Asia Pacific construction equipment market is predicted to surpass US $80 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
High infrastructure and construction expenditure in developing economies including India and China is expected to boost the demand for construction machinery. With rapid development and urbanization of many suburbs in the Asian region, the global building business is witnessing many ongoing and upcoming projects.
Moreover, global players, governments, and companies are swiftly moving towards the adoption of technologically advanced equipments in a bid to address growing demands, thereby driving APAC construction equipment market growth. This expansion can also be accredited to favorable government investments in the application segment which provides suitable funds and machine consumption constraints to the consumers.
Demand for new products is growing rapidly in the APAC construction equipment market owing to the launch of many new machineries with technologically advanced features like smart sensing technologies, telematics, etc. These features significantly eradicate human interference and provide enhanced worker safety compared to traditional options. Consumers in Asia generally purchase these equipments from an independent dealer/distributor or a company’s direct sales network such as outlets and stores to gain high-quality products at suitable costs.
Based on product, the concrete equipment segment is gaining high demand and popularity due to many ongoing highway and road construction projects in the Asian countries under the infrastructure development initiatives. Equipments including asphalt pavers, concrete pumps and batching plants are increasingly being employed in such projects to overcome matters related to traditional labor-based operations.
Moreover, many governments are offering low-interest loans and financial help to the local construction companies, supporting market growth. Thus, such factors coupled with growing awareness of the Asian consumers about technically advanced machines are driving APAC construction equipment industry size.
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According to the report, China is rapidly growing in APAC construction equipment market owing to the increasing construction activities across commercial and residential projects. The introduction of aftermarket players providing equipment replacement parts is a major feature that will drive industry demand. Moreover, countries like South Korea, Japan and China are witnessing an emergence of new spare part providers that are actively catering to customer’s growing demands. Additionally, Japanese industrialists are entering the Indian market due to increasing infrastructure and construction activities in recent years, which will further drive APAC construction equipment market size.
Prominent companies operating in the APAC construction equipment market include Doosan Group, Komatsu Ltd., Terex Corporation, Sany Group, J.C Bamford Excavators Ltd., Liebherr Group, Tadano Ltd., Kobelco Construction Machinery, John Deere and Caterpillar, Inc.
These players are constantly launching their solutions and products in the unexploited regions experiencing growing demand. For instance, in 2018, JCB India announced the launch of its new products and formation of new dealership services in Nepal. Additionally, manufacturing strategies for research and development investments and new product development are expected to foster APAC construction equipment market growth.