Chicago, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, Belgium construction equipment market will grow at a CAGR of over 4% during 2022-2027. Rising government investment in infrastructure investment & renewable energy projects is expected to drive the demand for construction equipment in Belgium market. In Belgium, construction, and manufacturing industries account for ~6.6% and ~3%, respectively, of the GDP in 2021. The growth of the market is being driven by the construction of public infrastructure, including roads, trains, and civil works, as well as rising investments in residential projects. One of the residential projects launched in 2021, the Oude Dokken housing complex PPP, has a positive effect on the need for excavators.
Belgium Construction Equipment Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2028) | $2.74 Billion | |
| MARKET SIZE (2021) | $2.05 Billion | |
| CAGR (2022-2028) | 4.30% | |
| MARKET SIZE- VOLUME (2028) | 40,268 units | |
| HISTORIC YEAR | 2019-2020 | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2028 | |
| TYPE | Earthmoving Equipment, Road Construction Equipment, and Material Handling Equipment | |
| END-USERS | Construction, Manufacturing, Mining, and Others | |
| KEY VENDORS | Caterpillar, Komatsu, VOLVO, JCB, SANY, Hyundai, KOBELCO, Zoomlion, Hitachi, Kubota, Liebherr Group | |
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Key Highlights
- In 2021, the government allocated $1,083.3 million fund from nation recovery & resilience plan towards the renovation of buildings in Wallonia, Flanders, & Brussels region of the country. Additionally, Belgian railways planned to receive additional $267.6 million fund over the next three years. Major part of this fund is allocated for expanding rail freight & upgrading transportation infrastructure. Furthermore, investment in public sector infrastructure, digitalization, and a circular and green economy, backed by European Union financing, is projected to drive the construction industry’s growth in 2022.
- Belgium government also invested $299.7 million on affordable housing as part of the Regional Housing Plan and the Habitat Alliance, to lead the sustainable renovation of existing housing stock, as well as the building of 6,400 new housing units in 2021.
- In March 2022, federal cabinet allocated $1.3 billion for development of renewable energy resources. The government aims to increase 6.5GW of wind power and 4.9GW of solar power by 2030. Increasing solar, wind energy projects across the country is expected to drive demand for mini excavators & cranes.
Recent Innovations and Development
- Caterpillar, Volvo construction equipment, Komatsu, & Kubota are the market leaders accounted for 85% of market share in 2021Recent Innovations & Development in the Market
- Other OEMs in the country such as Kobelco, Komatsu, Caterpillars, Hitachi, and Hyundai construction machinery focus on continuous improvement in aftersales services, which are supported by digital technology.
- In 2022, Hitachi launches the digital application of equipment performance monitoring and technical support system.
- In 2021, Hitachi also launches the spare parts e- commerce platform for enhancing the customer experience.
The report provides a detailed analysis by Segmentation
Type
- Earthmoving Equipment:
- Excavator
- Backhoe Loaders
- Motor Graders
- Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
- Road Construction Equipment
- Road Rollers
- Asphalt Pavers
- Material Handling Equipment
- Crane
- Forklift & Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Segmentation by End Users
- Construction
- Manufacturing
- Mining
- Others
Key Vendors
- Caterpillar
- Komatsu
- VOLVO
- JCB
- SANY
- Hyundai
- KOBELCO
- Zoomlion
- Hitachi
- Kubota
- Liebherr Group
Other Prominent Vendors
- Terex corporation
- LIUGONG
- Yanmar
- CASE Construction Equipment
Distributors Profiles
- Van Haut
- Torfs Compact Machinery
- FM BOUWMACHINES
- HST
- ACQUISITIE BELGIE
- Vangaever
TARGET AUDIENCE:
- Top-level management personnel of existing operators/vendors
- Potential new entrants to the market
- Consultants/consultancies/advisory firms
- Professional landscaping service providers/contractors
- Corporate and governments bodies
Explore our industrial machinery profile to know more about the industry.
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