitou, Liu Gong, Takeuchi, and JLG are niche players in the Vietnam construction equipment market. These companies offer low product diversification and have a strong presence in the country's market. JCB, Kobelco, Sumitomo, HD Hyundai Construction Equipment, CNH Industrial N.V., Tadano, and Zoomlion are emerging in the Vietnam construction equipment market. These companies are introducing new technologically advanced products to challenge the share of market leaders in the country's market. Kato Works, Airman, Terex, and Shantui have low product diversification in the Vietnam construction equipment market; these companies are lagging in adopting new technologies used in construction equipment. Prominent Vendors Caterpillar Komatsu Volvo Construction Equipment Hitachi Construction Machinery (HCM) Liebherr SANY Xuzhou Construction Machinery Group Co., Ltd. (XCMG) JCB Kobelco Zoomlion Heavy Industry Science & Technology Co., Ltd. Hyundai Construction Equipment Other Prominent Vendors JLG CNH Industrial N.V. Yanmar Liugong Machinery Co., Ltd. Shantui Construction Machinery Co., Ltd Takeuchi SDLG Manitou Sumitomo Construction Machinery Co. Ltd. Kato Works Co. Ltd. Terex Corporation Tadano Bobcat AIRMAN Distributor Profiles Tin Quang Equipment JSC VITRAC Marubeni Heavy Equipment Co., Ltd. JCT Vietnam Multico Equipment Vietnam Co., Ltd UMAC Vietnam Key Attributes: Report Attribute Details No. of Pages 150 Forecast Period 2024 - 2030 Estimated Market Value in 2024 2575 Units Forecasted Market Value by 2030 4881 Units Compound Annual Growth Rate 11.2% Regions Covered Vietnam Key Topics Covered: 1. Research Methodology2. Research Objectives3. Research Process4. Introduction4.1 Market Coverage4.2 Report Scope5. Market at a Glance5.1 Market Overview5.2 Market Snapshot6 Executive Summary7 Market Landscape7.1 PESTEL Analysis7.2 Economic Scenario7.3 Market Dynamics7.4 Geographic Analysis7.5 Import & Export Trend Analysis7.8 Supply Chain Analysis8 Segmentation8.1 By Type8.1.1 Earthmoving Equipment (Volume & Value)8.1.1.2 Excavators8.1.1.3 Backhoe Loaders8.1.1.4 Wheeled Loaders8.1.1.5 Other Earthmoving Equipment (Skid-Steer Loaders, Track Loaders, Bulldozers & Trenchers)8.1.2 Road Construction (Volume & Value)8.1.2.1 Road Rollers8.1.2.2 Asphalt Pavers8.1.3 Material Handling (Volume & Value)8.1.3.1 Cranes8.1.3.2 Forklifts & Telescopic Handlers8.1.3.3 Aerial Platforms8.1.4 Other Equipment (Volume & Value)8.1.4.1 Dump Trucks8.1.4.2 Concrete Mixers8.1.4.3 Concrete Pump Trucks8.2 By End-user8.2.1 Construction8.2.2 Manufacturing8.2.3 Mining8.2.4 Other End-users (Waste Management, Agriculture, Oil & Gas Extraction, Power Generation, Disaster & Water Management)9 Technology Development10 Competitive Landscape10.1 Competitive Landscape Overview10.2 Prominent Vendors10.3 Other Prominent Vendors10.4 Distributor Profiles11 Report Summary11.1 Key Insights11.2 Abbreviations11.3 Exhibits11.5 Database11.6 Global Reach11.7 OfferingsFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Vietnamese Construction Equipment Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Glasgow Times
a day ago
- Business
- Glasgow Times
Superyacht owned by Russian billionaire docks in Greenock
The 76m-long Dutch-built La Datcha arrived on Sunday after spending a couple of days anchored off of Gourock. The luxury vessel belongs to billionaire businessman Oleg Tinkov, the founder and former owner of Russia's largest online bank Tinkoff. The yacht is powered by a Caterpillar engine and has a maximum speed of 17 knots. She cruises at around 14 knots and has a range of 3000 nautical miles, with a steel hull that makes her ideal for ice-breaking. According to media reports, La Datcha offers first class luxury with a top deck jacuzzi and a fully equipped gym and it is also equipped with lots of exploration equipment, including two helicopters, a submersible and snow scooters. It boasts a water slide and waverunners. The vessel was built by the Dutch based Damen and she was launched in 2020.
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Superyacht owned by Russian billionaire docks in Greenock
The luxury vessel belongs to billionaire businessman Oleg Tinkov, the founder and former owner of Russia's largest online bank Tinkoff. The yacht is powered by a Caterpillar engine and has a maximum speed of 17 knots. Read more: Billionaire's £240 million superyacht spotted on loch Family sells longstanding Scottish yacht charter firm She cruises at around 14 knots and has a range of 3000 nautical miles, with a steel hull that makes her ideal for ice-breaking. According to media reports, La Datcha offers first class luxury with a top deck jacuzzi and a fully equipped gym and it is also equipped with lots of exploration equipment, including two helicopters, a submersible and snow scooters. It has boasts a water slide and waverunners. The vessel was built by the Dutch based Damen and she was launched in 2020.
Hypebeast
2 days ago
- Entertainment
- Hypebeast
Anti Social Social Club and CAT Are Back With Workwear-Inspired Gear
After launching asuccessful collabin the fall of last year,Anti Social Social ClubandCATare running it back with another link-up — this time, a 23-piece workwear-inspired line with bold machinery motifs and bright safety hues. Across the line, ASSC's quintessential hoodies and T-shirts come in a variety of tones and prints, from gray and black to orange, yellow, and camouflage. Some feature Caterpillar images and branded iconography, while others flaunt detailed illustrations of construction machinery. Elsewhere, operator cargo trousers boast ASSC's logo down the leg, while caps and beanies see both labels' motifs unite across the front. Anti Social Social Club's latest collaboration with CAT is now available to shop exclusively onASSC's webstore. Sizing ranges from XS to 2XXL, while prices go from $45 USD to $175 USD. Take a look at the lineup in the gallery above.
