Chicago, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The Malaysia construction equipment market is expected to grow at a CAGR of 4.95% during the period 2021−2028.
| REPORT ATTRIBUTE | DETAILS | |
| MARKET SIZE (REVENUE) | USD 1,303.5 Million (2028) | |
| MARKET SIZE (UNIT SHIPMENT) | 11,241 units (2028) | |
| CAGR (VOLUME) | 4.95% | |
| HISTORIC PERIOD | 2019-2020 | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2028 | |
| TYPE | Earth moving equipment, road construction equipment, and material handling equipment | |
| APPLICATION | Construction, manufacturing, mining, and Others | |
| KEY VENDORS | Caterpillar, Komatsu, Volvo Construction Equipment, JCB, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), SANY, Zoomlion Heavy Industry Science & Technology Co. Ltd, Hitachi Construction machinery, Kubota, and Liebherr | |
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KEY HIGHLIGHTS OFFERED IN THE REPORT:
- The construction equipment market in Malaysia is estimated to grow at a CAGR of 4.95% by 2028.
- In 2020, the construction industry was adversely impacted as major infrastructure projects were halted to curb COVID-19 outbreak. This primarily led to a decline of 7.8% in demand for new construction equipment in Malaysia for the same year.
- By 2028, the earthmoving equipment segment in Malaysia is estimated to grow at a CAGR of 5.37%. The infrastructure projects undertaken by the Government are expected to surge demand for the earthmoving equipment in Malaysia over the long term. The government of Malaysia intends to invest around $18.3 billion on infrastructure development and renovation in 2022, including massive new passenger rail networks and a new airport on East Coast.
- Long-term industrial development will also be fueled by the government's intention to invest $42.3 billion in transportation infrastructure. Progress is being made on the $850 million for infrastructure projects, such as Pan-Borneo Highway and Central Spine Road.
- Additionally, by 2029, the Malaysia government plans to build 1 million housing units to cater to homebuyers in the low-income bracket. The government allocated $300 million for housing development in the 2021 budget plan. The new houses will be surrounded by new neighborhoods, allowing the city to be reinvented on an existing urban fabric which is expected to provide new opportunities for construction equipment in infrastructure development.
- Climate change is a major concern for all countries worldwide, and therefore, many construction equipment manufacturers have incorporated new technologies in their products to reduce carbon emissions. Construction equipment powered by green hydrogen fuel are likely to replace the fossil fuel-based construction equipment. The Malaysia government is also undertaking initiatives to develop green hydrogen fuel. For instance, in 2021, Malaysia's state energy company Petroliam Nasional (Petronas) and Japanese oil giant Eneos are exploring opportunities to develop a clean hydrogen supply chain between the two countries.
- The construction equipment market is consolidated with XCMG Construction Machinery (M) SDN. BHD. being the leader, followed by Caterpillar, Volvo Construction Equipment Malaysia SDN. BHD., UMW Komatsu Heavy Equipment SDN. BHD. and SANY Heavy Equipment (M) SDN BHD. These companies have more than 60% share of the total Malaysia construction equipment market.
- JCB Construction Equipment, Liebherr Sales Kluang SDN. BHD., Hitachi Construction Machinery (Malaysia) SDN. BHD., Zoomlion Heavy Industry Science & Technology Co., Ltd., Kubota Malaysia SDN. BHD., John Deere, Manitou, Hyundai Doosan Infracore, Kobelco and Sumitomo Heavy Industries, Ltd. are the other prominent vendors in Malaysia construction equipment market.
KEY OFFERINGS:
- Market Size & Forecast by Volume | 2021−2028
- Market Size & Forecast by Revenue | 2021−2028
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by type and application
- Competitive Landscape – 10 key vendors, 5 other prominent vendors and 6 distributors are profiled in the report
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MALAYSIA CONSTRUCTION EQUIPMENT MARKET – SEGMENTATION
- The Malaysia earthmoving equipment market is projected to witness robust growth through 2028 owing to the growth in construction, transportation renewable energy sectors with increased government investments toward highway, metro, and airports construction projects. By 2028, the value of the earthmoving equipment segment in Malaysia is estimated to reach $789.3 million, with a CAGR of 5.19%.
- Several road maintenances projects such as new road connection linking Malaysia and Indonesia ($148.4 million) are planned in several states by the government. So, the demand for motor grader is expected to grow in the forecast period.
- The demand for forklifts and telescopic handlers is going to increase due to digital transformation of MMC’s ports, which include Pelabuhan Tanjung Pelepas (PTP), Johor Port Berhad, Northport (Malaysia), Penang Port and Tanjung Bruas Port. By 2028, the forklift and telescopic handler segment in Malaysia is estimated to reach $208.3 million to reach CAGR of 3.86%.
Market Segmentation by Moving Equipment
- Earth Moving Equipment
- Excavator
- Backhoe Loader
- Motor Grader
- Other Earth Moving Equipment
- Road Construction Equipment
- Asphalt Paver
- Road Roller
- Material Handling Equipment
- Crane
- Forklift and Telescopic Handler
- Arial Platforms (articulated boom lifts, telescopic boom lifts, scissor lifts, etc)
Market Segmentation by Application
- Construction
- Manufacturing
- Mining
- Others
MALAYSIA CONSTRUCTION EQUIPMENT MARKET – TRENDS & DRIVERS
- Most OEMs such as XCMG, Caterpillar, and Volvo offer rental facilities in Malaysia. The market for new construction equipment sales to rental companies has high demand than sales to non-rental companies.
- Development of digitalization is expected to build high-tech infrastructure to fast track transition into 5G wireless technology, which is likely to increase the use of construction equipment, which in turn, will fuel the growth of the market.
- By 2025, Malaysia aims to be the global supplier of hydrogen fuel, which is expected to support the construction of new plants in the country. For instance, Sarawak with its immense renewable energy resources is leading in its green agenda with the launch of its first integrated hydrogen production plant and refueling station in South-East Asia. Thereby, it will positively increase the growth of the Malaysia construction equipment market.
WHY SHOULD YOU BUY RESEARCH?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
- Volume (Unit sales)
- Type
- Application
- Value (USD)
- Type
- Application
- Gain competitive intelligence about the economic scenario, advantages in Malaysia, significant 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 Malaysia construction equipment market share.
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
Major Vendors
- Caterpillar
- Komatsu
- Volvo Construction Equipment
- JCB
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- SANY
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- Hitachi Construction machinery
- Kubota
- Liebherr
Other Prominent Vendors
- John Deere
- Manitou
- Hyundai
- Kobelco
- Sumitomo Heavy Industries, Ltd
Distributors Profile
- FHM Equipment SND BHD
- UMW
- Mid Pac Far East
- UM Construction Equipment
- WDG Resources
- TCIM
Explore our industrial machinery profile to know more about the industry.
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