Pune, Maharashtra -- (SBWire) -- 06/27/2017 --Asia-Pacific Construction Equipment Market Report, published by Allied Market Research, forecasts that the market is expected to garner $105.6 billion by 2020, registering a CAGR of 10.4% during the period 2015-2020. China dominates the market for construction equipment owing to rising urbanization and industrialization in this region. This region is also expected to grow rapidly during the forecast period.
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The Asia-Pacific Construction Equipment Market is segmented into type, solution type, application, industries and countries. Among the applications of construction equipment, earth moving segment contributes the maximum share in the market and is expected to dominate & drive the market during the forecast period due to increased reconstruction and mining activities. The application of earthmoving and lifting & material handling, collectively contributed more than 50% of the total market size by value in 2014.
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The market is also bifurcated into solution type, product and services. The product segment primarily drives the Asia-Pacific construction equipment market. The segment includes revenue generated from the sale of equipment such as dozer, excavator, crane and loaders. By type, the Asia-Pacific market for construction equipment is dominated by loaders. This equipment is majorly used for earth moving purposes. The segment is expected to drive the market significantly by 2020, contributing more than 43.2% of the total market revenue throughout the forecast period. Apart from loaders, crane is another construction equipment that is preferred due to its numerous applications in construction, mining and public works.
Country wise, the market is dominated by China throughout the analysis period due to the increased industrial and residential construction activities in this region, whereas India market is expected to witness fastest growth.
Key findings of the APAC Construction Equipment study:
-Public Works & Rail Road and Oil & Gas, government sectors offer lucrative growth potential in the Asia-Pacific construction equipment market
-China is projected to be the most lucrative markets
-Lifting & material handing application involving the use of construction equipment would grow notably at a CAGR of 9.2% during 2015 – 2020
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The prominent companies profiled in this report include, Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd., Caterpillar Inc., J.C. Bamford Excavators Limited (JCB), Doosan Heavy Industries & Construction, Komatsu Ltd. among others. Several companies have focused on innovative product development to cater to the growing needs of the industry. Market players have adopted product launch, partnership, and acquisitions as their key strategies to enhance their product portfolio and improve their market foothold.
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Asia-Pacific Construction Equipment Market Is Estimated to Reach $ 105.6 Billion, by 2020
Economic recovery and growing construction demand across diverse verticals, such as public works & rail road, mining, oil & gas, manufacturing, military, forestry & agricultural have fueled the growth of the market.