Based on the provided data, the import of Railway, Tramway Locomotives and Rolling Stock to Vietnam has shown significant fluctuations from 2013 to 2023. The import value stood at $87.809 million in 2023, with a year-on-year increase of 3.81%. Over the last two years (2021-2023), the market exhibited moderate growth rates reflective of post-pandemic recovery stages and supply chain adjustments.
Key observations from the historical data are:
- The market showed notable volatility with alternating periods of growth and contraction.
- Major growth periods include 2014, 2017, and 2021, linked to a boom in Vietnam's infrastructure investments.
- A significant decline was observed in 2020 due to the COVID-19 pandemic's impact on global trade and supply chains.
- The CAGR over the last five years until 2023 is calculated at 4.34%, indicating small but steady growth on average annually.
Future trends to watch for:
Looking ahead, forecast data suggests a consistent increase reaching $104.75 million by 2028. The market is expected to grow at a 5-year CAGR of 2.75%. Key drivers may include increased investment in urban rail and public transportation infrastructure, recovery from the COVID-19 pandemic, and potential governmental policies promoting modernization of the transportation sector. Additionally, advancements in technology and sustainability initiatives in rolling stock manufacturing are likely to shape market dynamics positively.