Table of Contents
Asia Pacific Construction Equipment Market Overview
Construction equipment refers to machinery used for construction purpose such as excavators, cranes, motor graders, and loaders. Asia Pacific construction equipment market is estimated to grow at a CAGR of XXXX% from 2020 to 2026 to reach $XXXX billion by 2026.
China is the largest market for construction equipment in Asia Pacific followed by India and Japan. The growth of construction equipment market in China is mainly attributed to the country’s large-scale infrastructure projects such as West-East Gas Pipeline Project, South-North Water Transfer Project, and Beijing-Shanghai High-Speed Railway. In addition, Chinese government’s initiatives such as ‘Made in China 2025’ and ‘One Belt One Road’ are also expected to provide an impetus to the market growth.
The Indian construction equipment market is projected to witness highest growth rate of XXXX% during the forecast period owing to the country’s increasing infrastructure spending by the government under its various development programs such as ‘Make in India’, ‘Smart Cities Mission’, and ‘Housing for All By 2020’. Moreover, booming real estate sector in India is also one of the major factors driving the demand for construction equipment in the country.
Asia Pacific Construction Equipment Market Segments
The Asia Pacific construction equipment market is segmented on the basis of type, application, and geography.
On the basis of type, the Asia Pacific construction equipment market is classified into earthmoving equipment, material handling equipment, and construction vehicles. Earthmoving equipment includes excavators, bulldozers, and loaders. Material handling equipment includes cranes, forklifts, and telehandlers. Construction vehicles include dump trucks, concrete mixers, and asphalt pavers.
On the basis of application, the Asia Pacific construction equipment market is divided into infrastructure development, residential & commercial construction, and mining & quarrying. Infrastructure development includes roads & bridges construction, railways construction, power plants construction, irrigation projects construction, and others. Residential & commercial construction includes high-rise buildings construction and low-rise buildings construction. Mining & quarrying includes coal mining, iron ore mining, bauxite mining, gold mining, and others.
Geographically speaking Asia Pacific region is classified into four major countries namely China , Japan , India , Australia & New Zealand . Out of these four countries China holds the largest share in Asia Pacific Construction Equipment market due to its growing infrastructural development , followed by Japan . India is another rapidly developing country in this region with a huge potential for growth in its infrastructure sector in coming years . Whereas Australia & New Zealand together forms a very small part of this market .
Asia Pacific Construction Equipment Market Size (Production, Value, and Volume)
The Asia Pacific construction equipment market is expected to grow at a CAGR of XXXX% during the forecast period from 2019 to 2027. The market was valued at US$ XXXX billion in 2018 and is projected to reach US$ XXXX billion by 2027. The growth of the Asia Pacific construction equipment market is driven by the increasing infrastructural development, economic growth, and rising urbanization in the region.
China is the largest market for construction equipment in Asia Pacific, followed by India and Japan. China is also the world’s largest producer and consumer of construction equipment. The country has witnessed rapid economic growth over the past few years, which has resulted in increased construction activities. This, in turn, has led to increased demand for construction equipment in the country.
India is another major market for construction equipment in Asia Pacific due to the increasing infrastructural development in the country. The government of India has been investing heavily in infrastructure development over the past few years with an aim to boost economic growth. This has resulted in increased construction activities and subsequently increased demand for construction equipment such as excavators, bulldozers, etc., in India.
Japan is another important market for construction equipment due to the presence of a large number of construction companies in the country. These companies are engaged in various infrastructural development projects, which have resulted in increased demand for construction equipment such as cranes, dump trucks, etc., in Japan
Asia Pacific Construction Equipment Market Forecast (Production, Value, and Volume)
The Asia Pacific construction equipment market is forecast to grow at a CAGR of XXXX% during 2019-2024. The market is driven by the increasing investments in the construction and infrastructure sector, growing population, and rapid urbanization.
China is the largest market for construction equipment in the Asia Pacific region, followed by India. The Chinese construction equipment market is forecast to grow at a CAGR of XXXX% during 2019-2024, driven by the country’s ongoing urbanization and infrastructure development programs. The Indian construction equipment market is forecast to grow at a CAGR of XXXX% during 2019-2024, supported by the government’s initiatives such as ‘Make in India’ and ‘Housing for All’.
Japan, Australia, and South Korea are the other major markets for construction equipment in the Asia Pacific region. The Japanese construction equipment market is forecast to grow at a CAGR of XXXX% during 2019-2024, due to the country’s growing population and infrastructure development projects. The Australian construction equipment market is forecast to grow at a CAGR of XXXX% during 2019-2024, driven by the increasing investment in residential and commercial construction projects. The South Korean construction equipment market is forecast to grow at a CAGR of XXXX% during 2019-2024, supported by the government’s initiatives to boost the country’s economy through infrastructure development projects.
Geographical Analysis for Construction Equipment
The Asia Pacific construction equipment market is expected to grow at a CAGR of XXXX% during the forecast period of 2018-2023.
The Asia-Pacific construction equipment market is being driven by the increasing investments in the infrastructure and construction sector, growing urbanization and industrialization, and rising disposable incomes. The market in this region is further being supported by the government initiatives such as Make in India and One Belt One Road.
China is the largest market for construction equipment in Asia-Pacific, followed by Japan and India. China is also the world’s largest producer of construction equipment. The country has witnessed a tremendous growth in its construction sector due to the increasing investments in infrastructural development projects such as railways, airports, roads, etc. Moreover, China’s real estate sector is also growing at a rapid pace, which is boosting the demand for construction equipment in the country.
India is another major market for construction equipment in Asia-Pacific region. The country’s construction sector has been witnessing strong growth on account of various government initiatives such as Housing for All by 2022, Smart Cities Mission, AMRUT Yojana, etc. These initiatives are expected to result in increased investment in the infrastructure and housing sectors, which would subsequently drive the demand for construction equipment in India over the forecast period.
Competitive Landscape for Asia Pacific Construction Equipment Market
The Asia Pacific construction equipment market is highly competitive with a large number of international and regional players. The market is also fragmented with a large number of small and medium sized manufacturers. The leading players in the market are Caterpillar, Hitachi Construction Machinery, Komatsu, Volvo CE, Doosan Infracore, Sany Heavy Industry, Hyundai Heavy Industries and XCMG Group.
The Caterpillar is the largest player in the Asia Pacific construction equipment market with a market share of more than XX%. The company has a strong presence in China, Japan and India. Hitachi Construction Machinery is the second largest player with a market share of more than XX%. The company has a strong presence in Japan and China. Komatsu is the third largest player with a market share of more than XX%. The company has a strong presence in China, Japan and India.
The construction equipment market in Asia Pacific is expected to witness high growth over the forecast period on account of increasing infrastructure development activities in the region.
Threats and Opportunities of the Asia Pacific Construction Equipment Market
The APAC construction equipment market is forecast to grow at a CAGR of XXXX% during the period 2016-2022. The market is driven by factors such as the increasing construction activities in the region and the growing demand for rental equipment.
However, the market faces some challenges such as the lack of skilled labor and the high cost of ownership. These challenges are expected to restraint the growth of the Asia Pacific construction equipment market during the forecast period.
