SYDNEY, June 23, 2015 /PRNewswire/ --
According to a new report by ApacMarket.com titled, "Asia-Pacific (China, India, Japan, South Korea) Construction Equipment (Type, Solution, Application, Industry and Country) Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020", the Asia-Pacific construction equipment market is expected to reach $105.6 billion by 2020, registering a CAGR of 10.4% during 2015-2020. The construction equipment are heavy machineries and vehicles that are used for executing construction operations. Construction equipment are available with their different functionalities in the market.
Equipment market includes heavy machinery such as cranes, loaders, excavators and dozers. Each machinery has its unique applications. Among all the applications of construction equipment, earthmoving, lifting and material handlings are the major contributors in terms of revenue. These two applications have collectively contributed around 52% of the total market size by value in 2014. Earth moving segment is the highest revenue generator and it would continue to dominate the market during the forecast period due to increased reconstruction and mining activities.
In the Asia-Pacific construction equipment market by type, loader and cranes would continue to remain the most preferred type due to their numerous applications in construction, mining and public works. Loaders are majorly used in earth moving purposes. Loader segment would drive the market significantly by 2020, contributing more than 43.2% of the total market revenue throughout the forecast period. Crane market is growing due to increased demand for lifting and material handling from different industries including public works and mining. Among industries, public works and rail road sectors would significantly drive the market. Other prominent industries include oil and gas, mining and manufacturing.
The market is further segmented into solution type, product and services. Presently, product segment is the key driver for the Asia-Pacific construction equipment market. Product segment includes all the equipment such as dozer, excavator, crane and loaders. The market shares of products and services would remain in the ratio of 80:20, throughout the analysis period.
Geographically, China would dominate the Asia-Pacific construction equipment market throughout the analysis period due to the increased industrial and residential construction activities in this region, whereas India market is expected to witness fastest growth.
Key findings of the study:
- The Asia-Pacific construction equipment market would grow due to the increased demand for different applications such as earthmoving and lifting and material handling across the key industries including public works and mining during the forecast period (2015-2020)
- Earthmoving application would grow relatively at a faster with the CAGR of 12.97% during 2015-2020 as compared to all the other applications
- Public work activities would continue to drive the Asia-Pacific construction equipment market over the analysis period
- Lifting and material handing application involving the use of construction equipment would grow notably at a CAGR of 9.1% during 2015-2020
- China would prove to be one of the most lucrative markets in terms of growth. The market in China is expected to grow at a CAGR of 11.8% during 2015-2020
The Asia-Pacific market growth is attributed to innovation in construction equipment products along with the rising demand from public works, mining, and oil and gas industries. Many prominent players operating in the Asia-Pacific construction equipment market have adopted product launch and acquisition as their key growth strategies. In 2011, Volvo, one of the most innovative manufacturers of the construction and mining equipment, has launched the first made-in-India EC290BLC Prime excavator with up to 30-ton capacity. Prominent companies profiled in the report include Caterpillar, Volvo, Hitachi, JCB and Komatsu.
To request more information about the report, visit the website at http://www.apacmarket.com/top-market/apac-construction-equipment-market
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