Asia Pacific Construction Equipment Market Size - By Demand (New Demand, Aftermarket), By Product (Earthmoving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment), Sales Channel & Forecast, 2023 - 2032

Asia Pacific Construction Equipment Market Size - By Demand (New Demand, Aftermarket), By Product (Earthmoving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment), Sales Channel & Forecast, 2023 - 2032

Asia Pacific Construction Equipment Market size is poised to record 5% CAGR from 2023-2032, on account of the heavy investments in infrastructure development in the region. To cite an instance, in August 2022, Beijing made about $1 trillion (6.8 trillion yuan) of government funds available for several construction projects.

The rapid rate of urbanization in several APAC countries has led to the increased demand for residential and commercial construction along with urban infrastructure. To that end, excavators, backhoes, and cranes are recording high demand for supporting building activities in densely populated urban areas. The rising construction of airports, roads, bridges, railways, and other critical infrastructure projects is also accelerating the demand for wide range of construction equipment.

The APAC construction equipment industry is segmented based on demand, product, sales channel, and region.

In terms of product, the regional market value from the material handling & cranes segment will record considerable growth rate from 2023-2032 driven by surging prioritization of safety in several industries to manage heavy materials. Material handling equipment and cranes significantly enhance the efficiency in manufacturing and logistics operations while facilitating the swift movement of materials as well as goods and limiting downtime and delays for higher productivity. Assistance in maintaining organized inventory coupled with limiting the challenges of damage, loss, and misplacement of materials and products will favor the product demand.

With respect to sales channel, the APAC construction equipment market size from the rental companies segment is expected to expand up to 2032. The growth can be attributed to the flexibility offered in equipment selection. Renting construction equipment offers cost-effective advantages than purchasing, particularly for short-term or one-off projects. Furthermore, rental companies offer service and support to fix any issues with the equipment during the project tenure.

Regionally, China construction equipment market size is expected to observe healthy growth rate through 2032 owing to the high implementation of cutting-edge technologies, such as remote monitoring systems, autonomous construction vehicles, and telematics. The surging government investments in infrastructure development for bridges, highways, railways, and airports is driving the demand for construction equipment, including excavators, bulldozers, and cranes. The rapid urbanization and the robust construction of new residential and commercial properties will also prove favorable for the regional market growth.