The world construction equipment market is expected to be worth $125 billion and mining equipment market worth $135 billion by 2019, a new report has predicted. With a ton of infrastructure opportunities and government initiatives the market for construction and mining equipment market in the Asia-Pacific region, which includes countries such as China, Japan, and India and others (such as Indonesia, South Korea, Vietnam and Australia), is likely to grow with a promising CAGR, a report by Markets and Markets has said.
“Robust economic growth, an expanding population and rapid urbanisation are also aiding and supporting growth rates across Asia-Pacific,” the report noted. Other than Asian manufacturers such as Komatsu (Japan), Hitachi (Japan) and Zoomlion (China), the region also has a strong presence of major European and US equipment manufacturers like Caterpillar, Inc., Joy Global and Terex (all USA), JCB (UK) and Volvo Construction Equipment (Sweden).
Construction and mining equipment is classified as excavators, loaders, articulated dump trucks, motor graders, mining grill and breakers, underground mining machinery and others.