New York, US, June 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Asia Pacific Heavy Construction Equipment Market Information by Types, Applications and End-Users, and Region - Forecast till 2030”, Between 2022 and 2030, the Asia Pacific Heavy Construction Equipment Market can expect to garner 8.45% CAGR while touching USD 96.67 billion in value by 2030.
Asia Pacific Heavy Construction Equipment Market Overview
Every construction project requires cutting, moving and hauling of the ground as well as other building supplies and machinery for concrete and compaction. Small projects typically involve human labor using standard tools.
However, huge projects with large amounts of work require the utilization of heavy construction machinery. Time is saved. Additionally, it guarantees quick construction and on-time project completion.
Market Competitive Landscape:
The affluent vendors in the Asia Pacific heavy construction equipment industry are
- Volvo Construction Equipment
- Caterpillar Inc.
- J.C. Bamford Excavators Limited (JCB)
- Hitachi Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Doosan Heavy Industries & Construction
- Liebherr group
- CNH Industrial
- Kobe Steel Ltd. (Kobelco)
- Atlas Copco.
- Among others.
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Asia Pacific Heavy Construction Equipment Market COVID 19 Analysis
Due to factory closures, lockdowns, and trade restrictions during the COVID-19 pandemic in 2020, the Asia-Pacific Construction Equipment Market experienced a sharp decline. The market was also heavily influenced by the building industry's slowdown and a labor shortage. The industry regained its pace as construction and infrastructure companies started operating again as a result of slowly increasing building activities across key countries by the first half of 2021.
Long-term factors driving the demand for construction equipment like excavators, backhoe loaders, and road machinery include increasing investments in production capacity by major industry players, significant government infrastructure spending, electrification of equipment, growing urbanization, electrification of equipment, and electrification of equipment.
Regional Insights
During the conjectured period, the Asia Pacific Heavy Construction Equipment Market will benefit from the expansion of the heavy construction equipment sector in the region as a result of population growth and rising per capita disposable income. Additionally, Asia-Pacific nations have the world's fastest economic growth rates. Because of the increased construction operations in China, India, and the ASEAN nations, the Asia-Pacific region is therefore anticipated to be a prominent market driving the global construction industry.
Asia Pacific Heavy Construction Equipment Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 96.67 billion |
| CAGR during 2023-2030 | 8.45% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Types, Applications and End-users |
| Key Market Opportunities | Government initiatives for various services like education, healthcare, public transport, infrastructure and other facilities |
| Key Market Drivers | Increase in Demand of construction equipment Development of infrastructure |
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China's ongoing megaprojects necessitate the removal of tons of equipment and supplies from one region of the nation. Numerous building tools will be used on projects including the Tianhuangping hydroelectric project, the South-North water transfer project, the Belt and Road Initiative, and the Beijing airport. As a result, China's development of fixed asset infrastructure grew by an average of 5.3% per month in 2019. Excavator sales in China increased by 25% in 2019, a sign that the construction industry is expanding. The market value of the Chinese construction sector was estimated to be close to USD 900 billion in 2018, and it is anticipated to increase to USD 1.1 trillion by 2021.
Asia Pacific Heavy Construction Equipment Market USP Covered:
Market Drivers:
In order to save a significant amount of time and personnel costs, heavy construction equipment has been proven to be the foundation of the construction business. Various pieces of equipment are used at building sites for a variety of purposes. Heavy construction equipment is used for a variety of tasks, such as earthmoving, material handling, transporting goods, etc. The BRIC nations' significant investments in the construction sector are fueling the market's expansion for heavy construction equipment. Additionally, the necessity to meet the expanding population's demand for infrastructure would improve the market for heavy construction equipment's growth prospects.
The demand for heavy construction equipment would increase due to the lucrative and high-investment sectors of the construction industry in emerging nations and the organization of major international sporting events like the FIFA World Cup and Olympics. The development of the world's infrastructure has a direct impact on the growth of the heavy construction equipment business. An ongoing trend in the sector is the integration of new technologies into the current systems. Over time, more people have started using these devices.
The BRIC countries' significant infrastructure investments have increased demand for heavy construction equipment for both commercial and residential use. When it comes to the market for heavy machinery, the Asia-Pacific area has posed a serious challenge to the well-established European and American industries. The country's ongoing economic expansion and political stability are to thank for the rising demand. The building firms are currently concentrating their efforts on India for business. This is done either through the creation of partnerships with regional players or through the use of subsidiary businesses. Indian consumers are shifting from a "price-based" to a "value-for-money" mindset while making purchases.
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Market Restraints:
Some of the key issues impeding the market's growth are the rising oil prices and the impact of equipment-related carbon emissions on the environment. On the positive side, the rising disposable income of the average person in the Asia-Pacific region's developing nations is projected to present a lucrative chance for the industry to expand.
Asia Pacific Heavy Construction Equipment Market Segmentation
By Type
The types of heavy construction equipment in the market include Heavy Construction Vehicles, Material Handling Equipment, Earthmoving Equipment, and Others (Excavator, Cranes, and Dozer).
Due to ongoing infrastructure megaprojects, excavators are anticipated to dominate the Asia Pacific heavy construction equipment market throughout the forecast period. Since clearing the land is always the first stage in every building project, excavators are the equipment that are utilized the most frequently. Excavators are among the most adaptable construction tools because they come in capacities ranging from 5 to 40 tones and can move on both wheels and crawlers.
Large-scale building projects including the Belt and Road Initiative (BRI), the Asian Highway Network (AHN), the Kunming-Singapore Railway, Sagarmala, and Bharatmala in the area also frequently employ excavators. Additionally, excavators are the most popular category of construction machinery in significant markets including China, Japan, South Korea, and Indonesia.
By Application
Earthmoving, Mining & Excavation, Lifting, Material Handling, Transportation, and more are the top applications of heavy construction equipment.
Heavy equipment that is used for excavating, grading rock and soil, etc., is considered earth moving machinery. These tools are typically thought of as crucial resources for quarrying and demolition operations, which are anticipated to increase along with industrial expansion. As a result, market growth for earthmoving equipment is anticipated to pick up speed in the years to come.
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By End-User
Agriculture & Forestry, Construction Industry, Oil & Gas Industry, Mining, Military, and others are the key market end-users.
The fast rate of infrastructure development worldwide is responsible for the expansion of the construction sector segment. Heavy construction equipment manufacturers have a great opportunity to enhance their revenue with the expansion of infrastructure because this equipment is essential to these activities. During the projection period, the use of excavators, loaders, and other construction equipment would increase significantly, potentially leading to lucrative prospects.
Due to the rise of industrialization and the significant investment in the mining sector, mining is expected to expand at a significant rate after construction. The market growth for the agriculture and forestry sector is predicted to have a moderate growth rate.
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