The Asia Pacific Construction Equipment Market would witness market growth of 3.7% CAGR during the forecast period (2021-2027).
Graders, often known as motor graders, are a type of construction equipment used mostly for road construction. The primary function of this excavator is to flatten the soil surface. It has a horizontal blade between the front and back wheels that are lowered to the ground while in use. There is an operating cabin on top of the rear axle arrangement. Motor Graders can also be used to clear snow and debris from roadways, level the soil surface before laying asphalt, and remove excess soil layers from the ground, etc.
Some other construction equipment includes a paver, often known as an asphalt paver, is a piece of pavement laying equipment used in road construction. The paver has a feeder bucket in which the dump truck continuously loads asphalt, and the paver evenly distributes the asphalt all over the road surface with minor compaction. However, complete compaction requires the use of a roller after the asphalt layer has been laid.
The rising population in regional countries, particularly India, China, and South Asia, demands improved infrastructure such as residences, schools, stadiums, hospitals, government buildings, as well as airports. In addition, due to lower housing costs along with the rapid urbanization in China and India, the demand for construction equipment is growing in the residential construction sector. Moreover, an increase in the number of favorable government policies targeted at encouraging the Public-Private Partnership (PPP) paradigm is also predicted to augment the growth of the regional construction equipment market.
The rise of online shopping facilities, the increased availability of equipment on a rental basis, growing government spending in infrastructure development, and higher capital investments are likely to drive the growth of the market in the region. Likewise, the Chinese government is spending in public infrastructure, renewable energy, and residential construction projects, all of which are driving up demand for construction equipment.
The China market dominated the Asia Pacific Construction Equipment Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $15,091.9 million by 2027. The Japan market is experiencing a CAGR of 3.1% during (2021 - 2027). Additionally, The India market would witness a CAGR of 4.3% during (2021 - 2027).
Based on Product, the market is segmented into Earth Moving Machinery, Material Handling Machinery, and Concrete & Road Construction Machinery. Based on Earth Moving Machinery Type, the market is segmented into Excavator, Loader, and Others. Based on Material Handling Machinery Type, the market is segmented into Crawler Cranes, Trailer Mounted Cranes, and Truck Mounted Cranes. Based on Concrete & Road Construction Machinery Type, the market is segmented into Concrete Mixer & Pavers, Construction Pumps, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Construction Equipment Market is Projected to reach USD 136.7 Billion by 2027, at a CAGR of 3.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Caterpillar, Inc., Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.), Komatsu Ltd., Liebherr-International AG, Sumitomo Heavy Industries, Ltd., Terex Corporation, Volvo Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., Hitachi Construction Machinery Co., Ltd. (Hitachi ltd.), Hyundai Heavy Industries Co., Ltd. (Hyundai Construction Equipment Co., Ltd.)
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