PUBLISHED DATE : Aug 2022 | Pages : 111
Fill out your details & get your free sample
Belgium Construction Equipment Market Research Report includes segments by
The industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast 2022-2028
111 Pages
15 Tables
66 Charts
1 Regions
1 Countries
21 Companies
4 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (2028) | USD 2.74 Billion |
| Market Size (2022) | USD 2.13 Billion |
| CAGR (2022-2028) | 4.30% |
| MARKET SIZE- VOLUME (2028) | 40,268 units |
| HISTORIC YEAR | 2019-2020 |
| BASE YEAR | 2021 |
| FORECAST YEAR | 2022-2028 |
| TYPE | Earthmoving Equipment, Road Construction Equipment, and Material Handling Equipment |
| END-USERS | Construction, Manufacturing, Mining, and Others |
| KEY VENDORS | Caterpillar, Komatsu, VOLVO, JCB, SANY, Hyundai, KOBELCO, Zoomlion, Hitachi, Kubota, Liebherr Group |
Belgium construction equipment market is expected to grow at a CAGR of over 4% from 2022 to 2027 and is expected to cross $2.74 billion by 2028 from $2.13 billion in 2022. Belgium's construction equipment market is expected to reach 40,268 units by 2028. Rising government investment in infrastructure & renewable energy projects is expected to drive the demand for construction equipment in Belgium. In 2021, the Earthmoving segment accounted for the largest share of Belgium's Construction equipment, with excavators as a sub-segment holding the largest share. The growth in infrastructure investment under the national recovery resilience plan 2030, along with expanding civil engineering & housing projects in 2021, is expected to support the demand for excavators.
National Recovery and Resilience Plan (NRRP) to cover Investment for Refurbishment & Modernization of Existing Infrastructure
The pandemic adversely impacted Belgium's economy in 2020; the country's GDP contracted by 6.3%. The construction industry declined by 4.5% due to disruption in the supply of raw materials & labor. To push economic recovery, European Union granted a $6.2 billion fund under Recovery & Resilience Plan in 2021 to subside the negative impact of COVID-19. Apart from this, The government allocated $1083.3 million from the nation's recovery & resilience plan towards renovating buildings in the country's Wallonia, Flanders, & Brussels regions.
In 2021, Belgium's construction industry witnessed sharp growth of 6.6%, owing to a rise in infrastructure investments in the transport & renewable energy sectors. According to the national budget for 2021, Belgian railways would receive an additional $267.6 million fund over the following three years. A major part of funds is allocated for expanding rail freight & upgrading transportation infrastructure. Civil engineering and non-residential markets are the key growth drivers in 2022. Furthermore, investment in public sector infrastructure, digitalization, and a circular and green economy, backed by EU financing, is projected to drive the industry's growth.
Investment in housing projects under Regional Housing Plan & Habitat Alliance
In 2020, the Belgium Ministry of Mobility and Public Works invested $2.5 billion in 924 minor and major projects. Investments in these projects will help in boosting the construction industry and generating employment, thereby contributing to the overall economy of the Belgium market.
In 2021, the government invested $299.7 million in affordable housing as part of the Regional Housing Plan and the Habitat Alliance to sustain the existing housing stock and build 6,400 new housing units.
According to European Union data, the civil engineering segment in Belgium increased by around 3% in 2021 and is expected to grow by 3% to 4% in 2022. Major infrastructure projects such as the Oosterweel project and other affordable housing projects in the country is expected to drive the growth of the construction industry.
Nuclear & Renewable Energy Projects Prompts Demand for Mini Excavator & Crane
With the extension of the two nuclear reactors, the federal cabinet resolved to spend an additional $1.3 billion on renewable energy sources in mid-March 2022. The nuclear phase-out in Belgium will open the path for fast renewable energy growth. The government is likely to exceed its 2030 targets, finishing ahead of the 6.5GW wind power aim and the 6.9GW solar photovoltaics (PV) target by 4.9GW.
In 2021, photovoltaic systems produced 4.7 terawatt-hours of power. This was a 9.7% increase over 2020. Annual solar energy output is estimated to reach 9.7 terawatt-hours by 2030. In addition to it, wind farms in the North Sea are expected to generate 6.8 terawatt-hours of power. In 2022, there will be ongoing renewable energy projects for offshore windfarm and solar plants of 4.8GW and 3.8 GW capacity 2022. Increasing solar and wind energy projects across the country is expected to drive demand for mini excavators & cranes.
War Between Russia & Ukraine Amplifies Belgium's Inflation
The inflation rate in Belgium increased by 8% in February 2022 due to the Russia-Ukraine War. The sharp rise in energy prices is the main driving factor for the high inflation in Belgium. The inflation rate is continuing to grow and is expected to reach 8.9% in 2023. Belgium's central bank has cut its growth forecasts for 2022 and 2023 due to the impact on consumer spending and trade from Russia's invasion of Ukraine. Belgium's central bank now estimates 2022 growth at 2.4%, down from a previous forecast of 2.6%. For 2023, its forecast has fallen to 1.5% from 2.4%, and for 2024 risen to 1.9% from 1.6%. High inflation rates decrease the market competitiveness in the domestic market, which devalues currency values.
Increasing Building material prices & Labour shortage Hamper Infrastructure Projects
The construction sector has struggled for a long time with a shortage in the labor market. 13% of construction workers leave the sector due to technological change and innovation. The prices of building materials such as steel, iron & pipeline in 2021 resulted in six out of ten projects being delayed due to the price elevation.
COVID-19 Triggers Equipment Financing Schemes
Infrastructure projects are delayed due to funding challenges faced by contractors and construction companies. Overwhelmed by the funding challenge, OEMs such as Komatsu, Caterpillar, SANY, and Hitachi construction machinery provided financial assistance to customers. In 2021, OEMs in Belgium saw a surge in equipment financing activities.
OEMs are focusing on maximizing benefits from the spike in demand for construction equipment in the country caused due to rise in infrastructure projects.
OEMs in Belgium focus on Innovations and Digitalization to Maintain Customer Loyalty
In 2022, Hitachi launches a digital application for equipment performance monitoring and technical support system. In 2021, Hitachi also launched the spare parts e-commerce platform to enhance the customer experience. Komatsu and Caterpillar are training their staff to use digital platforms for aftersales services and periodic equipment maintenance. OEMs are using innovation & digitalization in providing services to enhance customer experience, resulting in better customer loyalty.
Earthmoving Equipment
Road Construction Equipment
Material Handling Equipment
End Users
Frequently Asked Questions
WHAT IS THE SIZE OF THE CONSTRUCTION EQUIPMENT MARKET IN BELGIUM?
The Belgium construction equipment market was valued at USD 2.13 billion in 2022 and is expected to reach USD 2.74 billion by 2028, growing at a CAGR of 4.30% from 2022 to 2028.
WHO ARE THE KEY PLAYERS IN THE BELGIUM CONSTRUCTION MACHINERY MARKET?
Caterpillar, Komatsu, VOLVO, JCB, SANY, Hyundai, KOBELCO, Zoomlion, Hitachi, Kubota, Liebherr Group
WHAT ARE THE MARKET OPPORTUNITIES FOR PLAYERS IN THE BELGIUM CONSTRUCTION EQUIPMENT INDUSTRY?
An increase in equipment financing schemes by OEMs in Belgium, and a rise in infrastructure and manufacturing industry are some of the opportunities.
HOW MUCH CONSTRUCTION EQUIPMENT WILL BE SOLD IN BELGIUM IN 2028?
Belgium's construction equipment market is expected to reach 40,268 units by 2028, growing at a CAGR of 4.04%.
The Belgium construction equipment market was valued at USD 2.13 billion in 2022 and is expected to reach USD 2.74 billion by 2028, growing at a CAGR of 4.30% from 2022 to 2028.
Base Year: 2021
Forecast Year: 2022-2028
Scope: The report considers the present scenario of the Belgium construction equipment market and market dynamics for the forecast period 2022−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of the Belgium construction equipment market.
Key Vendors
Other Prominent Vendors
Distributors Profiles
Segmentation by Type
Section1 – Introduction
• Market Snapshot
• Executive Summary
Section 2 – The Market Overview
Economic Scenario, Foreign Direct Investment
Section 3 – Belgium Construction Equipment (Type & Application)
3.1 Belgium Construction Equipment Market by Type (Volume & Value)
3.1.1. Earth Moving Equipment
3.1.2 Road Construction Equipment
3.1.3. Material Handling Equipment
3.2 Belgium Construction Equipment Market by End User (Volume & Value)
Section 4: Market Dynamics
Market Drivers, Restraints, Trends, Key Economic Regions in Brazil, Advantage Brazil, FDI in Brazil, Import/Export Trend Analysis, Supply chain, COVID-19 Impact
Section 5: Technology Development
Advent of New Technology
Section 6 – Competitive Landscape
Section 7-Quantitative Summary
Section 8 – Report Summary
1. Key Insights
Section 9 – Report Scope & Definition
1. Research Methodology
2. Market Definition, Inclusion & Exclusion
Graph-1: Belgium Construction Equipment Market by Volume (Unit sales) 2019–2028
Graph-2: Belgium Construction Equipment Market by Type 2021 Volume Share (%)
Graph-3: Belgium Construction Equipment Market by Volume 2019–2028 (Unit Sales)
Graph-4: Belgium Construction Equipment Market by Value 2019–2028 ($ MN)
Graph-5: Belgium Construction Equipment Market by Application 2021 (% share)
Graph-6: Belgium Construction Equipment Market by Type 2021 (% share)
Graph-6: Belgium Countries Investment by Sectors in 2019(%)
Graph-7: GDP of Belgium Value ($ BN) 2015–2020
Graph-8: Share of Infrastructure Projects in Belgium 2020
Graph-9: Belgium Construction Equipment Market by Type 2019–2028 (Unit Sales)
Graph-10: Belgium Construction Equipment Market by Type 2021 Volume Share (%)
Graph-11: Belgium Construction Equipment Market by Application 2018–2027 (Unit Sales)
Graph-12: Belgium Earthmoving Equipment Market 2019–2028 (Unit Sales)
Graph-13: Belgium Earthmoving Equipment Market 2019–2028 ($MN)
Graph-14: Belgium Excavators Market 2019–2028 (Unit Sales)
Graph-15: Belgium Excavators Market 2019–2028 ($MN)
Graph-16: Belgium Backhoe Loaders Market 2019–2028 (Unit Sales)
Graph-17: Belgium Backhoe Loaders Market 2019–2028 ($ MN)
Graph-18: Belgium Motor Graders Market 2019–2028 (Unit Sales)
Graph-19: Belgium Motor Graders Market 2019–2028 ($ MN)
Graph-20: Belgium Other Earthmoving Equipment Market 2019–2028 (Unit Sales)
Graph-21: Belgium Other Earthmoving Equipment Market2019–2028 ($MN)
Graph-22: Belgium Road Construction Equipment Market 2019–2028 (Unit Sales)
Graph-23: Belgium Road Construction Equipment Market 2019–2028 ($MN)
Graph-24: Belgium Road Rollers Market 2019–2028 (Unit Sales)
Graph-25: Belgium Road Rollers Market 2019–2028 ($MN)
Graph-26: Belgium Asphalt Pavers Market 2019–2028 (Unit Sales)
Graph-27: Belgium Asphalt Pavers Market 2019–2028 ($MN)
Graph-28: Belgium Material Handling Equipment Market 2019–2028 (Unit Sales)
Graph-29: Belgium Material Handling Equipment Market 2019–2028 ($MN)
Graph-30: Belgium Forklifts & Telescopic Handlers Market 2019–2028 (Unit Sales)
Graph-31: Belgium Forklifts & Telescopic Handlers Market 2019–2028 ($MN)
Graph-32: Belgium Cranes Market 2019–2028 (Unit Sales)
Graph-33: Belgium Cranes Market 2019–2028 ($MN)
Graph-34: Belgium Aerial Platforms Market 2019–2028 (Unit Sales)
Graph-35: Belgium Aerial Platforms Market 2019–2028 ($MN)
Graph-36: Belgium Construction Equipment Market 2019–2028 (Unit Sales)
Graph-37: Belgium Construction Equipment Market 2019–2028 ($MN)
Graph-38: Belgium Manufacturing Equipment Market 2019–2028 (Unit Sales)
Graph-39: Belgium Manufacturing Equipment Market 2019–2028 ($ MN)
Graph-40: Belgium Mining Equipment Market 2019–2028 (Unit Sales)
Graph-41: Belgium Mining Equipment Market 2019–2028($MN)
Graph-42: Belgium Construction Equipment Market by Others 2019–2028 (Unit Sales)
Graph-43: Belgium Construction Equipment Market by Others 2019–2028 ($ MN)
Graph-44: FDI Inward Flow ($BN)
Graph-45: FDI Investment in Provinces 2020 (%)
Graph-46: Import Value of Construction Equipment 2020 ($MN)
Graph-47: Export Value of Construction Equipment 2020 ($ Thousand)
Graph-48: Caterpillar, Revenue 2018-2021 ($BN)
Graph-49: Caterpillar: Sales by Region (% share)
Graph-50: Caterpillar: Total Revenue by Segment 2021 (% share)
Graph-51: Komatsu, Net sales 2018-2021 ($BN)
Graph-52 Komatsu, Construction, Mining, and Utility Equipment Business Sales by Region 2021 (% Share)
Graph-53 Komatsu: Breakdown of Net Sales by Segment 2021 (% Share)
Graph-54: Volvo Construction Equipment: Net sales 2018–2020 ($BN)
Graph-55: Volvo Construction Equipment: Sales by Region (% Share)
Graph-56: Volvo Construction Equipment: Total Revenue by Segment 2020 (%)
Graph-57: Hyundai Construction Equipment: Revenue (2018–2020) ($BN)
Graph-58: Kobelco Construction Machinery: Net Sales (2017–2020) ($BN)
Graph-59: Zoomlion: Revenue 2017–2021 ($BN)
Graph-60: Hitachi Construction Machinery: 2019–2021 ($BN)
Graph-61: Kubota: Revenue 2017-2021 ($BN)
Graph-62: Kubota: Revenue by Segment 2021 (% Share)
Graph-63: Kubota: Revenue by Regions 2021 (% share)
Graph-64: Liebherr: Revenue 2017-2021 ($BN)
Graph-65: Liebherr: Revenue by Segment 2021 (% Share)
Graph-66: Liebherr: Revenue by Regions 2021 (% share)
LIST OF TABLES:
Table-1: Sectors Receiving Major FDI Investments
Table-2: Leading FDI Investing Countries 2019, 2020 (%)
Table-3: Belgium Construction Equipment Market by Volume 2019-2028 (Volume, Units)
Table-4 Belgium Construction Equipment by Type 2019-2018 (Volume, Units)
Table-5 Belgium Earth Moving Equipment Market Size & Forecast, By Type (Volume, Units)
Table-6 Belgium Material Handling Equipment Market Size & Forecast, By Type (Volume, Units)
Table-7 Belgium Road Construction Equipment Market Size & Forecast, By Type (Volume, Units)
Table-8 Belgium Construction Equipment Market Size & Forecast, By End User (Units)
Table-10 Belgium Construction Equipment Market by Value 2019-2028 (Value, $ MN)
Table-11 Belgium Construction Equipment by Type 2019-2018 (Value, $ MN)
Table-12 Belgium Material Handling Equipment Market Size & Forecast, By Type (Value, $ MN)
Table-13 Belgium Earth Moving Equipment Market Size & Forecast, By Type (Value, $ MN)
Table-14 Belgium Road Construction Equipment Market Size & Forecast, By Type (Value, $ MN)
Table-15 Belgium Construction Equipment Market Size & Forecast, By End User
Single User Licence
5 User Licence
Corporate Licence
Datasheet Licence
"The report by Arizton was spot on. It not only gave us insight into the pro audio market, we used it to raise funds for our company. The data proved (to the VC we pitched to) that the market was large enough for our company to not only survive but also grow."
