DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Excavator Market Outlook 2027” report has been added to ResearchAndMarkets.com’s offering.
According to the report, Asia-Pacific Excavator Market Outlook, 2027 the market stood at around USD 18 billion in 2021, which is anticipated to expand at more than 7.5% CAGR for 2022-2027.
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Companies Mentioned
The Asia-Pacific region is expected to emerge as a world leader in the global excavator market over the forecast period. The construction of roads and infrastructure is expected to increase rapidly in developing countries.
Growing industrialization across the region and increasing investments in infrastructure development would boost the excavator market in the Asia-Pacific region. The Asia-Pacific excavator market has witnessed substantial growth owing to rising investments in the construction sector, particularly in emerging countries including India, China, and South Korea.
Additionally, the Asia-Pacific excavators market will witness considerable growth in the coming years due to increasing investment by the government as well as private organizations in infrastructure development. Based on the obtained data, the Asia-Pacific excavator market in developing countries such as India, China, and Indonesia is expected to experience the fastest growth over the forecast period.
Asia’s economy is anticipated to grow by around 512% in the year, which accounts for two-thirds of the global growth. It allows the region to be the world’s most dynamic region by a considerable margin. Many countries in Asia face the challenge of an ageing population and declining productivity growth with a need for structural reforms.
As the global economy is becoming increasingly digitalized and more transformations are occurring with recent advancements, it brings in more challenges related to the future of work. Asia has been embracing the digital revolution with a significant dissimilarity across the region. With the advancement in technology and the shift in the concentration of the governments towards the improvement of the infrastructure, the market for excavators is set to bloom in the Asia-Pacific market.
On the basis of types, the crawler excavator segment is the dominating segment in the Asia-Pacific excavator market due to its higher capacity to carry weights and greater suitability for application in muddy conditions. They also allow safer and faster removal of debris, along with simple and easier digging procedures. The construction segment, which includes residential and commercial buildings, and the infrastructure segment, drives the Asia-Pacific vehicle market mainly. The increasing transformation activities in the construction and infrastructure of the region have been the main reason for the rapid growth of the excavator market in the region.
The infrastructure in the region is experiencing government and private investments as a part of the national development and urbanization strategies. Aside from that, the efforts of enhancement projects for development in Asia Pacific’s rural regions are the primary drivers of the market. Moreover, the economic stability and increasing income of several countries, including Nepal, Sri Lanka, and Bangladesh, in recent years have supported the development of roads, irrigation systems, airports, and hydropower plants, further adding to the demand for machinery.
Considering the individual countries, Japan rules the Asia-Pacific market for excavators, while the overall market is dominated by the smaller countries of the region put together. Despite Japan’s significant contribution to the market, the share has been observed to fall marginally over the years, and the share is expected to fall by approximately 20% by the end of the forecast period.
The Indian excavator market has shown impressive growth over the years, with the highest growth rate. Apart from the major countries, the contributions of the other smaller countries in the region are immense. This segment has grown owing to the constant development in those countries, and has contributed around 40% of the total market share of the Asia-Pacific excavator market.
COVID-19 Impacts:
The global crisis due to the novel corona-virus has resulted in a slowdown of economic activity worldwide. The region has seen the closure or postponement of major construction projects, which will impede the growth of the excavators market for a short period of time. However, the growing industrialization rate across the region and the increasing adoption of modern lifestyles are projected to increase the demand for excavators across the Asia-Pacific market.
For more information about this report visit https://www.researchandmarkets.com/r/eaympq
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