ASEAN Construction Machinery Market - Growth, Trends, and Forecast (2019 - 2024)
|発行||Mordor Intelligence LLP||商品コード||649784|
|出版日||ページ情報||英文 70 Pages
|建設機械のASEAN市場：成長率、動向、予測 ASEAN Construction Machinery Market - Growth, Trends, and Forecast (2019 - 2024)|
|出版日: 2019年06月01日||ページ情報: 英文 70 Pages||
The ASEAN Construction Machinery market is expected to register a CAGR of 8.36%, during the forecast period, 2019-2024.
The demand for construction machinery in the ASEAN region is driven by the increase in infrastructure spending. Additionally, with the growth in the manufacturing industry in the region, manufacturers from across the world are planning to shift their operations to the South-East Asian nations due to lower costs, increase domestic consumption, and improve and expand the infrastructure, which in turn have resulted in higher demand for construction machinery.
The infrastructure investments in the region accounted for 12% of the total FDI received with the majority of the investments into transportation and real estate sectors. It is expected that, over the next five years, the ASEAN region has an infrastructure projects pipeline worth USD 250 billion. The rise in construction activities is expected to boost the demand for construction machinery over the forecast period.
The ASEAN construction machinery market report covers the growing demand for construction equipment across the region, impact of stringent emission norms, the impact of rental services, latest developments and market shares of players operating in the market.
The ASEAN construction machinery market has been segmented by machine type, application, and geography.
Rising Concrete & Road Construction Projects
The road construction equipment market has witnessed significant growth in the recent past, mainly owing to the increased road development programs undertaken by the governments across the region.
The governments across the ASEAN region have identified the concrete and road construction as key area of focus for economic development and trade competitiveness. The ASEAN region has been a hub for the logistics sector. With bad road conditions, the necessity of construction of new roads has increased. Additionally, road transportation has played a crucial role in improving logistics efficiency in the region. During 2016, out of 270 major construction projects in the region, 52% of it is contributed from the development of road and bridges. Currently, this value has increased to 65%.
With the rise in the road construction activities, the demand for construction machinery has been increasing, which is being supported by imports these machines. Exports of heavy machinery from Singapore to the rest of the ASEAN region has grown steadily over the years, which is supported by the key drivers, led by the increasing investment in construction projects in the ASEAN region. Two examples of high growth opportunities in ASEAN are the Philippines and Thailand, among others. Singapore exports of heavy machinery to Thailand has the second fastest growth in the region.
The Philippines construction sector will benefit from the government expenditure of approximately USD 144 billion on infrastructure over the next 6 years. Hence, an increase in government involvement in planning, coordinating and financing projects is expected, which will also generate further demand for heavy machinery.
Growing Demand for Construction Machinery in Vietnam
Construction activities in Vietnam have increased over the last three years. In 2007, the revenue from the construction sector in the country was USD 1.2 billion and by 2017, this revenue ramped up to USD 12.8 billion.
This trend continued during the first half of 2018. With increase in the issuance of building permits, economic recovery, and the government's investment in both commercial and residential construction, the construction sector revenue increased by 7.93% in H1 (First Half) of 2018 as compared to H1 of 2017.
The government in Vietnam aims at increasing the housing area per capita from 16.7 m2 in 2015 to 25 m2 by the end of 2020.
Ongoing and future construction projects in the country include Thu Thiem Smart City, Metro lines development (USD 800 million), Long Thanh International airport (USD 16 billion), and expansion at the Tan Son Nhat International airport.
Considering all the ongoing and future construction activities in Vietnam, the crane market is expected to witness steady growth over the forecast period, in turn propelling the construction machinery market in the country.
The ASEAN construction machinery market is characterized by the presence of numerous international and regional players, resulting in a highly competitive market environment. The big players have increased their R&D expenditure exponentially, in order to integrate innovation with excellence in performance. The demand for high performance, highly efficient, and safe handling equipment from the end market is expected to make the market more competitive over the forecast period.