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Construction Equipment Market in Southeast Asia to Surge: Forecast for Robust Growth by 2029 – ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Southeast Asia Construction Equipment Market - Strategic Assessment & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.

The market, which saw 74,025 units in volume back in 2023, is now positioned for growth against the backdrop of rising infrastructure projects and public investments.

Recent developments confirm the intensification of activities in public infrastructure sectors across multiple countries in the region. For instance, pivotal plans such as Indonesia’s "National Medium-term Development Plan 2020-2024" signal heavy infrastructural investments amounting to USD 359.2 billion. The transfer of the nation’s capital introduces a fresh wave of demand for engineering equipment to support the ambitious construction plans.

Earthmoving equipment has emerged as the leading segment within the Southeast Asia construction equipment market in 2023. The sector dominance by excavators is anticipated to sustain, driven by an uptick in housing, port developments, and overarching public infrastructure projects. With Southeast Asia's flourishing as a favorable market for construction machinery, renowned heavy equipment manufacturers continue to consolidate their presence, catering to the diverse needs from road construction to material handling.

Market Trends and Drivers of Growth:

  • Renewable Energy Investments: Energy sector projects, particularly renewable energy initiatives, are gathering momentum with several government and private entities pouring investments into this sphere.
  • Compact and Electric Construction Equipments: Government policies and environmental concerns pave the way for increased adoption of electric and compact construction equipment despite the high costs associated with them.
  • Waste-To-Energy Projects: Indonesia's stride towards renewable energy is exemplified by its focus on waste-to-energy projects, fueling the demand for wheel loaders and related equipment.
  • Robust Construction Industry Investments: Public and affordable housing programs in various regional countries, such as the Philippine Housing Program, are prime examples of initiatives propelling the construction equipment market.
  • Green Hydrogen Projects: Singapore’s heavy investments in hydrogen research & development and Vietnam's National Green Hydrogen Summit reflect the increasing emphasis on alternative energy sources.

Despite the buoyant landscape, the construction industry faces challenges, including skilled labor shortages and rising construction costs, which could dampen the brisk pace of project completions. Furthermore, a high demand for rental arrangements and increasing costs in raw materials could also impact growth trajectories.

Vendor Landscape Analysis

The market boasts a combination of dominant players and niche operators, catering to the diverse requirements of the construction sector. Major market contributors include industry giants like Caterpillar, Volvo Construction Equipment, and Komatsu, offering a wide array of machinery and establishing a commanding market share. On the other hand, companies such as Yanmar and LiuGong maintain their specialized focus and regional market penetration.

As Southeast Asia propels into a substantial phase of construction development, market participants keenly await the unfolding of the opportunities amid the forecasted growth. This detailed assessment serves as an instrumental tool for stakeholders across the construction equipment value chain, from manufacturers to investors, seeking to leverage the dynamic market trends within Southeast Asia.

  • What are the driving forces behind the Southeast Asia construction equipment market surge?
  • Which segment is leading the market, and what are the anticipated growth rates?
  • Who are the prominent players and what is their market strategy?

Key Attributes:

Report AttributeDetails
No. of Pages337
Forecast Period2023 - 2029
Estimated Market Value in 202374025 Units
Forecasted Market Value by 202997452 Units
Compound Annual Growth Rate4.6%
Regions CoveredAsia Pacific

A selection of companies mentioned in this report includes

  • Caterpillar
  • Hitachi Construction Machinery
  • Komatsu
  • Liebherr
  • Volvo Construction Equipment
  • Kobelco
  • Kubota
  • Zoomlion Heavy Industry Science & Technology Co., Ltd.
  • SANY
  • Xuzhou Construction Machinery Group (XCMG)
  • Hyundai Construction Equipment
  • Develon
  • JCB
  • Yanmar
  • Tadano
  • Takeuchi Manufacturing
  • Manitou
  • Toyota Material Handling
  • AUSA
  • Haulotte
  • MERLO S.p.A.
  • Bobcat
  • Terex Corporation
  • LiuGong
  • CNH Industrial
  • Sunward Intelligent Equipment Group
  • Shantui Construction Machinery Co., Ltd.
  • Sia & Yeo Heavy Equipment Pte Ltd
  • Ricon
  • Italthai Industrial
  • Leadway Heavy Machinery Co., Ltd.
  • Ariya Group
  • Paragon Machinery
  • PT Indotruck Utama
  • United Tractors
  • Multicrane Perkasa
  • PT Airindo Sakti
  • SIN LOY HENG Engineering Sdn Bhd
  • UM Construction Equipment Sdn Bhd
  • Topspot Heavy Equipment Inc.
  • BinhLoi CO., LTD

For more information about this report visit https://www.researchandmarkets.com/r/ywdksg

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