With an increasing efforts of government towards the improvising the rural segment and bringing in more urbanization with a quality infrastructure, the excavator market is to blossom in the Asia Pacific region during the forecast period.
Asia Pacific’s continuing economic strength, and corresponding increasing need for infrastructure, makes it a key target for global infrastructure investment. In addition, the supply of suitable projects and assets is strong with a steady stream of privatizations providing new opportunities in many markets. With many economically developing countries in the region, who are ready to spend a fortune on the infrastructural development. Also, the growing economy in the region have attracted more people towards it and thus increasing a demand for housing and commercial buildings. Apart from construction purpose, the excavators are used in many other activities in the region. With the increasing population in the region, the need for more land has increased lately. For this, the forest areas are cleared down, where the excavators comes handy, over the manual deforestation.
According to the report published by Bonafide Research titled 'Asia Pacific Excavator Market Outlook, 2027' provides a complete insight about the performance of the excavator market in the region. The increasing investment by the public and private players in the market has led to introduction of smart city concept. The Asia Pacific is another region with high growth opportunities. The smart cities include the development of residential buildings, commercial buildings, and transportation (metros). These high-end and big-size projects require intense labour force and heavy construction equipment. This has given a rise to the excavator market in the region. The market stood at around USD 18 billion in 2021, which is anticipated to expand at more than 7.5% CAGR for 2022–2027.
Considering the individual country, Japan rules the Asia Pacific market for excavator, while the overall market is dominated by the smaller countries of the region put together. Even though Japan individually holds a major contribution in the market, the share has been noticed to fall marginally over years and share is estimated to fall to approx 20% by the end of the forecast period. The India excavator market has shown an impressive growth over the years with the highest growth rate. Apart from the major countries, the contribution of the other smaller countries in the region is immense in the region. This segment has grown over years, owing to the constant development in those countries and has contributed nearly 40% to the total market share of the Asia Pacific excavator market. The companies are now focusing more on improvising their market strategies by involving internet into their regular marketing approaches. With the market scope being global, the companies are taking considerable action in increasing their dealership network globally.