Infrastructure Projects Fueling the Growth of Construction Equipment Market in South-East Asia Region– 6Wresearch
South-East Asia construction equipment market growth is buoyed by several factors such as growing real estate market, expansion of public & private infrastructures and demand in mining sector. In South-East Asia region, Indonesia held majority of revenue share followed by Vietnam and Malaysia, respectively. However, slowdown in mining sector has affected the overall demand for construction equipment primarily in countries such as Indonesia, Vietnam and Thailand.
According to 6Wresearch, South-East Asia construction equipment market is forecast to grow at a CAGR of 2.3% during 2016-22. South-East Asia construction equipment market is highly consolidated with few players accounting for major share. International players are making footprints in local markets through tie-ups and joint ventures with local counterparts. Construction equipment market in South-East Asia is partially import driven and partially domestically procured.
According to Prijo Samuel Asst. Manager, Research and Consulting, 6Wresearch, “currency depreciation in Indonesia and Philippines resulted into increase in the prices of the equipment. However, with slowdown in Chinese economy, many of the Chinese manufacturers have started focussing South-East Asian markets which impacted overall price of these equipment.
Additionally, in South-East Asia construction equipment market, earthmoving equipment held highest revenue share in the market and anticipated to follow a similar trend during the forecast period as well. Government initiatives for developing public infrastructure in Vietnam, Philippines, Malaysian and Indonesia resulted into growth of earthmoving equipment market.
According to Akash Shukla, Research Analyst, Research and Consulting, 6Wresearch, “upcoming infrastructure up-gradation projects in Malaysia and Thailand coupled with new residential construction projects in Vietnam and Philippines fuelled the market for construction equipment in the region. Also, utility projects across South-East Asian countries resulted into demand for construction equipment in the region.”
Amongst all applications, construction application generated significant share of the market and would maintain its market dominance through the forecast period, Akash Shukla concluded.”
“South-East Asia Construction Equipment Market (2016–2022)” provides in-depth analysis with 223 figures and 10 tables covered in 315+ pages. The report estimates and forecast overall South-East Asia construction equipment market by revenue, by equipment type such as mobile crane, earthmoving equipment, and dump truck segment. The report also gives insights on price trends, market trends, competitive landscape, company profiles, market drivers and restraints.