DUBLIN–(BUSINESS WIRE)–The “Southeast Asia Used Construction Equipment Market – Strategic Assessment & Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
Southeast Asia used construction equipment market is expected to reach a value of $1,470 billion in 2029 from $1,012 million in 2022, growing at a CAGR of approximately 5.48%
The Earthmoving segment has the largest share in Southeast Asia used construction equipment market. Excavators held the largest market share in the earthmoving segment in 2022.
The demand for excavators is expected to grow in Southeast Asia used construction equipment market due to the rise in public infrastructure projects which include the extension of railways tracks, airports & renovation of bridges & highways across Southeast Asian Countries in 2022.
The demand for hydraulic excavators in Southeast Asia used construction equipment market is growing due to the rise in public infrastructure projects which include the extension of railways tracks, airports & renovation of bridges & highways across Southeast Asian Countries in 2022. Several road construction & affordable housing projects are under progress in different countries in the region.
Growth in the logistics industry due to the growing demand for goods in global and domestics market supports the demand for used forklifts & telehandlers in Southeast Asia’s market. The major Southeast Asian countries like Indonesia, Thailand & Singapore witnessed a sharp rise in export in 2022. Growing demand for goods and the use of automation technology in manufacturing will support the growth of the logistics industry in Southeast Asian countries in 2022.
The mining industry witnessed growth in Indonesia & Philippines market due to the rise in prices of commodities such as copper, tin, iron ore & nickel in the global market, leading to a surge in nickel mining projects in the regions in 2022. The government in Indonesia is also investing in coal mining projects due to its rising prices in the global market.
MARKET TRENDS & DRIVERS
The Surge in Used Construction Equipment Financing
In 2021, the Southeast Asian countries governments planned to invest in infrastructure development projects to overcome the negative impact of the pandemic. Infrastructure projects are delayed due to funding challenges that contractors and construction companies face.
Overwhelmed by the funding challenge, OEMs such as Komatsu, Caterpillar, SANY, and Hitachi construction machinery provided financial assistance to customers. In 2022, OEMs saw a surge in used equipment financing activities in Southeast Asian countries. Some used construction equipment sellers, such as JLG financing & Bot leasing, provide equipment financing services to used equipment buyers.
Urbanization and Rise in Infrastructure Development Projects Boosting Construction Investment
Among the countries in Southeast Asia, Singapore has the most developed economy and is completely urbanized. Malaysia and Brunei are classified as highly urbanized, while the majority – including Indonesia, Thailand, the Philippines, Laos, Myanmar, and Vietnam – are regarded as semi-urbanized.
In 2021, as per the data provided by the Department of Finance Philippines, approximately USD 9.7 billion out of the USD 20 billion worth of infrastructure projects are currently under construction in 2022.
Similar infrastructure & urbanization projects are under progress in other Southeast Asian Countries such as Thailand, Malaysia, Vietnam & others. For instance, the Indonesian government aims to invest USD 430 billion in infrastructure development projects from 2021 to 2024. The country’s infrastructure development projects are mostly in the transport sector. Investment projects are divided into three sectors – road, rail, and port development, accounting for 29%, 22%, and 23%, respectively.
Governments Across Southeast Asian Countries Are Accelerating Renewable Energy Investments
With increasing global environmental concerns, governments across Southeast Asian countries plan to increase the renewable energy generation capacity by 2030 to reduce dependency on fossil fuels.
For instance, the grid-connected installed capacity in Singapore rose to 376.9 MWp in 2020, with a total of 4,067 solar PV installations. This was a sharp increase from 2019 when capacity was 262.4 MWp, and only 3,173 PV systems were installed. In Malaysia, the government is investing USD 12.1 billion in clean energy transition and aims to reduce 60% in carbon emissions by 2035.
Demand for used construction equipment is expected to rise due to the Singapore government’s ambitious plan to generate 2GW of solar power by 2030. The government has introduced the Solar Nova program and research and development initiatives to increase solar energy output to achieve this goal.
VENDOR LANDSCAPE
Prominent vendors in Southeast Asia used construction equipment market are Caterpillar, Volvo Construction Equipment, Liebherr, Komatsu, JCB, Hitachi Construction Machinery, Kubota, Kobelco, SANY & XCMG. Other prominent vendors are Yanmar, LiuGong, Sumitomo, & Hyundai Construction Equipment.
Market leaders in Southeast Asia used construction equipment market are Komatsu, SANY, Volvo Construction Equipment, Hitachi Construction Equipment, & Caterpillar. These vendors have a strong market share and offer diverse products in the Southeast Asian market.
Yanmar, LiuGong & Sumitomo are niche players in Southeast Asia used construction equipment market and offer limited products to cater to customers requiring earthmoving equipment majorly. Zoomlion is set to launch a new 186ft telescopic boom lift in Southeast Asia used construction equipment market in 2022.
Key Vendors
Other Prominent Vendors
Auctioneers Profile
Distributors Profiles
Southeast Asia Used Construction Equipment Market Scope
Southeast Asia Used Construction Equipment Market by Type (Volume & Value)
Material Handling Equipment
Road Construction Equipment
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Southeast Asia Construction Equipment Market by End-users (Volume & Value)
Southeast Asia Construction Equipment Market by Countries (Volume & Value)
For more information about this report visit https://www.researchandmarkets.com/r/ynid7e-asia?w=4
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