Around USD 881 billion will be invested in infrastructural development across the developing economies in the APAC region.
The Asia Pacific construction equipment industry is likely to emerge as a profitable global investment opportunity. Growing government funding towards infrastructural development, power grid projects, and increasing investments to improve the transportation networks are nurturing the infrastructural development growth in the Asia-Pacific region.
Around USD 881 billion will be invested in infrastructural development across the developing economies in the APAC region. According to the Asian Development Bank report, Meeting Asia's Infrastructure Needs, countries in Asia need to invest USD 26 trillion in infrastructure from 2016 to 2030 to maintain its growth momentum. The region needs to invest almost USD 1.7 trillion per year till 2030 to eradicate poverty and respond to climate change.
A healthy spread of construction projects contributes to Asian market stability. Residential, industrial, and infrastructure projects are all equally represented. There is a slight majority of infrastructure projects with government intervention. Demand for residential construction remained strong in big economies. Infrastructure construction, on the other hand, saw greater investment. The Asian markets are supported by a good range of construction projects. Residential, industrial, and infrastructure developments are all equally represented. With government intervention, there is a slight majority of projects on the infrastructure side.
How are Countries in the Asia-Pacific Construction Equipment market Booming?
The China Construction Equipment market is expected to reach USD 78.70 billion by 2028, growing at a CAGR of 4.70%.
The introduction of innovative technologies such as BIM technologies, Bcore CTS construction technology, 3D printing construction technology, and construction technologies using "green concrete “, are gaining popularity in China construction equipment industry. The government aims to invest in infrastructure projects with the aim to upgrade the construction sector. According to the National Bureau of Statistics of China, the increased investments by the China government ($229.6 billion) in public infrastructure projects in Q1-2022 are likely to boost the demand for infrastructural development in the country over the upcoming years.
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Japan construction equipment market is expected to grow at a CAGR of 2.9% to reach USD 27.3 billion by 2027. Around 1,86,001 units will be sold by 2027.
Attractive offers and financing are currently popular in Japan. As the infrastructural development has a high initial cost, some utility contractors and organizations prefer to buy it rather than leasing it. Manufacturers are responding by offering attractive financing alternatives to these entities to boost their sales. Urban engineering projects and building renovations require compact and multi-functional construction equipment that is suitable for small-scale construction projects. Thus, an increasing number of urban engineering projects will fuel the demand for backhoe loader construction equipment in Japan.
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Southeast Asia construction equipment market will reach USD 10.7 billion by 2028, growing at a CAGR of 6% during 2022-2028.
High government investments in Vietnam, Myanmar, and Cambodia are expected to increase the demand for construction equipment. The rise in construction projects in the Southeast Asian region and increased government focus on harnessing renewable energy resources instead of fossil fuels is expected to drive the demand for construction equipment in the market.
With the increase in construction activities, the demand for road rollers is also rising. Several road and highway redevelopment projects such as Riau Non-Toll Road Preservation, South Sumatra Non-Toll Road Preservation, and Yogyakarta- Bawen Toll Road are planned in Indonesia and other Southeast Asia Countries.
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India construction equipment market is projected to cross $ 8.7 billion by 2028, growing at a CAGR of 8.9%. The sale of the construction equipment is expected to reach 1,65,097 units by 2028.
Construction, manufacturing, and cargo-handling industries in India witnessed significant growth in 2021. The demand for construction will grow in 2022 due to a rise in infrastructure investments. Similarly, the growth in manufacturing and cargo handling industries is likely to boost the market. The construction equipment industry is booming in India. Equipment rental companies also purchase equipment from domestic suppliers in India, although end-users buy most equipment.
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Indonesia construction equipment market size was estimated at USD 3.08 billion and is forecasted to reach USD 4.5 billion by 2028, growing at a CAGR of 6.79% during 2021-2028.
Indonesia is becoming a favorite investment destination due to the presence of a young workforce, abundant natural resources, and a growing local market. The Indonesian government is working hard to attract investments by expanding opportunities for foreign investors, including specific schemes for the development of Indonesian natural resources and the provision of public infrastructure. The rise in FDI investments in construction and power sectors expects to have a positive impact on the demand for construction equipment in the country.
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Thailand construction equipment market was valued at USD 1.79 billion in 2021 and is expected to reach USD 2.78 billion by 2028, growing at a CAGR of 6.22% during the forecasted period.
Thailand construction equipment industry to observe robust growth in 2022 and 2023. The shortage of laborers had triggered the demand for automated and advanced technology in construction equipment. There is a surge in demand for mini excavators in the country due to the shortage of laborers in the agriculture industry and the rise in inner-city small development projects.
Malaysian construction equipment market to grow at a CAGR of 4.74% from 2022-2028.
By 2025, Malaysia aims to be the global supplier of hydrogen fuel, which is expected to support the construction of new plants in the country. For instance, Sarawak with its immense renewable energy resources is leading in its green agenda with the launch of its first integrated hydrogen production plant and refueling station in South-East Asia. Moreover, construction equipment manufacturers are innovating new technologies for machines to reduce carbon emissions. For instance, Caterpillar announced its plans to offer 100% green hydrogen fuel-based construction equipment. This is because they are as efficient as gasoline fuel-based construction equipment.
The construction equipment market in Malaysia to reach USD 1.3 billion by 2028.
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Australia construction equipment market: Around 15,221 units of construction equipment will be sold in Australia by 2027.
The increasing government expenditure towards infrastructural development in Australia to rebuild roads and build a high-quality infrastructure will positively impact the growth of the asphalt paver market in the country. The asphalt pavers market in Australia is estimated to grow at a CAGR of 2.13% by 2027.
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Singapore construction equipment market is growing at a compound annual growth rate (CAGR) of 4.4% by volume during 2021-2027.
The demand for earthmoving equipment is expected to grow as compared to the other equipment in Singapore. Earthmoving equipment is mostly used in construction and redevelopment projects. In Singapore, various redevelopment, and construction projects, such as the construction of rail corridors linking the north coast and greater southern waterfront areas, are planned by the government.
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May 09, 2022
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