DUBLIN--(BUSINESS WIRE)--The "Southeast Asia Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Southeast Asia construction equipment market was valued at USD 2.1 billion and is forecasted to reach USD 2.9 billion by 2027, growing at a CAGR of 4.55%.
In 2021, the economic recovery among the Southeast Asian countries was highly impacted by the decline in the tourism sector. Asian Development Bank survey revealed that the Southeast Asia tourism industry experienced a loss of 8.4% of GDP in 2021.
Although the economic recovery is estimated to be slower, governments' investment in infrastructure projects related to health care, renewable energy, and the housing sector is expected to drive economic activities supporting the construction equipment industry in the region over the forecast period.
SOUTHEAST ASIA CONSTRUCTION EQUIPMENT MARKET INSIGHTS
- Philippines, Indonesia, and Vietnam are estimated to be the main drivers for the Construction Equipment industry due to the massive infrastructure projects pipeline.
- Southeast Asia's construction equipment rental market growth will accelerate new equipment sales.
- Governments in the region have introduced several plans to recover the countries from the impact of COVID-19, which majorly focuses on infrastructure development and increasing government spending. This will propel demand in the Construction Equipment market in Southeast Asia.
KEY HIGHLIGHTS IN THE REPORT
- The rise in construction projects in the region and government focus on harnessing renewable energy resources instead of fossil fuel is expected to drive the demand in the machinery and equipment manufacturing industry in Southeast Asia.
- Over the past few years, the population in urban areas in the Philippines has been growing faster compared to rural areas, primarily due to internal migration brought about by economic development in city centers. Thus, the rise in infrastructure projects in urban areas will drive demand in the Southeast Asia construction equipment industry.
SOUTHEAST ASIA CONSTRUCTION EQUIPMENT MARKET SEGMENTATION
- Various Construction projects in Singapore, Indonesia, and Malaysia, such as the Penang Transport Master plan, MRT Circle development project, Sarawak-Sabah Link Road project, and other major countries in the region, are expected to drive the demand for earthmoving equipment in the area.
- Various public infrastructure projects are planned, such as Bicol Medical Center's Medical Arts Building and NEDA sa Makati Property Redevelopment Project in the Philippines in 2021. Similarly, development is progressing in various countries in the Southeast Asia region. Therefore, the demand for Aerial Platform is expected to rise in the forecast period.
- The key players in Southeast Asia Construction Machinery Industry are Caterpillar, Komatsu, Hitachi Construction Machinery, Kobelco, Volvo Construction Equipment, Kubota, Liebherr, JCB, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), and SANY Group.
- In October 2020, Caterpillar announced the acquisition of Weir's Oil & Gas business, now SPM Oil & Gas, expanding its global presence to serve its Oil & Gas customers
- In 2021 Kobelco reached an assembly of 3,00,000 hydraulic excavators at Hiroshima Factory.
- In September 2020, SANY Partnered with Adelaide Heavy Machinery as the appointed dealer for South Australia.
- Hitachi Construction Machinery
- Volvo Construction Equipment
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- SANY Group
Other Prominent Vendors
- Sumitomo Heavy Industries
- Yanmar Holdings Co
- Zoomlion Heavy Industry
- TAT Hong
- United Tractor
- Multicranes Perkasa (MCP)
WHY SHOULD YOU BUY THIS REPORT?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
- Volume (Unit sales)
- Value (USD)
- Gain competitive intelligence about the economic scenario, advantages in Southeast Asia countries major projects and investments, dynamics, and market share.
- Examples of the latest technologies.
- Get presentation-ready format and easy-to-interpret data.
- Enable decision-makers to make informed and profitable choices
- Gain expert quantitative and qualitative analysis on value/volume growth projections of the Southeast Asia construction equipment market share
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
- Company Profile of 19 vendors and distributors
Key Topics Covered:
Section 1 - Introduction
- Market Snapshot
- Executive Summary
Section 2 - The Market Overview
- Economic Scenario, Foreign Direct Investment, Key Countries and Major Projects in Southeast Asia
Section 3 - Market Landscape
Section 4- Technological Developments
- Advent of New Technology
Section 5- Market Dynamics
- Market Drivers, Restraints, Trends, Import/Export Trend Analysis, Supply Chain, COVID-19 Impact
Section 6 - Competitive Landscape
1. Competitive Landscape Overview
2. Major Vendors (Caterpillar, Komatsu, Liebherr, Hyundai Construction Equipment, Volvo Construction Equipment, JCB, XCMG, SANY Group, Volvo, Hitachi Construction Machinery, LiuGong, Sumitomo)
3. Other Prominent vendors
4. Distributors Profile
Section 7 - Quantitative Summary
- Quantitative Summary
Section 8 - Report Summary
- Key Insights
Section 9 - Report Scope & Definition
For more information about this report visit https://www.researchandmarkets.com/r/9ppw6s