Equipment specifically made for the purpose of performing or assisting in construction tasks is known as construction equipment. These tools are employed for a variety of tasks, including drilling, hauling, excavation, paving, grading, lifting, and other similar ones. Industries including manufacturing, oil & gas, building & infrastructure, and so on are all included in the global market for construction equipment.
According to SPER market research, ‘Vietnam Construction Equipment Market Size– By Type, By End-Users- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Vietnam Construction Equipment Market is predicted to reach USD XX billion by 2033 with a CAGR of 6.1%.
A variety of driving variables and obstacles influence the Vietnam construction equipment market. The need for construction activities across several sectors, including infrastructure, real estate, and industrial projects, is fuelled by Vietnam’s strong economic growth and urbanisation. The development and modernization of transportation infrastructure, including roads and bridges, is being spearheaded by the government, which has a substantial impact on the demand for construction equipment. The requirement for construction equipment to support facility growth and expansion has also increased as a result of foreign direct investment in the nation’s manufacturing and industrial sectors.
The industry does, however, have a number of challenges. One significant difficulty is the need for stringent adherence to safety and environmental regulations. It is essential to make sure that construction equipment is operated correctly and that environmental impact is minimised for the benefit of both regulatory compliance and general public welfare. Changes in the price of raw materials and currency exchange rates can also have an impact on the cost of production and, consequently, the cost of equipment. In addition to disrupting supply chains and raising market uncertainty, the COVID-19 pandemic also had an impact on demand and output. Last but not least, automakers must constantly innovate to stay up with shifting consumer demands and emissions regulations.
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Impact of COVID-19 on Vietnam Construction Equipment Market
Furthermore, the Vietnam construction equipment market was significantly impacted by the COVID-19 outbreak. Due to supply chain interruptions and lockdowns, the outbreak caused a temporary fall in demand as construction projects were postponed or stopped. Equipment output and availability were impacted, as well as manufacturing activities. But the market steadily recovered as things got better and the limitations were eased. The sector was revived in part by government-led stimulus programmes and infrastructural building projects. The pandemic made it clear how important it is to adjust to changing conditions and emphasise safety precautions in construction operations, which had an impact on the industry’s strategy in the years following COVID-19.
Vietnam Construction Equipment Market Key Players:
Additionally, some of the market key players are Caterpillar, Hitachi Construction machinery, Hyundai Doosan Infracore, Terex corporation, Volvo, XCMG, Zoomlion Heavy Industry, Others.
Vietnam Construction Equipment Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Vietnam Construction Equipment Market is segmented as; Earthmoving Equipment (Backhoe Loaders, Excavator, Motor Graders, Other Earthmoving Equipment), Material Handling Equipment (Aerial Platforms, Crane, Forklift & Telescopic Handlers), Road Construction Equipment (Asphalt Pavers, Road Rollers).
By End-Users: Based on the End-Users, Vietnam Construction Equipment Market is segmented as; Construction, Manufacturing, Mining, Others.
By Region: This research also includes data for East Vietnam, North Vietnam, South Vietnam, West Vietnam.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Vietnam Construction Equipment Market Future Opportunity
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