Construction Equipment Market in APAC to grow at a CAGR of 5.4% during 2024-2028
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 been compelled to optimize their operations and deliver cost-effective services to remain competitive in the evolving global economy. Procuring expensive construction equipment, such as tracked excavators, entails significant upfront investment. Consequently, small-scale projects or those of brief duration may not justify the expense of outright purchase. To ensure operational flexibility and economic responsiveness, construction companies increasingly opt for equipment rentals, thereby mitigating the capital outlay and associated maintenance costs.
Get more information on Construction Equipment Market in APAC by requesting a sample report
Technavio analysts predict that the Commercial subsegment will lead the Application segment during 2024 and 2028 The commercial construction segment in APAC is experiencing significant growth due to increased investments from both developed and developing economies. Notable investors include China, India, and Indonesia. In Indonesia alone, substantial commercial projects are underway, such as the Pomalaa plant and Tanjung Enim coal gasification plant, with estimated costs of USD4.5 billion and over USD2 billion, respectively. This trend is expected to continue throughout the forecast period as these economies prioritize infrastructure development and expansion of commercial sectors.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increased investment in infrastructure
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Construction Equipment Market in APAC is experiencing significant growth due to the National Infrastructure Pipeline, a massive initiative to invest in infrastructure projects across the region. The Indian government, for instance, has announced Special-Purpose Bonds to attract private investments in these projects. Autonomous Machinery is a key trend in the construction equipment industry, with OEMs like Caterpillar, Komatsu, and Volvo leading the way. The focus on infrastructure development has led to increased demand for specialized equipment like Dozers, Pavers, Forklifts, and others. The shift towards green infrastructure and reducing greenhouse gas emissions has led to an increased interest in battery-powered equipment. Infrastructure projects, including national highway projects and transportation, are driving the demand for construction equipment in sectors like road infrastructure, municipal services, waste management, material handling, forestry, agriculture, and mining. The Equipment rental industry has also seen a surge in demand due to the closure of construction activities. Automated equipment and increased equipment efficiency are other trends shaping the construction equipment market in APAC.
According to Technavio, the construction equipment market in APAC is a significant segment of the global construction machinery and heavy transportation equipment market. This 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. The expansion of this market is primarily driven by the rapid urbanization and population growth, leading to increased investments in construction projects for residential properties, including both single-family homes and multi-family units. Urbanization necessitates the development of infrastructure, transportation systems, and public utilities, further fueling the demand for construction equipment in APAC.
The Construction Equipment Market in APAC is experiencing significant growth, fueled by the increased investment in infrastructure. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/