Asia-Pacific Heavy Construction Equipment Market 2021: COVID-19 Impact Size, Share, Competitive Landscape, Latest Innovations, Research, Segment, Progress, Growth Rate, and Global Forecast 2023
Heavy Construction Equipment Asia Pacific Market – Overview
Heavy
construction equipment has been proved as a backbone for construction industry
in order to save a lot of time and labour cost. There are several equipment
that serve various purpose at construction sites. Various activities including
earthmoving, material handling, transporting materials, etc. are catered by
heavy construction equipment. High investments of construction industry in BRIC
countries are driving the growth for heavy construction equipment market.
Additionally, the need of satisfying rising infrastructure demand by growing
population will enhance the growth prospects of Heavy Construction Equipment Market. The
lucrative and high investment areas of construction industry in emerging
economies and organization of upcoming world sports such as FIFA World Cup and
Olympics will boost the demand for heavy construction machinery. The global
heavy construction equipment industry growth is directly related to the
worldwide infrastructural development activities. Addition of new technologies
to the existing systems has been an ongoing trend within the market. Adoption
of these equipment has been increasing over the time. High cost of heavy construction
equipment is one of the major factors supporting retrofitted equipment. Some of
the major players operating within heavy construction equipment market arena
include Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd.,
Caterpillar Inc., J.C. Bamford Excavators Limited (JCB), Doosan Heavy
Industries & Construction, Komatsu Ltd.,, and others.
Huge
investments in infrastructural projects in BRIC countries have spurred the
demand for heavy construction equipment for commercial and residential purpose.
Asia-Pacific region has given a tough competition to well established European
and U.S. markets when it comes to heavy machinery. Increasing demand in Brazil
is one of the key factors for the market growth. This is owing to the continued
economic growth and political steadiness in the country. The construction
companies are now focusing their attention to India for business. This is being
achieved by either formation of alliances with the local players or through
subsidiary companies. The buying behaviour in India is changing from “price
based” to “value for money”. Moreover, the construction sector in Brazil has
witnessed a good growth with the development in Brazilian economy.
Infrastructural projects in the region have been steadily rising. Consequently,
there is a high demand for construction equipment, which is attracting big
market players to enter the region for business expansion. Recently, Hyundai
Heavy Industries opened its first construction equipment factory in Brazil. The
factory is estimated to have an annual production capacity of around 3,000
units. The company plans to further increase the capacity by 1,000 units over
the next year. The equipment developed includes wheel loaders, backhoe loaders,
and excavators. Hyundai had invested $175 million for the development of more
than 6 million sq. ft. factory. The company has already received orders for 8
projects in Brazil for 500 construction equipment. Couple of these projects
includes railway project in Northeast Brazil and hydroelectric power plant in
the state of Para. Entry of such big players in Brazil indicates a significant
demand coming for heavy construction equipment.
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Industry/ Innovation/ Related News:
The
key strategies followed by most companies within the Asia Pacific Heavy
Construction Equipment market are that of new product development.
On May 2017, Volvo CE has
unveiled electric compact excavator prototype that delivers zero emission 10
times higher efficiency, 10 times lower noise levels and reduced total cost of
ownership.
On September 2016, Hitachi
Construction Machinery Develops Object Detect Assist Technology for Mining Dump
Trucks that will detect the obstacle when operator are driving, stopping, or
starting mining dump trucks.
In 2017, Aregger
AG has partnered with Liebherr Machines Bulle S.A (Switzerland) for providing
customised demolition excavator. This will widen their product portfolio.
In December, 2016 – JCB India
launched seven new products at Bauma ConExpo. With the launch of these
products, the company positioned itself as a full range infrastructure
equipment partner. Moreover, the growing construction industry has been the
major reason behind this product launch. The growing construction industry has
resulted in growth of heavy construction equipment market.
Heavy Construction Equipment Market – Segmentation
The
Asia Pacific Heavy Construction Equipment market is segmented in to 3 key
dynamics for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprises
Blanking, Embossing, Flanging, Bending, Coining and Others)
Segmentation by Application: Comprises
Passenger Cars, Commercial Vehicles, Recreational Vehicles and Others
Segmentation by Regions: Comprises
Geographical regions - North America, Europe, APAC and
Heavy Construction Equipment Market:
Regional Analysis
Asia
Pacific region is expected to be the largest market in heavy construction
equipment due to prospective growth in China which is followed by India, Japan,
Singapore and other countries. In recent years, the demand for the construction
equipment has been increasing with increasing speed as standard of living of
people are increasing, disposable income are increasing, infrastructure is
developing and most important people want their own house is forcing the heavy
construction equipment market. Various economic factor that have led to the
growth of the market are demand of heavy construction equipment. Government is
taking initiative for various services like education, healthcare, public
transport, infrastructure and other facilities are also helping the market to
grow.
Rest
of the World.
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Key Players:
Volvo
Construction Equipment, Hitachi Construction Machinery Co., Ltd., Caterpillar
Inc., J.C. Bamford Excavators Limited (JCB), Doosan Heavy Industries &
Construction, Komatsu Ltd., Liebherr group, Kobe Steel, Ltd. (Kobelco), CNH
Industrial, Atlas Copco and others are some of the prominent players profiled
in MRFR Analysis and are at the forefront of competition in the Asia Pacific
heavy construction equipment market.
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