Indonesia Compact Construction Equipment Market - Strategic Assessment & Forecast 2023-2029

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THE INDONESIA COMPACT CONSTRUCTION EQUIPMENT MARKET SIZE WAS ESTIMATED AT 8,845 UNITS IN 2022 AND IS EXPECTED TO REACH 13,179 UNITS BY 2029, GROWING AT A CAGR OF 5.86%.

The Indonesia Compact Construction Equipment Market Research Report includes segments by

  • Type: Excavators, Backhoe Loaders, Wheeled Loaders, Track Loaders, Skid Steer Loaders, Telehandlers, Forklifts, Aerial Platforms, and Others
  • Application: Material Handling, Maintenance & Utility Works, Waste Management, and Other Applications
  • End Users: Construction, Mining, Warehouse & Logistics, and Other End Users

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2023-2029

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INDONESIA COMPACT CONSTRUCTION EQUIPMENT MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
Market Size (2029)13,179 Units
Market Size (2022)8,845 Units
CAGR (2022-2029)5.86%
HISTORIC YEAR2020-2021
BASE YEAR2022
FORECAST YEAR2023-2029
SEGMENTS BYType, Application, and End Users
KEY VENDORSCaterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Machinery, Kubota, SANY, JCB, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Kobelco, Zoomlion Heavy Industry Science & Technology Co. Ltd, Hyundai Construction Equipment, and Yanmar
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INDUSTRY INSIGHTS

The Indonesia compact construction equipment market is expected to reach 13,179 units by 2029, growing at a CAGR of 5.86%. The Indonesian government increased infrastructure development projects, which include the construction of airports, railway lines, roadways, highways & bridges across the country. The government invested USD 407 billion under the Nation Strategic Plan; the fund was directed to 200 different PPP projects in 2022. The government investment in public infrastructure and several mining projects is projected to support the growth of the Indonesia compact construction equipment market.

The growth in the mining industry is due to an increase in coal prices & surge in nickel extraction projects in Indonesia. The government's focus on increasing nickel production to fulfill local demand will have a positive impact on the mining industry. The demand for excavators and loaders in the Indonesia compact construction equipment market is expected to grow due to the rise in mining activities in the region in 2023. Further, investment is also directed toward promoting power generation through clean energy sources, and the country aims to achieve the goal of carbon neutrality by 2060.

KEY HIGHLIGHTS

  • The compact excavator accounted for the largest market share of the Indonesia compact construction equipment market in 2022. Construction industry end-users accounted for the largest share of compact construction equipment in Indonesia. The sales of compact equipment grew sharply in 2021 post-pandemic. The sales increased due to rising infrastructure investment & housing sector across the country.
  • Infrastructure upgradation projects such as renovation of commercial buildings, railway stations, airports, repair of runways, and extension of roadways & bridges in rural parts of the country drive the Indonesia compact construction equipment market.
  • Investment in infrastructure development projects, including investment in housing schemes & transport facilities, supports the growth of the construction industry. Some of the major challenges, such as a shortage of labor and rising building materials such as timber, iron & steel prices, can impact the growth in 2023. However, the construction industry is expected to have robust growth in 2023.
  • The mining industry is one of the major buyers of heavy equipment in Indonesia. However, compact equipment has limited use in mining projects. There is a surge in the demand for nickel, tin, and coal due to the rise in industrial activities post-pandemic in 2022. Nickel and mining projects such as the Aquila nickel project and the Obi Island nickel project in North Maluku Province started in 2021.
  • Indonesia's government goal is to achieve carbon neutrality goal by 2060. The government is increasing focus on the use of renewable energy by reducing the use of fossil fuels, promoting electric vehicles in the transportation sector, use of solar panels on buildings for electric generation.
  • According to the Indonesian Logistics Association, the national supply chain service business is expected to grow by 8% in 2023 due to the digitalization of micro, small & medium enterprises in the country.
  • The demand for compact excavators & wheel loaders in the Indonesia compact construction equipment market is expected to grow in 2023 due to the rise in the construction of new public infrastructure and maintenance of existing structures. In 2023, the Indonesian government planned to focus more on optimization, maintenance Operations, and Rehabilitation (OPOR) for National Strategic Projects (PSN).

MARKET TRENDS & DRIVERS

Government Investments in Public Infrastructure Projects Through the PPP Model

  • The Indonesian government aims to invest USD 430 billion in infrastructure development projects from 2021 to 2024. There was a 20% rise in infrastructure investments from the last investment plan in 2015–2020.
  • The country's infrastructure development projects are mostly in the transport sector. Investment projects are divided into three sectors – road, rail, and port development, accounting for 29%, 22%, and 23%, respectively.
  • The Trans-Sumatra toll road project, one of the largest projects worth USD 33.7 billion, is in progress. China supports a key project - Jakarta-Bandung high-speed railways.
  • In 2022, the government invested in 83 PPP projects for infrastructure developments, which include 50 projects in the transportation sector, including 13 ports and 15 railways projects. Asian Development Bank provided a loan of USD 100 million to the Indonesian government to support these projects.

Investment in Transport Sector Projects Under the National Strategic Plan

  • In 2022, the Indonesian government introduced National Strategic Projects in Indonesia. The projects are focused on increasing Indonesia's economic growth, improving community welfare, and increasing regional development.
  • There are over 200 projects in National Strategic Projects ranging from toll road development to new airport construction to broadband enhancement coverage, worth close to USD 500 billion. These 200 projects consist of 56 roads, 57 dams, 11 railways, 16 railways, 15 energy, 16 ports, 12 water and sanitation, two housing estates, eight airports, nine irrigations, one education, one coastal embankment, and one technology and these projected to propel the Indonesia compact construction equipment market growth.
  • In 2023, USD 456.2 million fund is allocated for housing infrastructure projects, including the construction of 5,379 flats, 3,362 special houses, 145,000 units of self-help housing assistance spread throughout Indonesia through the (Bantuan Stimulan Perumahan Swadaya) BSPS scheme, to support poverty alleviation.

Intense Rivalry Between Chinese and Other OEMS in the Indonesian Market

  • The level of competition among manufacturers in the Indonesia compact construction equipment market has grown due to a surge in demand for Chinese OEMs, which are available at cheaper prices and easy financing facilities.
  • Chinese manufacturer SANY controlled 21% of the market share in the excavator segment in the Indonesia compact construction equipment market in 2022. The Chinese manufacturers are providing cheap equipment at 20% lower price as compared to its Japanese rivals.
  • China is investing heavily in the Indonesian market in various infrastructure development projects. For instance, over 500 units of SANY equipment are used for the construction of a high-speed railways project between Jakarta and the City of Bandung that is under progress in 2023. Other OEMs in the country, such as Kobelco, Komatsu, Caterpillars, Hitachi, and Hyundai Construction Machinery, are increasingly focusing on continuous improvement in aftersales services, which are supported by digital technology.

Adoption of Electric & Hydrogen Fuel Technologies

  • Concerns over environmental issues led the Indonesian government to aim at carbon neutrality by 2060. Such factors triggered the need for electric construction machinery. The increasing government focus on carbon emission reduction in 2021 further supported the demand for electric construction equipment in the Indonesia compact construction equipment market.
  • Major construction equipment manufacturers such as Volvo Construction Equipment, SDLG, and XCMG launched electric and compact mini excavators in Indonesia to tackle the growing market demand.
  • In 2021, Volvo Construction Equipment launched EC55D compact excavators in the Indonesia compact construction equipment industry for smart city projects.
  • In 2022, Hyundai Construction Equipment signed a Memorandum of Understanding (MOU) regarding plans to jointly develop hydrogen fuel cell construction equipment with Hyundai Motors and Hyundai Mobis.

INDUSTRY RESTRAINTS

Surge in Building Material Prices Hampers the Construction Projects

  • In 2022, the government of Indonesia increased the fuel and oil prices in the market. The increase in fuel prices is expected to affect other commodities, including housing and property sectors. A rise in fuel prices will affect building materials such as iron, cement, sand, steel, and bricks.
  • According to the Central Statistics Agency (BPS), 2022 diesel prices increased by 37.8%, cement rose by 8.5%, asphalt increased by 15.3%, and steel roof prices fell by 3.85%.
  • The cost of construction projects of buildings for roads, bridges, and ports increased by 9.6%, followed by the cost of electricity, gas, water, and communication center installation by 5.6%.
  • The construction cost of residential building projects also witnessed growth of 4.2% in 2022.

Skilled Labor Shortage Hampering the Industry Growth

  • Indonesia is facing the challenge of a shortage of skilled labor force. The country needs ~113 million skilled workers by 2030 to achieve economic growth in the manufacturing, infrastructure, and agribusiness sectors.
  • The country depends on foreign laborers from Bangladesh, Nepal, and India for cheap labor. Shortage of skilled labor force triggered during COVID-19 in 2020, the lockdown situations & insurgence of the second wave of infection in 2021 further impacted the Indonesian labor market.
  • In 2022, Indonesia has the lowest rate of foreign participation in the labor market among Southeast Asian countries. Indonesia has only 0.7% participation of foreign laborers, whereas the participation of foreign laborers was higher in Malaysia at 13% and Singapore at 35%.

VENDOR LANDSCAPE

  • Caterpillar, Hitachi Construction Machinery, SANY, Komatsu, Kobelco, and Kubota are leaders in the Indonesia compact construction equipment market. These companies have strong market share and offer diverse sets of equipment.
  • Manitou, Yanmar, Sunward, BYD, Wacker Neuson, LiuGong, Jining Maxpower Machinery, and Toyota Material Handling are niche players in the Indonesia compact construction equipment market. These companies offer low product diversification and have a strong presence in Indonesia's local market.
  • XCMG, Zoomlion, XGMA, HELI, Takeuchi, Hyster, and Hyundai Construction Equipment are emerging in the Indonesian market. These companies are introducing new technologically advanced products to challenge the market share of leaders in the Indonesia compact construction equipment market.
  • In 2021, XCMG launched a different range of cranes, varying from 50 to 260 tons in the Indonesian market, to cater to the needs of high-construction and nickel mining projects.
  • JCB, Sumitomo, Liebherr, and CNH Industrials have low product diversification; these companies are lagging in adopting modern technologies used in compact construction equipment in the Indonesian market.

Frequently Asked Questions

How big is the Indonesia compact construction equipment market?

The Indonesia compact construction equipment market size was valued at 8,845 units by 2022 and is expected to reach 13,179 units by 2029.

What is the growth rate of the Indonesia compact construction equipment market?

The Indonesia compact construction equipment market share is expected to grow at a CAGR of 5.86% from 2022-2029.

Who are the key players in the Indonesia compact construction equipment market?

Caterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Machinery, Kubota, SANY, JCB, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Kobelco, Zoomlion Heavy Industry Science & Technology Co. Ltd, Hyundai Construction Equipment, and Yanmar are the key players in the Indonesia compact construction equipment market.

What are the trends in the Indonesia compact construction equipment market?

Intense rivalry between Chinese and other OEMS in the Indonesian market, adoption of electric & hydrogen fuel technologies, and application of mini excavators in palm oil plantations are trends in the Indonesia compact construction equipment market.

Which are the major distributor companies in the Indonesia compact construction equipment market?

PT Indotruck Utama, United Tractors, Multicrane Perkasa, PT. Airindo Sakti, PT. Badak Prima Lestari, PT. United Equipment, ALTRAK 1978, Traktor Nusantara, and PT DSL Indonesia are some of the major distributor companies in the Indonesia compact construction equipment market.

The Indonesia compact construction equipment market size is expected to grow at a CAGR of approximately 5.86% from 2022 to 2029.

The following factors are likely to contribute to the growth of the Indonesia compact construction equipment market during the forecast period:

  • Government Investments in Public Infrastructure Projects Through PPP Model
  • Skilled Labor Shortage Due to High Dependency on Foreign Labor
  • Rise in Mining Projects Drive Compact Equipment Market

Base Year: 2022

Forecast Year: 2023-2029

The report considers the present scenario of the Indonesia compact construction equipment market and its market dynamics for 2023−2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

Prominent Vendors

  • Caterpillar
  • Komatsu
  • Volvo Construction Equipment
  • Hitachi Construction Machinery
  • Kubota
  • SANY
  • JCB
  • Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
  • Kobelco
  • Zoomlion Heavy Industry Science & Technology Co. Ltd
  • Hyundai Construction Equipment
  • Yanmar

Other Prominent Vendors

  • Liebherr
  • Sumitomo Construction Machinery
  • LiuGong
  • Takeuchi
  • Toyota Material Handling
  • Manitou
  • CNH Industrial
  • Wacker Neuson
  • Jining Maxpower Machinery Co., Ltd.
  • XGMA
  • Sunward Equipment Group
  • Anhui Forklift Group (HELI)
  • Hyster
  • BYD

Distributor Profiles

  • PT Indotruck Utama
  • United Tractors
  • Multicrane Perkasa
  • PT. Airindo Sakti
  • PT. Badak Prima Lestari
  • PT. United Equipment
  • ALTRAK 1978
  • Traktor Nusantara
  • PT DSL Indonesia

Segmentation by Type

  • Excavators
  • Backhoe Loaders
  • Wheeled Loaders
  • Track Loaders
  • Skid Steer Loaders
  • Telehandlers
  • Forklifts
  • Aerial Platforms
  • Others (Articulated Loaders, Truck Carriers)

Segmentation by Application

  • Material Handling
  • Maintenance & Utility Works
  • Waste Management
  • Other Applications

Segmentation by End Users

  • Construction
  • Mining
  • Warehouse & Logistics
  • Other (Maintenance & Utility Works, Landscaping, Power Generation)

Graph 1 COMPACT CONSTRUCTION EQUIPMENT MARKET VOLUME (UNITS)
Graph 2 INCREMENTAL GROWTH BY EQUIPMENT TYPE 2022-2029 (VOLUME)
Graph 3 COMPACT CONSTRUCTION EQUIPMENT MARKET BY END-USER INDUSTRIES. 2022 (% SHARE)
Graph 4 INDONESIA COMPACT CONSTRUCTION EQUIPMENT MARKET, VOLUME 2022–2029 (UNITS)
Graph 5 SHARE OF INFRASTRUCTURE PROJECTS IN INDONESIA 2022 (%)
Graph 6 MINING INDUSTRY SUBSECTOR GROWTH 2022 (%)
Graph 7 RISE IN HOUSING PROJECT COST IN INDONESIA (%)
Graph 8 INDONESIA COMPACT EXCAVATOR MARKET 2020–2029 (UNITS SALES)
Graph 9 INDONESIA COMPACT EXCAVATOR MARKET 2020–2029 ($MN)
Graph 10 INDONESIA COMPACT BACKHOE LOADER CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 11 INDONESIA COMPACT BACKHOE LOADER EQUIPMENT MARKET 2020–2029 ($MN)
Graph 12 INDONESIA COMPACT WHEELED LOADER CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 13 INDONESIA COMPACT WHEELED LOADER CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 14 INDONESIA COMPACT TRACK LOADER CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 15 INDONESIA COMPACT TRACK LOADER CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 16 INDONESIA COMPACT SKID, STEER LOADER CONSTRUCTION EQUIPMENT, MARKET 2020–2029 (UNITS SALES)
Graph 17 INDONESIA COMPACT SKID STEER LOADER CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 18 INDONESIA COMPACT TELEHANDLER CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 19 INDONESIA COMPACT TELEHANDLER CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 20 INDONESIA COMPACT FORKLIFTS CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 21 INDONESIA COMPACT FORKLIFTS CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 22 INDONESIA COMPACT AERIAL PLATFORMS CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 23 INDONESIA COMPACT AERIAL PLATFORMS CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 24 INDONESIA OTHER COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 25 INDONESIA OTHER COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 26 MATERIAL HANDLING COMPACT CONSTRUCTION EQUIPMENT MARKET SIZE & FORECAST 2020-2029 (UNITS)
Graph 27 MATERIAL HANDLING COMPACT CONSTRUCTION EQUIPMENT MARKET SIZE & FORECAST 2020-2029 ($MN)
Graph 28 MAINTENANCE & UTILITY COMPACT CONSTRUCTION EQUIPMENT MARKET SIZE & FORECAST 2020-2029 (UNITS)
Graph 29 MAINTENANCE & UTILITY COMPACT CONSTRUCTION EQUIPMENT MARKET SIZE & FORECAST 2020-2029 ($MN)
Graph 28 WASTE MANAGEMENT COMPACT CONSTRUCTION EQUIPMENT MARKET SIZE & FORECAST 2020-2029 (UNITS)
Graph 31 WASTE MANAGEMENT COMPACT CONSTRUCTION EQUIPMENT MARKET SIZE & FORECAST 2020-2029 ($MN)
Graph 32 INDONESIA OTHER APPLICATION COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNIT SALES)
Graph 33 INDONESIA OTHER APPLICATION COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 34 INDONESIA COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS)
Graph 35 INDONESIA COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029($ MN)
Graph 36 INDONESIA WAREHOUSE & LOGISTICS COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS)
Graph 37 INDONESIA WAREHOUSE & LOGISTICS COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029($ MN)
Graph 38 INDONESIA MINING COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS)
Graph 39 INDONESIA MINING COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($ MN)
Graph 40 INDONESIA OTHERS COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS)
Graph 41 INDONESIA OTHERS COMPACT CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($ MN)
Graph 42 MARKET SHARE OF TOP VENDORS VS OTHERS (2022)
Graph 43 CATERPILLAR: SALES BY REGION IN 2022 (% SHARE)
Graph 44 CATERPILLAR: SALES BY BUSINESS SECTOR 2022 (% SHARE)
Graph 45 KOMATSU: SALES BY REGION IN 2022 (% SHARE)
Graph 46 KOMATSU: BREAKDOWN OF NET SALES BY BUSINESS SEGMENT 2022 (% SHARE)
Graph 47 HITACHI: SALES BY REGION 2022 (%SHARE)
Graph 48 HITACHI: SALES BY SEGMENT 2022 (%SHARE)
Graph 49 VOLVO CE: SALES BY REGION 2022 (% SHARE)
Graph 50 VOLVO CE: SALES BY SEGMENT 2022 (% SHARE)
Graph 51 LIEBHERR: SALES BY REGION 2022 (% SHARE)
Graph 52 LIEBHERR: SALES BY PRODUCT SEGMENT 2022 (% SHARE)

LIST OF TABLES

Table 1 KEY INFRASTRUCTURE PROJECTS IN INDONESIA
Table 2 LIST OF TALL BUILDING PROJECTS IN INDONESIA 2023
Table 3 LIST OF NEWLY LAUNCH COMPACT EQUIPMENT IN INDONESIA IN 2020-2023
Table 4 FOREIGN LABOR PARTICIPATION RATE IN SOUTHEAST ASIAN COUNTRIES IN 2022
Table 5 LIST OF OTHER COMPACT CONSTRUCTION EQUIPMENT DISTRIBUTOR

1. Research Methodology
2. Research Objective
3. Research Process
4. Introduction
4.1. Market Coverage
4.2. Report Scope

5. Market at a Glance
5.1. Market Snapshot

6. Executive Summary
7. Market Landscape
7.1. PESTEL Analysis
7.2. Economic Scenario
7.3. Key Projects
7.4. Market Dynamic
7.5. Key Economic Regions
7.6. Import & Export Analysis
7.7. Supply Chain Analysis

8. Segmentation
8.1. By Equipment Type (Volume & Value)
8.1.1. Equipment Definition
8.1.1.1. Excavators
8.1.1.2. Backhoe Loaders
8.1.1.3. Wheel Loaders
8.1.1.4. Track Loaders
8.1.1.5. Skid Steer Loaders
8.1.1.6. Telehandlers
8.1.1.7. Forklifts
8.1.1.8. Aerial Platforms
8.1.1.9. Others (articulated loaders, truck carriers)
8.2. By End-users
8.2.1. End-user Definition
8.2.2. Construction
8.2.3. Mining
8.2.4. Warehouse & Logistics
8.2.5. Others

9. Geographical Analysis
10. Technology Development
11. Competitive Landscape
11.1 Competitive Landscape Overview
11.2 List of Construction Companies/ Contractors
11.3 Vendors (Caterpillar| Komatsu| Volvo CE | Hitachi Construction Machinery| Kubota| Liebherr| Takeuchi| JCB| Hyundai Construction Equipment| XCMG| SANY| Manitou | Zoomlion| LiuGong | Yanmar | Toyota Material Handling| Kobelco| Wacker Neuson| CNH Industrials| Sunward | Hyster | BYD | Jining Maxpower| HEI | XGMA| Sumitomo)
11.5 Other Prominent Vendors
11.5 Distributors Companies Profiles

12 Report Summary
12.1 Key Insights
12.2 Abbreviation
12.3 Exhibits
12.4 Related Report
12.5 Database
12.6 Global Reach
12.7 Offerings

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Frequently Asked Questions

How big is the Indonesia compact construction equipment market?

The Indonesia compact construction equipment market size was valued at 8,845 units by 2022 and is expected to reach 13,179 units by 2029.

What is the growth rate of the Indonesia compact construction equipment market?

The Indonesia compact construction equipment market share is expected to grow at a CAGR of 5.86% from 2022-2029.

Who are the key players in the Indonesia compact construction equipment market?

Caterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Machinery, Kubota, SANY, JCB, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Kobelco, Zoomlion Heavy Industry Science & Technology Co. Ltd, Hyundai Construction Equipment, and Yanmar are the key players in the Indonesia compact construction equipment market.

What are the trends in the Indonesia compact construction equipment market?

Intense rivalry between Chinese and other OEMS in the Indonesian market, adoption of electric & hydrogen fuel technologies, and application of mini excavators in palm oil plantations are trends in the Indonesia compact construction equipment market.

Which are the major distributor companies in the Indonesia compact construction equipment market?

PT Indotruck Utama, United Tractors, Multicrane Perkasa, PT. Airindo Sakti, PT. Badak Prima Lestari, PT. United Equipment, ALTRAK 1978, Traktor Nusantara, and PT DSL Indonesia are some of the major distributor companies in the Indonesia compact construction equipment market.