21099
Asian Building Equipment Market to Reach $105b
World Economy

Asian Building Equipment Market to Reach $105b

The construction equipment market in the Asia-Pacific region is expected to reach $105.6 billion over the next five years, registering a compound annual growth rate of 10.4%, according to a report by ApacMarket.com.
The equipment market includes heavy machinery such as cranes, loaders, excavators and dozers which all have their unique applications. Among all the applications of construction equipment, the major contributors are earthmoving, lifting and material handlings units in terms of revenue, TradeArabia quoted the report as saying.
These two applications have collectively contributed around 52% of the total market size by value in 2014, stated the report with focus on China, India, Japan, South Korea construction equipment and their types, solutions, applications, industry and country.
The report also discusses the market size, trends, opportunities, growth and forecast for 2014-2020.
Earth moving segment is the highest revenue generator and it would continue to dominate the market during the forecast period due to increased reconstruction and mining activities.
In the Asia-Pacific construction equipment market by type, loader and cranes would continue to remain the most preferred type due to their numerous applications in construction, mining and public works, said the report, adding that the loaders are mainly used in earth moving purposes.
Loader segment would drive the market significantly by 2020, contributing more than 43.2% of the total market revenue throughout the forecast period, it stated.
Crane market is growing due to increased demand for lifting and material handling from different industries including public works and mining.
Among industries, public works and rail road sectors would significantly drive the market. Other prominent industries include oil and gas, mining and manufacturing, it added.

 

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