April 23, 2020
As per the report titled ‘Asia Pacific Construction Equipment Market Size By Demand, By Product, By Sales Channel, Industry Analysis Report, Regional Outlook), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, Asia Pacific construction equipment market to surpass USD 80 billion by the year 2025.
High expenditure towards construction & infrastructure development in emerging nations including India and China is the primary growth driver of Asia Pacific construction equipment market. Urbanization of several suburbs in Asian countries has led to an increased number of building projects. This factor along with rising adoption of advanced equipment and increasing demand for new machineries with telematics and smart sensing features are enhancing the market growth. Reduction in manual labor and improved worker safety as compared to conventional options is encouraging the adoption of construction equipment.
Based on the product terrain, concrete equipment segment is anticipated to grow considerably during the forecast period, pertaining to ongoing road & highway construction projects in Asia Pacific. Equipment such as concrete pumps, asphalt pavers, and batching plants are witnessing an accelerated demand to overcome the issues related with traditional labor-based operations. Governments are providing financial aid and low-interest loans to local construction companies, in turn stimulating the market outlook.
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Based on the geographical landscape, China construction equipment market is expected to see robust growth during 2019-2025. Construction of several residential and commercial establishments coupled with the presence of key manufacturers, and growing availability of machinery replacement parts from aftermarket players are driving the regional market.
Meanwhile, construction equipment market in Japan and India are also expected to see modest revenue gains in the coming years. The growth can be attributed to the overseas operations of Japan manufacturers in India, owing to increasing construction and infrastructure development activities in the country.
Major players of Asia Pacific construction equipment market are Doosan Group, J.C. Bamford Excavators Limited, Terex Corporation, Liebherr Group, Komatsu Ltd., Kobelco Construction Machinery, Caterpillar, Inc., Tadano Ltd., Sany Group, and John Deere. These companies are highly focused on expanding their services to new regions with potential demand. For instance, in November 2018, JCB India launched new products and announced establishment of new dealership facilities in Nepal.
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