DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/nghpjn/crane_market_in) has announced the addition of the "Crane Market in Japan 2015-2019" report to their offering.
The crane market in Japan to grow at a CAGR of 23.06% over the period 2014-2019
The crane market in Japan grew by 22.8% year on year in 2014, driven by a rise in infrastructure construction. In December 2014, the government allocated $14 billion for reconstruction of infrastructures that were damaged during the 2011 tsunami and earthquake. This increase in construction activities is expected to increase the contribution of construction output to GDP from 9.68% in 2014 to 9.99% in 2019. Also, Tokyo being the host of 2020 Olympics will result in revamping and renovation of the existing infrastructure and development of new ones, which will lead to the growth of crane market in the country.
The market size has been calculated based on unit sales of crane in Japan and excludes that generated from the sales of used equipment, contracts, and maintenance. The performance of the market has been presented on the basis of the CAGR derived from an analysis of present market conditions.
To reduce the cost burden for construction companies, equipment manufacturers in Japan such as Kobelco Construction Machinery and TADANO are offering equipment on a rental basis. This helps reduce construction costs and operating expenses to a large extent. This trend is likely to continue in the forecast period and drive market growth.
According to the report, due to the upcoming Tokyo Olympics in 2020, the country will be improving its existing infrastructure and developing new infrastructure, which will lead to the growth of the crane market. We estimate that the market will grow during the forecast period.
Further, the report states that currently labor shortage as a result of a decline in the working-age population curtails market growth.
- Hitachi Construction Machinery
- Kobelco Construction Machinery
Other Prominent Vendors
- Furukawa UNIC
- IHI Construction Machinery
- KATO Works
For more information visit http://www.researchandmarkets.com/research/nghpjn/crane_market_in