According to Arizton’s latest research report, the Vietnam crawler excavator market is growing at a CAGR of 4.41% during 2023-2029.
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Report Scope
Market Size – Volume (2029): 1,974 Units
Market Size – Volume (2023): 1,524 Units
CAGR – Volume (2023-2029): 4.41%
Market Size – Revenue (2029): USD 94.5 Million
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Size, Gross Power, and End Users
Market Trends
Labor Shortage in Vietnam Drives Demand for Excavators with Automation & Smart Technology
In 2023, Vietnam faced a severe labor shortage in key industries like construction, manufacturing, and mining, primarily due to a decline in migrant workers from countries like Indonesia, Thailand, and Bangladesh. This shortage spurred the demand for advanced technologies in construction equipment to improve worker efficiency and reduce reliance on manual labor. In response, companies like Hitachi introduced excavators and wheel loaders with automation and smart operation technology, including the Consite Hitachi Comprehensive Machine Management system. Other major manufacturers, such as Komatsu, Liugong, and Volvo, also followed suit by incorporating innovative solutions to address labor challenges.
Vietnam’s Infrastructure Investment Boosts Demand for Crawler Excavators
In 2024, the Vietnamese government announced plans to invest over $25 billion in public infrastructure projects, with nearly 65% allocated to the transport sector. This investment aims to improve transit efficiency and create new development opportunities across the country. The government is relying on domestic, foreign, and private investment channels, focusing on transport to reduce logistics costs and enhance economic competitiveness. Key projects include 34 major infrastructure developments and 11 expressway constructions, including projects in Hanoi and Ho Chi Minh City. The planned investments, totaling $480 billion by 2030, are expected to drive significant demand for crawler excavators to support these infrastructure projects.
Mini Excavator Market in Vietnam: A Growing Sector
The mini excavator market in Vietnam is projected to reach $11.0 million by 2029. Mini excavators are widely used for construction, demolition, earthmoving, and landscaping tasks due to their operational versatility and compatibility with various attachments. In 2024, Vietnam experienced a significant surge in foreign direct investment (FDI) in its construction sector, with FDI inflows expected to rise by 32%. Ongoing infrastructure development projects in major cities like Ho Chi Minh, Ha Noi, and Hai Phong are driving the demand for mini excavators. The market is set to grow due to increased construction, landscaping needs, and technological advancements.
Key Players in the Vietnam Crawler Excavator Market
Market Leaders: Caterpillar, Kobelco, SANY, Hitachi Construction Machinery, and Komatsu dominate the Vietnam crawler excavator market. These industry giants hold a strong market share and offer a broad range of equipment.
Niche Players: Kubota, Liu Gong, Yanmar, JCB, Airman, and Bobcat focus on the local Vietnamese market. These companies offer limited product diversification and cater to specific customer segments.
Emerging Competitors: Volvo Construction Equipment, SDLG, Zoomlion, Yuchai, John Deere, Hyundai Construction Equipment, and XCMG are gaining traction in the Vietnam crawler excavator market. These players are introducing innovative, advanced products to challenge established market leaders.
Stragglers: Sumitomo, Shantui, Wacker Neuson, and Develon are lagging behind in the Vietnam crawler excavator market. These companies are typically behind on product innovation and technological advancements compared to their competitors.
France Crawler Excavator Market Dynamics
Drivers
Trends
Challenges
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Major Vendors
Distributor Profiles
Market Segmentation
Crawler Excavator
Size
Gross Power
End Users
Key Questions Answered in the Report:
How big is the Vietnam crawler excavator market?
What is the growth rate of the Vietnam crawler excavator market?
Who are the key players in the Vietnam crawler excavator market?
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What are the trends in the Vietnam crawler excavator industry?
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