Market Research Report
Asia-Pacific Construction Equipment Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||938151|
|Published||Content info||65 Pages
Delivery time: 2-3 business days
|Asia-Pacific Construction Equipment Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 65 Pages||
The Asia-Pacific construction equipment market is expected to exhibit a growth rate of over 9% during the forecast period 2020-2025.
Electrification of Construction Equipment
Increase in construction activities across the globe has resulted in increased consumption of diesel. Although diesel has high energy content compared to gasoline but its combustion releases dangerous exhausts into the environment. Governments and pollution regulatory bodies across Europe has established norms and regulations that requires diesel engines to produce almost negligible NOx and SOx emissions. This has opened the doors for OEMs to switch to hybrid and complete electric vehicles in the future. Electric construction equipment are not only zero emission machines but also produces very less heat, noise and vibrations.
Electric construction equipment use fewer parts compared to diesel equipment and use of electricity brings down the total cost of operations both for rental company and customer.
Many key construction equipment manufacturers across the globe have launched their electric construction equipment.
Rise of Construction Industry in China
Asia-Pacific countries exhibits the fastest economic growth rates in the entire world. The Asia-Pacific region is expected to be a major market propelling the global construction industry, with augment construction activities in countries, such as China, India and ASEAN countries.
Ongoing mega projects in China needs a lot of machinery and materials to be displaced from one part of the country to the other. Projects like Tianhuangping hydroelectric project, South North water transfer project, Belt and Road Initiative and Beijing airport are some of the many projects that will deploy many construction equipment. China recorded an average monthly growth of 5.3% in fixed asset infrastruture development in 2019. China also recorded a 25% increase in excavator sales in 2019, indicating growth in construction activities. In 2018, market value of consstruction industry in China was valued at nearly USD 900 billion which is expected to grow more than 1.1 trillion by 2021.
The Asia-Pacific Construction Equipment Market is consolidated with players such as XCMG, LGMG, Sany, Zoomlion etc. dominating the market.