The construction equipment market in the Philippines is estimated to grow at a CAGR of 7.02% by 2028

New York, March 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Philippines Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" - https://www.reportlinker.com/p06236829/?utm_source=GNW

02% by 2028.



MARKET DRIVERS



• 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



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.



Market Segmentation by Type



• Earth Moving Equipment

o Excavator

o Backhoe Loader

o Motor Grader

o Other Earth Moving Equipment

• Material Handling Equipment

o Crane

o Forklift and Telescopic Handler

o Arial Platforms (articulated boom lifts, telescopic boom lifts, scissor lifts, etc)

• Road Construction Equipment

o Asphalt Paver

o Road Roller



Market Segmentation by End-user



• Construction

• Manufacturing

• Mining

• Others



COVID-19 IMPACT



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.



VENDOR LANDSCAPE



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:

• Volume (Unit sales)

o Type

o Application

• Value (USD)

o Type

o Application

• 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

• Complete supply chain analysis

• Get COVID-19 impact analysis of the market

• Company Profile of vendors and distributors

Read the full report: https://www.reportlinker.com/p06236829/?utm_source=GNW



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