Chicago, April 28, 2022 (GLOBE NEWSWIRE) -- According to the lastest research report by Arizton, the sale of the Colombia Construction Equipment Market will grow at a CAGR of 6.7% during 2021-2022. Soaring investment in construction & mining projects is prompting the demand for IoT- & AI-equipped equipment
Colombia Construction Equipment Market Report Scope
| Report Attributes | Detail |
| MARKET SIZE (REVENUE) | 552 Million (2028) |
| MARKET SIZE (VOLUME) | 10,662 Unit Sales (2028) |
| CAGR (VOLUME) | 6.7% (2028) |
| HISTORIC YEAR | 2019-2020 |
| BASE YEAR | 2021 |
| FORECAST YEAR | 2022-2027 |
| TYPE | Earth Moving Equipment (Excavator, Backhoe Loader, Motor Grader, and Other Earth Moving Equipment), Material Handling Equipment (Crane, Forklift & Telescopic Handler, Arial Platforms (Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts, etc.) and Road Construction Equipment (Asphalt Paver and Road Roller) |
| END-USER | Construction, Manufacturing, Mining, and Others |
| KEY VENDORS | Caterpillar, Volvo Construction Equipment, Komatsu, SANY, JCB, Liebherr, XCMG, Hitachi, Hyundai |
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Key Insights
- The construction industry was adversely impacted in 2020 as major infrastructure projects were halted to curb the COVID-19 outbreak. In Colombia, demand for new construction equipment declined by 15.2% in the same year.
- In 2021, the earthmoving equipment segment had the largest share. Colombian government investment in infrastructure development including improving water drainage and renewable energy projects are expected to drive the demand for excavators as compared to other earthmoving equipment over the forecast period. The earthmoving equipment segment in Colombia is estimated to grow at a CAGR of 7.28% by 2028.
- Increasing minerals production & FDI inflow in the mining sector have positive impact on construction equipment sales. Colombia’s mining sector recovered by 15% in 2021 due to a surge in the production of coal, gold, and nickel in the country. FDI investment in the mining industry was $2.7 billion in 2021. The growth in the mining industry due to rising FDI investment in the mining sector and increasing production of gold, nickel, and copper in 2022 triggers the demand for large excavators, backhoe loaders and cranes in the Colombian market.
- Surge in urban development & maintenance projects triggers the need for fuel efficient & flexible equipment. The government’s focus on road maintenance projects, development of the municipality and proper drainage systems prompts the demand for flexible, low maintenance, and fuel-efficient equipment in the market.
- The major OEMs in the country are expected to follow the recent trends in the demand for construction equipment and focus on delivering fuel-efficient and low maintenance equipment such as backhoe loaders, skid loaders, and mini excavators in the Colombia market.
- Caterpillar, Komatsu, and Volvo have the major share in the Colombia construction equipment market. Chinese manufacturer such as SANY & XCMG is recently gaining popularity due to their low price compared to that of other manufacturers.
WHY SHOULD YOU BUY THIS REPORT?
This report is among the few in the market that offers an outlook and opportunity analysis forecast in terms of:
- Colombia Construction Equipment Market Size & Forecast Volume (Unit sales) 2019-2028
- Earthmoving. Material handling and road construction
- Excavators, Backhoe loaders, Cranes, forklifts
- End Users (construction, mining, manufacturing, and other industries)
- Colombia Construction Equipment Market Size and Forecast Value (USD) 2019-2028
- Earthmoving. Material handling and road construction
- Excavators, Backhoe loaders, Cranes, forklifts
- End Users (construction, mining, manufacturing, and other industries)
- Major current & upcoming projects & investments
- Gain competitive intelligence about the economic scenario, advantages in Colombia's 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 incremental growth projections
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
- Vendor capability matrix
- Company Profile of vendors and distributors
The surge in Urban Development & Maintenance Projects Trigger Need for Fuel-efficient & Flexible Equipment
The Colombian government is investing in road infrastructure development projects in 2022. The increasing investment in road construction triggers the demand for low-maintenance flexible equipment in the market. For instance, CASE construction equipment delivered a fleet of equipment, which includes road rollers, motor graders, and backhoe loaders in 2022.
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Explore our industrial machinery profile to know more about the industry.
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