Dublin, March 31, 2022 (GLOBE NEWSWIRE) -- The "Philippines Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering. The construction equipment market in the Philippines is estimated to grow at a CAGR of 7.02% by 2028. In-depth analysis and data-driven insights on the impact of COVID-19 are included in this report.
PHILIPPINES CONSTRUCTION EQUIPMENT MARKET SEGMENTATION
Earthmoving equipment segment accounted for the largest share in 2021 with ~58.5%.
The Philippines earthmoving equipment market is expected to grow strongly through 2028, owing to rising government investments in highway, metro, and airport construction projects, and expansion in the construction, transportation, and renewable energy sectors.
The other earthmoving segment incorporates loaders, bulldozers, and trenchers, among others.
In 2020, manufacturing accounted for ~17.7% of Philippines's GDP. Industrial growth is expected to drive the demand for construction equipment such as forklift & telescopic handlers used in the manufacturing industry.
According to Philippine Statistics Authority (PSA), the country's GDP declined by 0.2% during the first quarter of 2020 (Y-o-Y). The agriculture and industry sectors' gross value added dropped by 0.4% and 3%, respectively, while the services sector experienced a growth of 1.4%. Decrease in imports due to supply chain & logistics disruptions caused by COVID-19 pandemic significantly affected industries such as construction, mining, and other major end-users of the construction equipment market in the Philippines. The push for more private sector solutions to support the growth of the country's economy and growth of the construction and mining sectors is also a major factor expected to support economic recovery post-COVID-19 pandemic.
Transport infrastructure projects to boost the demand for construction equipment
Ease of trade due to free trade agreements will support the distribution of construction equipment in the Philippines
The construction equipment market is consolidated, with XCMG being the leader, followed by Caterpillar, Volvo, Komatsu, and SANY. WHY SHOULD YOU BUY THIS REPORT?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
Gain competitive intelligence about the economic scenario, advantages in Philippines major projects and investments, dynamics, and market share.
Examples of the latest technologies.
Get presentation-ready format and easy-to-interpret data.
Enable decision-makers to make informed and profitable choices
Gain expert quantitative and qualitative analysis on value/volume growth projections of the Philippines construction equipment market share
Get COVID-19 impact analysis of the market
Company Profile of vendors and distributors
Key Topics Covered: Section 1 - Introduction 1.1 Market Snapshot 1.2 Executive Summary Section 2 - Market Overview
Economic Scenario, Foreign Direct Investment
Section 3 - Market Landscape 3.1 Philippines Construction Equipment Market by Type (Volume & Value) 3.1.1 Earthmoving Equipment 3.1.1.1 Excavator 3.1.1.2 Backhoe Loader 3.1.1.3 Motor Grader 3.1.1.4 Other Earthmoving Equipment (Other Loaders, Bulldozer, Trencher, etc.) 3.1.2 Material Handling Equipment 3.1.2.1 Crane 3.1.2.2 Forklift and Telescopic Handler 3.1.2.3 Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, Scissor Lifts, etc) 3.1.3 Road Construction Equipment 3.1.3.1 Road Roller 3.1.3.2 Asphalt Paver 3.2 Philippines Construction Equipment Market by End User (Volume & Value) 3.2.1 Construction 3.2.2 Manufacturing 3.2.3 Mining 3.2.4 Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management, etc.) Section 4 - Market Dynamics
Market Drivers, Restraints, Trends, Advantage Philippines, Key Economic Regions, Import/Export Trends, Supply Chain Analysis, COVID-19 Impact
Major Vendors (XCMG Group, Caterpillar, Volvo Construction Equipment ASIA, Komatsu Group, SANY Group, CAMEC JCB CORP, Liebherr Group. Hitachi, Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., KUBOTA Philippines Inc.)
Section 9 - Report Scope & Definition Companies Mentioned
Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
Zoomlion Heavy Industry Science & Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/sgupbj
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