Construction industry expected to skyrocket in Asia by 2020
The construction industry in Asia-Pacfic is expected to explode to nearly $106 billion over the next six years, according to a new report by ApacMarket.com.
The report, "Asia-Pacific (China, India, Japan, South Korea) Construction Equipment (Type, Solution, Application, Industry and Country) Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014–2020," cites a high demand for heavy construction equipment, such as cranes, loaders and excavators. Other heavy equipment like earth moving, lifting and materials are expected to contribute the most to increased revenues with earth moving expected to contribute the most thanks to increased reconstruction and mining activities.
But by 2020 the loader segment would bump the market up significantly by more than 43.2 percent in total market revenue, according to the report.
While the report said India would experience the fastest growth, China would still dominate the Asia-Pacific construction equipment market until 2020 led by increased industrial and residential construction activities.
The report stated, "the Asia-Pacific construction equipment market covers different industries including manufacturing, oil & gas, forestry, military and public works. In the Asia-Pacific construction equipment market, the major demand is rising from countries like China, India and Japan. Favorable government investments in infrastructure projects and economic growth are the major growth drivers for the market.
But a bump in oil prices severely hurt would the Asia-Pacific market for construction equipment.
The full report can be found online at http://www.apacmarket.com/top-market/apac-construction-equipment-market.