Pune, Maharashtra, October 30 2020 (Wiredrelease) Graphical Research –:According to the Graphical Research new growth forecast report titled “Asia Pacific Construction Equipment Market Size, By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook (China, India, Japan, South Korea), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026″, Size will be around USD 75 billion by 2026.
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Growing initiatives and financial support by government authorities in the Asia Pacific region are driving the construction equipment industry. Several government projects, such as the smart city mission, Atal Mission for Urban Rejuvenation and Transformation (AMRUT), Pradhan Mantri Gram Sadak Yojana (PMGSY), and Jawaharlal Nehru National Urban Renewal Mission are contributing to the market growth in India. Similarly, initiatives, such as Made in China 2025, announced by the Chinese government are augmenting the demand for advanced construction equipment.
The COVID-19 pandemic has disrupted economic activities in the Asia Pacific region on a large-scale. Huge losses of life in China, India, and Japan between December 2019 and March 2020 led to a total shutdown of manufacturing & production facilities in the region. The construction, mining, and logistics industries in India are temporarily shut down owing to a nationwide lockdown to safeguard the lives of residents in the country. Uncertainties related to the containment of the pandemic in the region are expected to hamper the demand for construction machinery in 2020.
Rapid developments and investments in the power distribution sector across the globe are major factors driving the mobile cranes market growth. The equipment is extensively used in maintenance and construction activities in power grids. Several countries in Asia Pacific use mobile cranes to establish a robust power grid infrastructure to cater to the increasing electricity demand. In addition, initiatives undertaken by several regional governments in Asia Pacific to enhance the existing utility infrastructure are propelling industry demand.
The increasing need for infrastructure inspection and maintenance of high-rise establishments is anticipated to drive the Japan construction equipment market growth. Reconstruction activities in Japan are on the rise, following several natural calamities such as earthquakes and tsunamis. The Japanese government announced its plan to invest over USD 60 billion between 2016 and 2020 to reconstruct areas damaged by natural calamities, providing significant growth opportunities to the construction equipment market.
Market players operating in the Asia Pacific construction equipment market are XCMG Corporation, Komatsu Ltd., Zoomlion, Sumitomo Heavy Industries Ltd., Hitachi Construction Machinery, Matso Corporation, Tadano Ltd., and Kobelco Construction Machinery Co., Ltd. These players are focusing on expanding their geographic presence in international markets. For instance, in August 2018, Hitachi Construction Machinery Co., Ltd. acquired 33.3% equity interest in ACME Lift Company, located in the U.S. The acquisition aided the company to expand its presence in North America.
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