Colombia Construction Equipment Market - Strategic Assessment & Forecast 2022-2028

MARKET INSIGHTS

Colombia construction equipment market is expected to grow at a CAGR of over 7% from 2022 to 2027, to reach $552 billion by 2028 from $344 billion in 2021. In terms of sales, the Colombia construction equipment market is expected to reach 10,662 units by 2028 growing at a CAGR of 6.72% during the forecast period (2022-2028). In 2021, the earthmoving segment had the largest share due to rising investment in Colombia's housing, public infrastructure, and mining projects.

Surge in Government Investment for Redevelopment Projects to Drive the Colombia Construction Market Growth

The Colombian government’s social interest housing scheme to provide affordable housing for economically weaker sections was highly successful in 2021. According to the Colombian Chamber of construction social interest housing scheme is expected to have a 10% higher demand in 2022.

The government allocated USD 5.7 billion to develop highways, railway lines, airport up-gradation, and the construction of a new canal in 2021. A surge in government investment for redevelopment projects in cities like Bogota, Barranquilla, Cartagena, and Medellin triggers the demand for backhoe loaders & excavators less than 16 tons in the Colombian market due to their flexible use and compact size.

Growth in the mining industry due to an increase in commodities prices such as gold, nickel, copper, and Iron prompts investments in mining projects. Spike in mining production is expected to support the demand for excavators, backhoe loaders, and cranes.

The strategic position of Colombia to Attract Investments

Colombia has located a strategically important position within Latin America. The country shares a large portion of the Amazon Forest with Brazil and Peru which provides abundant natural resources such as gold, copper, and nickel. According to an IMF report, Colombia is the fastest growing economy (4.5%) in the region in 2022.

Colombia has excellent trade relations with major economies such as the US, China, Mexico, and Brazil due to its free trade agreements. The country provides 12 free trade zones for supporting business activities across the nation. The government initiatives of providing tax incentives and bureaucratic simplification attracts foreign investments.

Projects & Investments in Colombia

Colombian government introduced a 5G infrastructure development program in 2021. The government plans to invest in road infrastructure (~60 billion), airport expansion projects (USD 5.7 billion), railways infrastructure (USD 3.4 billion), and port Infrastructure (USD 433 million) in 2022.

In 2022, the Government made a fresh set of investments of USD 955.7 million for the development of new highways between Sabana de Torres & Curumani, Purerto Salgar & Barrancabermeja, and road development projects between Buenaventura & Buga as well as Sabtuario & Cano Alegre.

VENDOR LANDSCAPE

• The key players in the Colombian construction equipment market are Caterpillar, Komatsu Colombia S.A.S, Volvo Construction Equipment, JCB, and Xuzhou Construction Machinery Group Co. Ltd. (XCMG), SANY, Kobelco, LiuGoung, Yanmar, Hyundai Construction Equipment, CASE & Terex Corporation.

• Caterpillar, Komatsu, Volvo Construction Equipment, CASE, and Hyundai construction equipment are industry leaders that accounted for nearly ~77% of the overall construction equipment market share in 2021.

• Caterpillar, Komatsu, and Volvo construction have a significant share in Colombia. The companies have a strong distribution network and high experience in Colombia.

• XCMG & SANY have recently acquired significant market share due to constant innovation and subsequent launches, for instance, XCMG launched new technology of battery-operated electric excavators in the Colombian market in 2021.

REPORT COVERAGE:

Earthmoving Equipment:

• Excavator
• Backhoe Loaders
• Motor Graders
• Other Earthmoving Equipment (Others loaders, Bulldozers, Trenchers)

Road Construction Equipment

• Road Rollers
• Asphalt Pavers

Material Handling Equipment

• Crane
• Forklift & Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)

End Users

• Construction
• Manufacturing
• Mining
• Others

TARGET AUDIENCE

• Top-level management personnel of existing operators/vendors
• Potential new entrants to the market
• Consultants/consultancies/advisory firms
• Professional landscaping service providers/contractors
• Corporate and governments bodies

WHY SHOULD YOU BUY THIS REPORT?

This report is among the few in the market that offers an outlook and opportunity analysis forecast in terms of:

• Colombia Construction Equipment Market Size & Forecast Volume (Unit sales) 2019-2028
• Earthmoving. Material handling and road construction
• Excavators, Backhoe loaders, Cranes, forklifts
• End Users (construction, mining, manufacturing and other industries)
• Colombia Construction Equipment Market Size and Forecast Value (USD) 2019-2028
• Earthmoving. Material handling and road construction
• Excavators, Backhoe loaders, Cranes, forklifts
• End Users (construction, mining, manufacturing and other industries)
• Major current & upcoming projects & investments
• Gain competitive intelligence about the economic scenario, advantages in Colombia's major projects and investments, dynamics, and market share.
• Examples of the latest technologies.
• Get presentation-ready format and easy-to-interpret data.
• Enable decision-makers to make informed and profitable choices
• Gain expert quantitative and qualitative analysis on value/volume incremental growth projections
• Complete supply chain analysis
• Get COVID-19 impact analysis of the market
• Vendor capability matrix
• Company Profile of vendors and distributors