Equipment specifically designed for use on or near building sites is known as construction machinery. Wheel bulldozers, front loaders, dump trucks, backhoe loaders, graders, crawler bulldozers, compactors, excavators, forklifts, concrete mixer trucks, and other pieces of machinery are examples of this equipment. These tools are required for a variety of tasks including drilling, hauling, excavation, paving, grading, lifting, and other related ones. Construction equipment is sold on the international market to a number of sectors, including manufacturing, oil and gas, building and infrastructure.
Philippines Construction Equipment Market Driving Factors and Challenges
The Philippines construction equipment market is anticipated to grow significantly as a result of numerous growth factors. In the last few years, there have been a number of new developments and ventures on the market. A number of infrastructure initiatives have been started by the government to foster job growth and economic expansion. In addition, the Philippines' construction sector has drawn a lot of foreign investment, leading to the entry of numerous foreign firms. This has resulted in the development of new tools and technology for construction. Additionally, to fulfil the rising demand for construction equipment, local producers in the Philippines are expanding their production capabilities and making investments in R&D.
Green construction tools like hybrid and electric-powered machinery are in higher demand. As a result, a number of businesses have begun providing eco-friendly construction equipment to the Philippine market in order to acquire a competitive edge. The government's infrastructure projects and the expansion of local manufacturers are expected to drive growth in the Philippines' construction equipment market in the ensuing years. Due to government infrastructure initiatives, urbanisation, technology improvements, and foreign investment in a variety of areas, including construction, the Philippines construction equipment market is anticipated to grow in the upcoming years.
Construction equipment market expansion is predicted to be constrained by elements like stringent government restrictions for mining and construction operations and laws prohibiting machinery from emitting carbon dioxide. Additionally, in 2020, there was less need for construction equipment because of weak demand from many businesses as a result of government-imposed lockdowns in numerous nations. Production of several products for the construction equipment market was halted as a result of the COVID-19 pandemic, primarily as a result of protracted lockdowns in important international nations. This greatly impeded the expansion of the market for construction equipment during the epidemic.
Impact of COVID-19 on Philippines Construction Equipment Market
The Covid-19 pandemic outbreak is projected to cause a decline in the Philippines' economy during the first three quarters of 2020. The Philippines' construction equipment market is predicted to have a sluggish recovery over the coming years, even though the country's economic situation is anticipated to improve in the second half of 2020.
Philippines Construction Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Brighton Machinery, Hitachi, Hyundai Doosan Infracore, Inframachineries, JCB, John Deere, Kobelco, Komatsu, Kubota, Liebherr, Manitou, Maxima Machineries Incorporated, Pinnacle, Sumitomo Heavy Industries Ltd., Topspot Heavy Equipment Incorporated, Volvo Construction Equipment, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Zoomlion Heavy Industry Science & Technology Co., Ltd., Others.
Philippines Construction Equipment Market Segmentation:
By Type: Based on the Product Type, Philippines Construction Equipment Market is segmented as; Earth Moving Equipment (Backhoe Loader, Excavator, Motor Grader, Other Earth Moving Equipment), Material Handling Equipment (Arial Platforms, Crane, Forklift and Telescopic Handler), Road Construction Equipment (Asphalt Paver, Road Roller).
By Application: Based on the Application, Philippines Construction Equipment Market is segmented as; Construction, Manufacturing, Mining, Others.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.