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What’s Driving the Asia Pacific Construction Equipment Market Growth? | Kobelco Construction Machinery USA, Inc., Terex Corporation, JCB, Sany Group, Caterpillar Inc.
Asia Pacific Construction Equipment Market
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Asia Pacific Construction Equipment Market is expected to reach USD 80 billion by 2025. High construction & infrastructure spending in emerging economies including China and India is majorly escalating the demand for construction machinery. Due to the rapid urbanization & development of several suburbs in the Asian region, the overall building industry is witnessing several upcoming & ongoing projects.
China is rapidly evolving in the Asia Pacific construction equipment market due to the rising construction of several residential & commercial establishments. The emergence of aftermarket players providing machinery replacement parts is a major factor that will drive the industry demand. Due to the presence of several machine manufacturers in China, South Korea, and Japan, these countries are also witnessing an emergence of replacement part providers to cater to the high requirements from various customers. Moreover, Japanese manufacturers are entering the Indian market owing to the increasing construction & infrastructure development activities in India in recent years to foster the market expansion.
Prominent players present in the Asia Pacific construction equipment market are:
• JCB
• Doosan Group
• Terex Corporation
• Komatsu Ltd.
• Liebherr Group
• Kobelco Construction Machinery
• Tadano Ltd.
• Caterpillar Inc.
• John Deere
• Sany Group
These companies are launching their products and solutions in the untapped regions with potential demand. For instance, in November 2018, JCB India announced the launch of its new products and the establishment of new dealership facilities in Nepal. Additionally, the manufacturer strategies for new product development and R&D investments are fueling the Asia Pacific construction equipment market growth.
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The global construction companies, governments, and local players are rapidly moving toward the adoption of technologically-advanced machinery to address the huge requirements, accelerating the Asia Pacific Construction Equipment Market expansion. The growth is also attributed to favorable government investments in the application sector, which provides appropriate funds and machine consumption parameters to the customers.
Asia Pacific Construction Equipment Aftermarket, by Product:
• Earthmoving & road building equipment
• Material handling & cranes
• Concrete equipment
Concrete equipment is gaining high popularity and demand owing to several ongoing road & highway construction projects in the Asian countries under the infrastructure improvement initiatives. Equipment including concrete pumps, batching plants, and asphalt pavers are increasingly being utilized in such projects to overcome issues related to traditional labor-based operations. Several governments provide financial help & low-interest loans to the local construction companies, supporting industry growth. These factors coupled with increasing awareness of the Asian customers about technologically advanced machines are developing the Asia Pacific construction equipment market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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