The Turkey construction equipment market was valued at USD 1.7 billion in the current year and is expected to grow to USD 2.5 billion by the next five years, registering a CAGR of 6.6% in terms of revenue during the forecast period.
The significant presence of key industry leaders, including Caterpillar Inc., Kobelco Construction Machinery Ltd., SANY Group, Liebherr Group, and several other prominent players, currently marks the Turkish construction equipment market. The robust growth in construction activities throughout the nation is poised to drive the demand for construction equipment in the foreseeable future.
For instance, in April 2022, the Turkish government made a substantial commitment by announcing a substantial investment of USD 197.9 billion dedicated to various infrastructure development projects. These projects encompass the construction of roads, expansion of rail infrastructure, improvements in maritime facilities, and other vital initiatives aimed at enhancing the country's infrastructure.
In March 2022, Volvo Construction Equipment made a significant contribution to the Turkish construction equipment landscape. They introduced their advanced EC550E crawler excavator into the Turkish market. This cutting-edge excavator is meticulously designed to tackle large-scale infrastructure projects with remarkable efficiency and high production capacity, aligning perfectly with Turkey's burgeoning construction requirements.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook