Report : Asia Pacific Construction Equipment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)
At 11.1% CAGR, the Asia Pacific Construction Equipment Market is speculated to be worth US$ 85,836.45 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific construction equipment market was valued at US$ 45,566.78 million in 2022 and is expected to reach US$ 85,836.45 million by 2028, registering an annual growth rate of 11.1% from 2022 to 2028. Widening technological innovations in construction equipment and broadening artificial intelligence.
Machine learning and artificial intelligence (AI) can assist firms in dealing with an ageing workforce and professional skills shortage. AI-enabled machines can pave the way for precise and quick manufacturing, lowering production costs and shortening development time. While AI can alleviate a labor issue, it may also be able to make the equipment industry intuitive and adaptable. Some construction companies are already experimenting with AI-controlled wind turbines that can respond to changing weather conditions and foresee weather and wind changes. It has the potential to improve work efficiency and catastrophe management. In modern structures, AI is being utilized to plan the routing of electrical and plumbing systems. It is being used by businesses to construct workplace safety solutions. AI also helps track the real-time interactions of personnel, machines, and items on the job site and warn managers to avoid potential safety hazards, construction mistakes, and productivity concerns. Construction executives invest in areas where AI may have the most influence on their company's specific demands. Early adopters would shape the industry's future and profit in the short and long term. These all advantages of AI would propel the growth of the construction equipment market in the coming years.
On the contrary, diminishing deal value of construction equipment projects.
Based on equipment type, the Asia Pacific construction equipment market is segmented into heavy construction vehicles, earthmoving equipment, material-handling equipment, and others. The heavy construction vehicles segment held 37.7% market share in 2022, amassing US$ 17,179.78 million. It is projected to garner US$ 48,085.03 million by 2028 to expand at 18.7% CAGR during 2022–2028.
Based on application, the Asia Pacific construction equipment market is segmented into residential, commercial, and industrial. The commercial segment held 41.5% market share in 2022, amassing US$ 18,893.08 million. It is projected to garner US$ 41,655.18 million by 2028 to expand at 14.1% CAGR during 2022–2028.
Based on country, the Asia Pacific construction equipment market has been segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 37.6% market share in 2021. It was assessed at US$ 17,154.65 million in 2022 and is likely to hit US$ 36,878.22 million by 2028, exhibiting a CAGR of 13.6% during the forecast period.
Key players dominating the Asia Pacific construction equipment market are Caterpillar Inc.; CNH Industrial N.V.; Komatsu Ltd.; Liebherr; Terex Corporation; Zoomlion Heavy Industry Science & Technology Co., Ltd.; J C Bamford Excavators Ltd. (JCB); Deere & Company; AB Volvo; and Hitachi Construction Machinery Co., Ltd among others.
- In March 2022, new India Technology Center (ITC) in Gurugram, which is located southwest of New Delhi, the country's capital. This strategic hub, which focuses on Product Development and digital solutions, is an important element of the Company's global R&D footprint.
- In January 2022, Komatsu Ltd. has agreed to dissolve SINOMACH Changlin Co., Ltd., situated in Jiangsu, China, and Sumitomo Corporation's equity investment in Komatsu Construction Machinery Corp., a joint venture between Changlin and Sumitomo.
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