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The machinery and equipment used to complete various construction projects are collectively called construction machinery. Construction machinery is divided into several categories such as excavation machinery, earth-moving machinery, construction cranes, industrial vehicles, compaction machinery and concrete machinery.
Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of over 600 million by the end of 2021, Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.
According to CRI's analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$73,000 in 2021. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2021. The population and minimum wage levels also vary greatly from country to country, with Brunei, which has the smallest population, having a total population of less than 500,000 people in 2021, and Indonesia, which has the largest population, having a population of about 275 million people in 2021. The most economically advanced countries in Southeast Asia do not have a legal minimum wage, with the actual minimum wage exceeding US$400 per month (for foreign maids), while the lowest minimum wage level in Myanmar is only about US$93 per month.
With the development of Southeast Asia's economy, for infrastructure construction, plant and commercial real estate, residential and mining investment is growing, making the Southeast Asian construction machinery market has also seen rapid growth.
According to CRI analysis, Southeast Asian countries generally have the problem of weak basic industry, so construction machinery products mainly rely on imports, such as low-end construction machinery from China, medium and high-end construction machinery imported from Japan and Germany. It is worth noting that the Southeast Asian construction machinery market has become popular with electric products. Such as Komatsu (Japanese-owned enterprises) and Sany Heavy Industries (Chinese-owned enterprises) and other companies have begun to sell fuel and electric hybrid hydraulic excavators in Indonesia.
With the development of the manufacturing industry in Southeast Asia, there have been gradually foreign enterprises to set up engineering machinery manufacturing enterprises in Southeast Asia to reduce costs. At the same time, Indonesia and other countries in Southeast Asia are rich in minerals, the development of the mining industry also promotes the development of the construction machinery market.
CRI expects the construction machinery market in Southeast Asia to maintain growth in 2023-2032. On the one hand, the lower operating costs in Southeast Asian countries attract global construction machinery enterprises to transfer their production capacity to Southeast Asia and build factories in Southeast Asia. In addition, there are many companies will export construction machinery products to Southeast Asia.
Topics covered:
- Southeast Asia Construction Machinery Industry Status and Major Sources in 2018-2022
- What is the Impact of COVID-19 on Southeast Asia Construction Machinery Industry?
- Which Companies are the Major Players in Southeast Asia Construction Machinery Industry Market and What are their Competitive Benchmarks?
- Key Drivers and Market Opportunities in Southeast Asia Construction Machinery Industry
- What are the Key Drivers, Challenges, and Opportunities for Southeast Asia Construction Machinery Industry during 2023-2032?
- What is the Expected Revenue of Southeast Asia Construction Machinery Industry during 2023-2032?
- What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
- What are the Competitive Advantages of the Major Players in Southeast Asia Construction Machinery Industry Market?
- Which Segment of Southeast Asia Construction Machinery Industry is Expected to Dominate the Market in 2032?
- What are the Major Adverse Factors Facing Southeast Asia Construction Machinery Industry?