Earthmoving Equipment Market
Asia Pacific construction equipment market to gain momentum from the launch of technologically-advanced machines over 2019-2025, India and China to emerge as prominent growth avenues
Driven by massive spending on infrastructural projects and rising inflow of FDI in the real estate sector, Asia Pacific construction equipment market has established itself as one of the most lucrative business spheres in the recent times. The rise of online retail outlets and the convenience of replacing parts by the firms via online channels has been creating considerable opportunities for the players operating in the Asia Pacific construction equipment market. The overall construction sector in the region is increasingly shifting toward improved and technologically-advanced construction machinery owing to a significant uptick in labor costs and visible demographic changes.
Japan earthmoving & road building equipment, by product, 2018 & 2025 (USD Million)
Speaking in the similar context, numerous prominent heavy-equipment makers are developing advanced excavators which has fortified the stance of earthmoving and road building equipment segment in the Asia Pacific construction equipment market. For instance, Hitachi recently introduced ZH210-6 excavator which is regarded as one of the most fuel-efficient and light-weight excavators to have been developed in the recent past. Equipped with high-grade hydraulics, ZH210 emits reduced levels of carbon dioxide and consumes less fuel.
How has the Indian government’s urban modernization and affordable housing programs favored the APAC construction equipment industry?
Following its establishment as one of the prominent growth engines of the Asian continent, India has stepped up its efforts to reform the way urbanization has been progressing in the nation over the last few decades. Owing to increasing population and high rate of migration, the demand for affordable housing is on the rise. In addition to this, the need to upgrade the overall transportation network across urban and rural areas has been one of the top-most priorities of the nation.
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To achieve the desired results in terms of sustainable urbanization in this time and age, India has been investing heavily in the construction sector – a business vertical which has emerged as the second largest employer in the nation over the last few years. The construction sector received a humongous boost by the Indian government in 2015 when it launched three mega urban transformation schemes viz., Housing for All, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and Smart Cities Mission.
These ambitious programs – allocated with a total budgetary outlay of more than 6 lakh crores – are aimed at driving economic growth and fast-tracking the process of urban transformation to enable better living standards, which would, in turn, immensely benefit the commercialization potential of APAC construction equipment market from India.
A brief snapshot of how China’s ambitious infrastructural project would impact the Asia Pacific construction equipment industry
After constructing large-scale projects such as the world’s largest dam and building a 26-mile-long bridge, China is now focusing on unprecedented infrastructural projects such as Belt and Road Initiative. Regarded as the largest undertaking in its modern history, the initiative aims to develop and build an enormous network of railroads and shipping lanes between China and 65 nations in Europe, the Middle East, North Africa, and Asia.
Although it was first proposed in the year 2013, Belt and Road Initiative has garnered considerable momentum only last year and is expected to provide significant push to the Asia Pacific construction equipment industry. Moreover, China’s is rapidly transitioning toward a consumer and services driven economy which opens up a new kind of construction in social, educational, and healthcare infrastructure.
Powered by the launch of innovative and technologically-superior equipment, swift pace of urbanization, rising demand for affordable housing, and massive spending on infrastructural projects by chief economies of Asia such as India and China, the remuneration portfolio of Asia Pacific construction equipment industry is slated to surpass USD 80 billion by 2025.
Author Name : Saif Ali Bepari
Increasing transport infrastructure development worldwide and favorable government initiatives is expected to drive earthmoving equipment market growth
Earthmoving equipment market size is projected to reach USD 192.45 billion by 2023; as per the latest research report by Global Market Insights, Inc. growing adoption in the commercial sector, favorable Government initiatives and growing transport infrastructure development worldwide will drive the global market size.
View a summary of the “Earthmoving Equipment Market Size, Industry Analysis Report” @ https://www.gminsights.com/industry-analysis/earthmoving-equipment-market
Global Market Insights has announced the addition of a new market study based on the Earthmoving equipment market. The report analyzes the restrainers, drivers and challenges of the market, future growth potentials and its impact on the demand shaping the market during the predicted period from 2015 to 2023.
Excavators will continue to be the most attractive equipment with more than 9% CAGR from 2016 to 2023. Real-time monitoring features for identyfying and supervising system failure are expected to drive demand.
The multifunction equipment is preferred over single-function equipment for saving the cost. This also reduces the time and labor required to accomplish the task with improved efficiency and extended productivity as added advantages. Rising investments in R&D to discover solutions to enhance product offerings will propel the market.
Earthmoving machinery is mainly applied in the construction industry. The construction industry is predicted to maintain its dominance, with more than 60 % of the Earthmoving machinery market share. Excavator are used in surface level and below ground operations. Rising demand in factories and manufacturing facilities will drive the excavator segment growth. Obtaining construction equipment on rent or lease is a rising trend. The construction equipment rental market is predicted to exceed USD 85 billion by 2023.
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In Private and Government sectors, increasing demand for technologically advanced solutions, featuring better material handling and improved fuel efficiency combined with lower emissions and safety is expected to propel the market worldwide. Europe earthmoving equipment market share will remain steady, with revenue forecast to exceed 43 billion in predicted timeframe.
The growing trend towards the usage of used heavy machinery across numerous countries may prove to be a threat to the new products that are to be launched in the segment. Increasing expenditure on infrastructure activities is also forecast to escalate demand, notably over the coming years.
Some of the key participants operating in the global earthmoving equipment include John Deer, Caterpillar, Komatsu, Volvo, Hitachi, Liebherr, Doosan, etc.