The construction equipment market in the Asia-Pacific region is expected to reach $105.6 billion over the next five years, registering a CAGR of 10.4 per cent, according to a report by ApacMarket.com.

The equipment market includes heavy machinery such as cranes, loaders, excavators and dozers which all have their unique applications. Among all the applications of construction equipment, the major contributors are earthmoving, lifting and material handlings units in terms of revenue, said the report.

These two applications have collectively contributed around 52 per cent of the total market size by value in 2014, stated the report with focus on China, India, Japan, South Korea construction equipment and their types, solutions, applications, industry and country).

The report also discusses the market size, trends, opportunities, growth and forecast for 2014-2020.

Earth moving segment is the highest revenue generator and it would continue to dominate the market during the forecast period due to increased reconstruction and mining activities.

In the Asia-Pacific construction equipment market by type, loader and cranes would continue to remain the most preferred type due to their numerous applications in construction, mining and public works, said the report.

According to the report, the loaders are majorly used in earth moving purposes, it added.

Loader segment would drive the market significantly by 2020, contributing more than 43.2 per cent of the total market revenue throughout the forecast period, it stated.

Crane market is growing due to increased demand for lifting and material handling from different industries including public works and mining.

Among industries, public works and rail road sectors would significantly drive the market. Other prominent industries include oil and gas, mining and manufacturing, it added.

The market is further segmented into solution type, product and services. Presently, product segment is the key driver for the Asia-Pacific construction equipment market.

Product segment includes all the equipment such as dozer, excavator, crane and loaders. The market shares of products and services would remain in the ratio of 80:20, throughout the analysis period.

Geographically, China would dominate the Asia-Pacific construction equipment market throughout the analysis period due to the increased industrial and residential construction activities in this region, whereas India market is expected to witness fastest growth, said the report.

The Asia-Pacific construction equipment market would grow due to the increased demand for different applications such as earthmoving and lifting and material handling across the key industries including public works and mining during the forecast period (2015-2020).

Earthmoving application would grow relatively at a faster with the CAGR of 12.97 per cent during 2015-2020 as compared to all the other applications, said the report.

Public work activities would continue to drive the Asia-Pacific construction equipment market over the analysis period.

Lifting and material handing application involving the use of construction equipment would grow notably at a CAGR of 9.1 per cent during 2015-2020, stated the report.

China would prove to be one of the most lucrative markets in terms of growth. The market in China is expected to grow at a CAGR of 11.8 per cent during 2015-2020, it added.-TradeArabia News Service