Latest News- Construction Equipment Market in APAC: Commercial is expected to lead the Application segment during 2024-2028

The Construction Equipment Market in APAC is being driven by Increased investment in infrastructure

The Construction Equipment Market in APAC is expected to grow at a CAGR of 5.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 21.41 billion. In the aftermath of the 2008 financial crisis, construction firms have had to prioritize efficiency and adaptability in their business operations. The significant investment required for purchasing expensive construction equipment, such as tracked excavators, poses a challenge for companies handling low-scale projects or those of limited duration. To mitigate this issue, many construction firms opt for machinery rental services. This approach enables them to save on capital expenditures and associated maintenance costs while maintaining operational flexibility, aligning with the current economic climate. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Commercial
  • Residential
  • Infrastructure
• Product
  • Earthmoving equipment
  • Material handling equipment
  • Concrete and road construction equipment
  • Other equipment
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased investment in infrastructure
• Increase in number of smart cities
• Growing residential and commercial construction activities

However, the market also witnesses some limitations, which are as follows:

• Growing secondhand machine equipment
• Shortage of skilled operators in construction equipment industry
• Uncertain macroeconomic conditions in construction equipment industry

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Market Scope in Construction Equipment Market in APAC Research Report

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Research Analysis Overview

The Construction Equipment Market in APAC is experiencing significant growth due to urbanization trends and the development of smart cities. Rental services, automated machinery, battery-powered and fuel-efficient equipment are in high demand for infrastructure projects. Sustainable construction, including greenhouse gas emissions and ozone reduction, is a key focus. Excavators, cranes, bulldozers, and other heavy equipment are essential, with maintenance and secondhand machinery also popular. Mining, road construction, material handling, forestry, and other industries utilize specialized equipment. Equipment leasing and leasing services are also gaining traction.

Market Research Overview

The Construction Equipment Market in APAC, as part of the global Construction Machinery and Heavy Transportation Equipment Market, encompasses various product categories such as heavy-duty trucks, compact earthmoving equipment, road construction and compaction equipment, crushing and screening equipment, concrete equipment, civil engineering equipment, lifting equipment, and related machinery. Market growth is driven by urbanization's rapid pace, leading to substantial investments in construction projects due to the increasing demand for residential properties, including single-family homes and multi-family units. Additionally, sectors like Mining, Agriculture, Forestry, Material Handling, Waste Management, Municipal Services, and Automated Equipment will experience significant market growth due to efficiency improvements and technological advancements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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