Philippines Construction Equipment Market Growth 2023- Industry Share, Upcoming Trends, Challenges, Business Opportunities, Key Manufacturers and Future Outlook till 2033: SPER Market Research

Construction equipment is specialised machinery used to carry out or support construction operations. These tools often include Wheel Bulldozers, Front Loaders, Dump Trucks, Backhoe Loaders, Graders, Crawler Dozers, Compactors, Excavators, Forklifts, Concrete Mixer Trucks, and Others. These tools are employed for a variety of tasks including drilling, hauling, excavation, paving, grading, lifting, and others. Construction and infrastructure, manufacturing, and oil and gas are just a few of the industries that the global market for construction equipment spans.

According to SPER market research, ‘Philippines Construction Equipment Market Size– By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Philippines Construction Equipment Market is predicted to reach USD XX billion by 2033 with a CAGR of 7.2%.

The Philippines’ market for construction equipment has expanded over the past few years, largely as a result of the country’s expanding number of housing developments, urbanisation, and building projects. Government measures to expand the construction sector in the nation are primarily responsible for this expansion. For instance, the government of the Philippines’ “Build, Build, Build” infrastructure development plan has raised demand for construction equipment during the previous few years. Additionally, during the forecast period, the demand for the country’s construction equipment market in the Philippines would be further boosted by forthcoming public infrastructure projects like the South Commuter Railway and Edsa Greenways Pedestrian Walkways. Due to the country’s expanding public infrastructure, self-propelled road making and earthmoving equipment dominate the Philippines’ overall market for construction equipment. Additionally, the country is experiencing substantial development in the sales of cranes and material-handling equipment.

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However, the government’s rigorous regulations on mining and construction operations and the laws that forbid machinery from releasing carbon dioxide are expected to limit the market growth for construction equipment. Additionally, fewer firms needed construction equipment in 2020 as a result of government-imposed lockdowns in many different countries, which decreased demand. The COVID-19 pandemic resulted in the suspension of various goods for the construction equipment sector, largely as a result of extended lockdowns in significant international countries. This significantly limited the market growth for construction equipment during the outbreak.

Impact of COVID-19 on Philippines Construction Equipment Market

Also, due to the Covid-19 pandemic outbreak, the Philippines’ economy is probably going to slow down during the first three quarters of 2020. The Philippines’ construction equipment market is likewise predicted to have a sluggish recovery over the next years, even though the country’s economic situation is anticipated to improve in the second half of 2020.

Philippines Construction Equipment Market Key Players

Additionally, some of the market key players are Brighton Machinery, Hitachi, Manitou, Maxima Machineries Incorporated, Pinnacle, Sumitomo Heavy Industries Ltd., Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Others.