Huge Growth And Opportunities in Asia-Pacific Heavy Construction Equipment Market Till 2021
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.
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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.
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.
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 Rest of the World.
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.
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