Construction equipment are heavy machineries and vehicles that are used for executing construction operations. Construction equipment are also known as heavy machinery, which are used to perform construction tasks such as excavation, lifting, material handling, drilling, hauling, excavating, paving and grading in different industries. Construction equipment includes cranes, loaders, excavators and dozers. They have their unique functionality e.g., cranes are used for lifting and material handling, excavators are used for excavation and loaders are majorly used for earthmoving.
The Asia-Pacific construction equipment market covers different industries including manufacturing, oil & gas, forestry, military and public works. In the Asia-Pacific construction equipment market, the major demand is rising from countries like China, India and Japan. Favorable government investments in infrastructure projects and economic growth are the major growth drivers for the market. Whereas, Oil price hike would negatively affect the Asia-Pacific market for construction equipment.
The market is segmented based on solutions, type, applications, industries and country. Market by type segment includes loader, crane, excavator, forklift, dozer and others. The Solutions bifurcation includes product and service segments. Product segment includes all the equipment and service segment includes rental and maintenance services. The application segment includes earth moving, transportation, excavation, lifting and material handling, and mining.
Based on country, the market is segmented as China, India, Japan, South Korea and Rest of Asia. The key players operating in this market are Volvo, Hitachi Construction Machinery, Caterpillar Inc., Liebherr Group, Kobe Steel Ltd. (KOBELCO), CNH Industrial and Komatsu Ltd.
Source: apac market