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Sweden Construction Equipment Market - Strategic Assessment and Forecast 2022-2028

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THE SWEDEN CONSTRUCTION EQUIPMENT MARKET WAS VALUED AT USD 1.4 BILLION IN 2021 AND IS EXPECTED TO REACH USD 1.9 BILLION BY 2028, GROWING AT A CAGR OF 4.38% DURING 2022-2028.

Sweden Construction Equipment Market Research Report includes segments by

  • Earthmoving Equipment: Excavator, Backhoe Loaders, Motor Graders, and Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
  • Road Construction Equipment: Road Rollers and Asphalt Pavers
  • Material Handling Equipment: Crane, Forklift & Telescopic Handlers, and Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
  • End Users: Construction, Manufacturing, Mining, and Others

The industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast 2022-2028

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105 Pages

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15 Tables

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19 Companies

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4 Market Segment

SWEDEN CONSTRUCTION EQUIPMENT MARKET REPORT SCOPE

Report Attribute Details
Market Size (2028) USD 1.9 Billion
Market Size (2021) USD 1.4 Billion
CAGR (2022-2028) 4.38%
MARKET SIZE- VOLUME (2028) 35,023 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 Volvo Construction Equipment, Caterpillar, Hitachi Construction Machinery, Komatsu, Liebherr, Kubota, JCB, Hyundai Construction Equipment, and Kobelco

MARKET INSIGHTS

The Sweden construction equipment market was valued at USD 1.4 billion by 2021 and is expected to reach USD 1.9 billion by 2028, growing at a CAGR of 4.38% from 2022 to 2027. According to Arizton Advisory & Intelligence, around 35,000 units of construction equipment are expected to be sold by 2028 in Sweden. The growth in construction equipment is majorly driven by Government investment in public infrastructure, road construction & focus on renewable energy projects.

Investment Under National Transport Development Plan to cover Investment for Refurbishment & Modernization of Existing Infrastructure

The Swedish economy has made a strong recovery from a 2.9% contraction in 2020 to a growth of 4.8% in 2021. Swedish economic growth is slightly hampered by Russia & Ukraine war which negatively impacts the country's exports. The country's inflation rate is expected to rise in 2022, affecting economic growth. However, the Swedish economy is resilient due to substantial government investment in public welfare, improved labor market situation, and investment in the development of the transport industry. According to the Swedish government Swedish economy is expected to grow by 3.1% in 2022.

In 2021, the Swedish government's national transport development plan allocated $86.9 billion of funds for 12 years. The plan also includes investments of $71.2 billion for new construction, refurbishment, and modernization of existing infrastructure. The government also planned to triple the mining output by 2025. The growth in the construction & mining industry is expected to positively impact the demand for construction equipment in Sweden.

Sweden was ranked 10th in the ease of doing business index among 190 countries in 2019 compared to 12th in 2018. It has complete Information and Communications Technology (ICT) and industrial internet sectors and can cooperate effectively across industries, academia, and government, making it an attractive market for new technologies. Stockholm, Uppsala, & Oster Gotland are the major cities that accounted for ~66% of the overall GDP in 2021.

In 2021, the government eased foreign investment norms in the construction, transport, and renewable energy sectors. Sweden has a solid and successful manufacturing/industrial engineering sector that accounts for roughly 20% of the country's GDP. Services & manufacturing industries accounted for more than 50% of FDI inflow in 2021.

In Sweden, major infrastructure projects such as Stockholm Arlanda Airport ($200 million), North Bothnia rail line ($ 2.9 billion), double track between Angelholm & Helsingborg region ($200 million), Olskroken Project ($ 400 million), Onshore Wind Farm Markbygden Vind AB, Stockholm Bypass Project ($ 3.7 billion), & Motorway construction road between intersection Ronneby East & Nattraby are under progress in 2022.

Growth In Public Infrastructure & Mining Sector Investment

In 2021, under the transport development plan government proposed to maintain, expand, and develop the Swedish transport infrastructure over the next twelve years with an investment of $89.6 billion. The government has established a national plan for infrastructure for the years 2018-2029. The government planned to invest in developing the airport, railway lines, roads, and bridges across the country's major cities in 2021.

There was a surge in demand for minerals and metals in the global market in 2021 post-pandemic due to increased economic activities. Sweden's government aims to triple the mineral production by 2025; the country's mining industry witnessed growth after high demand for minerals in the market. The country has tremendous potential for iron ore production based on exploration data. So, the government focused on increasing iron production by 2025. The growth of the mining industry is expected to support the demand for large excavators, wheeled loaders, and cranes in Sweden's construction equipment market.

Strong Growth in Oil & Gas Industry & Investment in Solar energy projects

In 2021, Sweden aimed to produce 100% of its electricity from renewable energy resources by 2040. The wind power capacity of Sweden was 12.8GW in 2020, and the wind power generation sector's ability grew by 2.7 GW in 2021 after the addition of new wind power generation plants. The government aims for 17GW of accumulated installed wind power by 2024. In 2022, 58 onshore and offshore wind projects are planned for the next five years, with a total project value of $25 billion. For instance, Onshore Wind Farm Markbygden Vind AB, with a total capacity of 4,061MW in northern Sweden. Other Offshore Wind Farm Kriegers Flak (Sweden) Baltic Sea between Sweden and Germany, with a capacity of up to 640MW, is planned by the government in 2022.

The robust growth of the Construction Rental Market & Government's Poor Housing Scheme is major Restraints for Construction Equipment in Sweden's Market.

With the rise in infrastructure development across Sweden, the demand for rental construction equipment has increased since 2019. There was a further push for rental equipment in 2021 to eliminate new equipment costs. In Sweden's construction market, civil engineering & redevelopment projects are growth drivers for rental construction equipment. Rental equipment demand increased in commercial, office, and healthcare building construction projects in 2021.

According to Rental Company DKLBC (Danderyd-Kedjan Lastbilcentalen), CEO Per Geber, the construction equipment rental business grows by ~40% in Sweden. The rental equipment has strong demand from broad customer groups such as significant construction companies, machine contractors & private individuals. The rental construction equipment solves the customer requirement on short notice and is cost-efficient. The rise in demand for rental equipment in the Sweden market can hamper the growth of new construction equipment sales during the forecast period.

Sweden has been facing severe housing shortages since 2017. The Swedish government follows old & rigid policies for controlling rent which negatively impacted the building of new houses for rent due to the low-profit margin for the house owners & builders. The strict rent controls discourage developers from building and renting out vacant properties. The government also increases mortgage taxes which hampers the country's housing market.

In 2021, the demand for housing declined due to the rise in central bank interest, which resulted in a surge in inflation, hampering consumers' buying capacity. According to government data, 70% of Sweden's municipalities will face a severe housing shortage in 2021. The poor housing scheme and increasing taxes are expected to impact the demand for housing business in 2022 adversely.

Use of Large Excavators & Adoption of Hydrogen Fuel Technology is a Recent Trend in Swedish Market

Sweden has a large reserve for cobalt, phosphate, & graphite. Various mineral extraction projects in Lovisagruvan, Zinkgruvan, and Aitik mines are underway.

The demand for large excavators with high lifting capacity increased in 2021; the country's major OEM Volvo construction equipment launched EC950F large excavator with a high lifting capacity of 34 tons. With the rise in mining activities in Sweden, other OEMs such as Caterpillar, Hitachi, and Komatsu are expected to shift their focus on developing sizeable, flexible excavators with high lifting capacity for Sweden market.

Green hydrogen fuel cell technology uses clean energy resources to produce hydrogen fuel cells used to power the construction equipment. The demand for green hydrogen fuel technology is expected to grow among heavier equipment due to its environmental benefits.

Volvo Construction Equipment introduced a hydrogen fuel cell test lab in 2021. The company launched green hydrogen fuel technology in 2021, which is expected to use in newly launched equipment in the Sweden market. The technology supports the aim of Volvo Construction equipment to become a fossil-free manufacturer by 2040.

KEY HIGHLIGHTS IN THE REPORT

The material handling equipment has the largest share in the Sweden market as compared to earthmoving & road construction equipment. Forklifts have the highest percentage among material handling segments in the Swedish construction equipment market for 2021.

Government investment in road construction, infrastructure development, housing projects, smart cities, and a focus on renewable energy projects of wind and solar is expected to support the demand for material handling equipment in Sweden's market during the forecast period.

The government's national transport development plan and increasing focus on renewable energy projects are major economic driver factors for economic recovery and growth in demand for construction equipment in the market. The government investment in solar roof panels and wind power projects is expected to support the need for excavators & cranes in the Sweden market.

The demand for electric machinery in the Sweden market will increase in 2021. For instance, Volvo construction equipment launched new series of electric excavators and loaders in the Sweden market.

Volvo Construction Equipment & Caterpillar are major construction equipment players in the Swedish market. Volvo Construction Equipment has introduced advanced technologies such as automation & green hydrogen fuel as per market requirements in Sweden.

VENDOR LANDSCAPE

  • Volvo Construction Equipment, Caterpillar, Kubota, Komatsu & Liebherr accounts for 54% of the share in the construction equipment market.
  • Volvo Construction equipment accounts for the largest share in the Sweden market. The company has four manufacturing units in the Braas, Eskilstuna, Hallsberg & Gothenburg regions.
  • Prominent vendors are Volvo Construction Equipment, Caterpillar, Hitachi Construction Equipment, Komatsu, Liebherr, Kubota, JCB, Hyundai Construction Equipment, & Kobelco.
  • Other prominent vendors are Liu Gong, Yanmar, Case Construction Equipment & Terex Corporation.

REPORT COVERAGE:

Earthmoving Equipment:

  • Excavator
  • Backhoe Loaders
  • Motor Graders
  • Other Earthmoving Equipment (Other 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

Frequently Asked Questions

WHAT IS THE GROWTH RATE OF THE CONSTRUCTION EQUIPMENT MARKET IN SWEDEN?

The Sweden construction equipment market is expected to grow at a CAGR of 4.38% during 2022-2028.

WHO ARE THE KEY PLAYERS IN THE SWEDEN CONSTRUCTION MACHINERY MARKET?

Key players include Volvo Construction Equipment, Caterpillar, Hitachi Construction Machinery, Komatsu, Liebherr, Kubota, JCB, Hyundai Construction Equipment, and Kobelco.

WHAT ARE THE MARKET OPPORTUNITIES FOR PLAYERS IN THE SWEDEN CONSTRUCTION EQUIPMENT INDUSTRY?

A surge in mining projects triggers the demand for large flexible excavators in the Sweden market, and the adoption of green hydrogen fuel technology in construction equipment to achieve the goal of being carbon-free are the opportunities for the players in the market.

WHAT ARE THE NEW INDUSTRY TRENDS IMPACTING THE GROWTH OF THE SWEDEN CONSTRUCTION EQUIPMENT MARKET?

A rapid increase in infrastructural development is expected to drive the demand in the Sweden construction equipment market.

HOW WILL EARTHMOVING EQUIPMENT CONTRIBUTE TO THE GROWTH IN THE SWEDEN CONSTRUCTION EQUIPMENT INDUSTRY?

The demand for earthmoving equipment is expected to grow at a faster pace due to a surge in public infrastructure and mining projects across the country.

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The Sweden construction equipment market is valued at USD 1469 million by 2021 and is expected to reach USD 1953.8 million by 2028, growing at a CAGR of 4.38% during 2022-2028.

The construction equipment market is booming in Sweden. Although end-users buy most equipment, equipment rental companies purchase equipment from domestic suppliers in Sweden. The Sweden construction equipment market expects to observe an incremental growth of 8,025 units during the period 2021–2028.

Base Year: 2021

Forecast Year: 2022-2028

Scope: The report considers the present scenario of the Sweden construction equipment market and market dynamics for the forecast period 2022−2028. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the Sweden construction equipment market.

Key Vendors

  • Volvo Construction Equipment
  • Caterpillar
  • Hitachi Construction Machinery
  • Komatsu
  • Liebherr
  • Kubota
  • JCB
  • Hyundai Construction Equipment
  • Kobelco

Other Prominent Vendors

  • Terex corporation
  • LIUGONG
  • Yanmar manufactures
  • CASE Construction Equipment

Distributors Profiles

  • ABL Construction Equipment
  • SMT
  • HAULOTTE SCANDINAVIA
  • Sandvik
  • CRAMO
  • RF-System AB

Segmentation by Type

  • Earthmoving Equipment:
    • Excavator
    • Backhoe Loaders
    • Motor Graders
    • Other Earthmoving Equipment (Other 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)
  • Segmentation by End Users
    • Construction
    • Manufacturing
    • Mining
    • Others

Section 1 – Introduction
• Market Snapshot
• Executive Summary

Section 2 – The Market Overview

Economic Scenario & Infrastructure Development in Sweden

Section 3 – Market Landscape

  3.1 Sweden Construction Equipment Market by Type (Volume & Value)
 3.1.1. Earthmoving Equipment

  1. Excavator
  2. Backhoe Loader
  3. Motor Grader
  4. Other Earth Moving Equipment (Other Loaders, Bulldozers, & Trencher)

 3.1.2. Road Construction Equipment

  1. Asphalt Paver
  2. Road Roller

3.1.3. Material Handling Equipment

  1. Crane
  2. Forklift and Telescopic Handler
  3. Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, & Scissor Lifts)

3.2 Sweden Construction Equipment Market by End user (Volume & Value)

  1. Construction
  2. Mining
  3. Manufacturing
  4. Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management, etc)

Section 4: Market Dynamics

Market Drivers, Restraints, Trends, Key Economic Regions in Sweden, Advantage Sweden, Key Economic Regions in Sweden, Import/Export Trend Analysis, Supply chain, COVID-19 Impact

Section 5: Technology Development

 Advent of New Technology

Section 6 – Competitive Landscape

  1. Competitive Landscape Overview
  2. Major Vendors (Caterpillar | Komatsu | Hyundai Construction Machinery | Volvo Construction Equipment | Hitachi Construction machinery | JCB | Liebherr | Kobelco |Yanmar | Kubota| CASE Construction | LiuGong| Terex Corporation)
  3. Other Prominent Vendors
  1. Distributors Profile

Section 7-Quantitative Summary

Section 8 – Report Summary
1. Key Insights

  1. Abbreviations
  2. List of Graphs
  3. List of Tables

Section 9 – Report Scope & Definition
1. Research Methodology
2. Market Definition, Inclusion & Exclusion

LIST OF EXHIBITS

Graph 1 Sweden Construction Equipment Market by Volume (Unit sales) 2019–2028

Graph 2 Sweden Construction Equipment Market by Type 2021 Volume Share (%)

Graph 3 Sweden Construction Equipment Market by Volume 2019–2028 (Unit Sales)

Graph 4 Sweden Construction Equipment Market by Value 2019–2028 ($ MN)

Graph 5 Sweden Construction Equipment Market by Application 2021 (% share)

Graph 6 Sweden Construction Equipment Market by Type 2021 (% share)

Graph 7 GDP of Sweden Value ($ BN) 2015–2020

Graph 8 Sweden Investments in various sectors 2021 ($ BN)

Graph 9 Composition of GDP in various sector (%)

Graph 10 The number of solar power plants in the provinces of Sweden (2020-2021)

Graph 11 Sweden Construction Equipment Market by Type 2019–2028 (Unit Sales)

Graph 12 Sweden Construction Equipment Market by Type 2021 Volume Share (%)

Graph 13 Sweden Construction Equipment Market by Application 2018–2027 (Unit Sales)

Graph 14 Sweden Earthmoving Equipment 2019–2028(Unit Sales)

Graph 15 Sweden Earthmoving Equipment 2019–2028($ MN)

Graph 16 Sweden Excavator Market 2019–2028(Unit Sales)

Graph 17 Sweden Excavator Market 2019–2028($ MN)

Graph 18 Sweden Backhoe Loader Market 2019–2028 (Unit Sales)

Graph 19 Sweden Backhoe Loader Market 2019–2028 ($ MN)

Graph 20 Sweden Motor Grader Market 2019–2028 (Unit Sales)

Graph 21 Sweden Motor Grader Market 2019–2028 ($ MN)

Graph 22 Sweden Other Earthmoving Equipment 2019–2028 (Unit Sales)

Graph 23 Sweden Other Earthmoving Equipment 2019–2028 ($ MN)

Graph 24 Sweden Road Construction Equipment Market 2019–2028 (Unit Sales)

Graph 25 Sweden Road Construction Equipment Market 2019–2028($ MN)

Graph 26 Sweden Road Rollers Market 2019–2028 (Unit Sales)

Graph 27 Sweden Road Roller Market 2019–2028 ($ MN)

Graph 28 Sweden Asphalt Pavers Market 2019–2028 (Unit Sales)

Graph 29 Sweden Asphalt Pavers Market 2019–2028($ MN)

Graph 30 Sweden Material Handling Equipment Market 2019–2028 (Unit Sales)

Graph 31 Sweden Material Handling Equipment Market 2019–2028 ($ MN)

Graph 32 Sweden Forklifts & Telescopic Handlers Market 2019–2028 (Unit Sales)

Graph 33 Sweden Forklifts & Telescopic Handlers Market 2019–2028 ($ MN)

Graph 34 Sweden Cranes Market 2019–2028 (Unit Sales)

Graph 35 Sweden Cranes Market 2019–2028 ($ MN)

Graph 36 Sweden Aerial Platforms Market 2019–2028 (Unit Sales)

Graph 37 Sweden Aerial Platforms Market 2019–2028 ($ MN)

Graph 38 Sweden Construction Equipment Market 2019–2028 (Unit Sales)

Graph 39 Sweden Construction Equipment Market 2019–2028 ($ MN)

Graph 40 Sweden Manufacturing Construction Equipment Market 2019–2028 (Unit Sales)

Graph 41 Sweden Manufacturing Construction Equipment Market 2019–2028 ($ MN)

Graph 42 Sweden Mining Construction Equipment Market 2019–2028 (Unit Sales)

Graph 43 Sweden Mining Construction Equipment Market 2019–2028 ($MN)

Graph 44 Sweden Construction Equipment Market by Others 2019–2028 (Unit Sales)

Graph 45 Sweden Construction Equipment Market by Others 2019–2028 ($ MN)

Graph 46 Import Value of Construction Equipment 2019 ($ MN)

Graph 47 Export Value of Construction Equipment 2019 ($ MN)

Graph 48 Volvo CE, Net Sales (2018–2021) ($ BN)

Graph 49 Volvo CE, Net Sales by Region 2021(% Share)

Graph 50 Caterpillar: Total Revenue (2018–2020) ($ BN)

Graph 51 Caterpillar, Sales by Region in 2020 (%)

Graph 52 Caterpillar, Total Sales & Revenue by Segment in 2020 ($ MN)

Graph 53 Hitachi Construction Equipment Revenue (2019–2021) ($ BN)

Graph 54 Komatsu, Net Sales (2018–2020) ($ BN)

Graph 55 Komatsu, Construction, Mining, and Utility Equipment Business Sales by Region2021(%Share)

Graph 56 Komatsu, Breakdown of Net Sales by Segment 2020 (% Share)

Graph 57 Hitachi Construction Equipment 2018–2020 ($ MN)

Graph 58 Liebherr, Revenue 2016–2020 ($ BN)

Graph 59 Liebherr, Revenue by Segment 2020 (%Share)

Graph 60 Kubota, Revenue 2016–2020 ($ BN)

Graph 61 Kubota, Revenue by Segments 2020 (% Share)

Graph 62 Kubota, Revenue by Regions 2020 (% Share)

Graph 63 Hyundai Construction Equipment, Revenue (2018–2020) ($BN)

Graph 64 Kobelco, Net Sales (2017–2020) ($ BN)

LIST OF TABLES:

Table-1 Sectors Receiving Major FDI Investments in Sweden 2019.

Table-2 Major Countries Investing 2020(%)

Table-3 FDI Inflow by Region, Sweden 2019 (%)

Table-4 Sweden Construction Equipment Market by Volume 2019-2028

Table-5 Sweden Construction Equipment by Type 2019-2018

Table-6 Sweden Earth Moving Equipment Market Size & Forecast, By Type (Volume, Units)

Table-7 Sweden Material Handling Equipment Market Size & Forecast, By Type (Volume, Units)

Table-8 Sweden Road Construction Equipment Market Size & Forecast, By Type (Volume, Units)

Table-9 Sweden Construction Equipment Market Size & Forecast, By End User (Units)

Table-10 Sweden Construction Equipment Market by Value 2019-2028

Table-11 Sweden Construction Equipment by Type 2019-2018

Table-12 Sweden Earth Moving Equipment Market Size & Forecast, By Type (Value, $ MN)

Table-13 Sweden Road Construction Equipment Market Size & Forecast, By Type (Value, $ MN)

Table-14 Sweden Material Handling Equipment Market Size & Forecast, By Type (Value, $ MN)

Table-15 Sweden Construction Equipment Market Size & Forecast, By End User

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