Vietnam & Myanmar Crawler Excavator Market - Growth Scenario Post COVID-19 | Arizton
CHICAGO, Sept. 1, 2021 /PRNewswire/ -- With the intense competition in technology and design, excavator makers are marketing their devices vigorously, focused on technologically innovative features and a wide variety of attachments. Arizton recently launched a new product category that focuses on the crawler excavator market across geographies. These market research reports cover detailed analysis of the COVID-19-induced supply chain disruptions, innovations in technology, equipment financing, economic impact, and detailed study of the competitive landscape. Arizton's approach includes the key highlights of the market such as trends and driver analysis, market share analysis, growth opportunities, and the impact of government initiatives in the industrial machinery industry.
These reports cover a detailed overview of several growth enablers, new technologies, and trends in the market. They also include the volume and value sales with a segment analysis of the crawler excavator market.
- Myanmar Crawler Excavator Market - Strategic Assessment & Forecast 2021-2027
Myanmar crawler excavator market size will reach 537 units by 2027, growing at a CAGR of 7.57% during the period 2021-2027.
The market value is expected to reach USD 53.5 million by 2027, growing at a CAGR of 7.68% during 2021-2027. During the forecast period, the government's continued investments in transportation infrastructure, energy, and residential projects through flagship programs such as the National Education Strategic Plan (NESP), National Electrification Plan (NEP), and the Million Homes Plan is expected to drive the industry growth. Rapid urbanization in the country is also creating the need for infrastructure in cities, thus driving the growth in the market.
KEY HIGHLIGHTS
- Due to COVID-19, the disruption in the basic supply chain of excavator procurement from major manufacturing hubs such as China and Indonesia have prompted the need to diversify the supply chain.
- The Myanmar crawler excavator market is witnessing rapid growth in the demand for medium crawler excavators. They accounted for 33.7% of the overall crawler excavator market in 2020.
- Construction industry is the biggest end-user of escalators with over 61.1% market share.
- Myanmar is and will be one of Asia's top investment destinations in the coming years, with tremendous potential in major industries such as energy, manufacturing, construction, mining, and tourism.
The Myanmar crawler excavator market research report includes by excavator type and operating weight mini (>6 tons), small (7-24 tons), medium (25-40 tons), and large (above 40 tons), application (construction, mining, agriculture, forestry, and others), and gross power (<60 HP, 61-101 HP, 102-200 HP, and >201 HP).
Key vendors included in the Myanmar crawler excavator market are Caterpillar, Komatsu, Hitachi, Hyundai, Doosan, Volvo, JCB, Sany, and Kobelco.
- Vietnam Crawler Excavator Market - Strategic Assessment & Forecast 2021-2027
Vietnam crawler excavator market is expected to reach 2832 units by 2027 growing at a CAGR of 9.84% during the period of 2021-2027. The market value is expected to reach USD 271.6 million by 2027, growing at a CAGR of 9.42 % during the forecast period.
Infrastructure investment and government spending are expected to boost the economy in the short-term with increased construction activities and job creation. Vietnam's economy also has been growing quickly post the COVID-19 pandemic, and the government is trying to supply an adequate level of supporting infrastructure to maintain the growth. Due to the growing traction of green buildings, the demand for crawler excavators is increasing in Vietnam.
Key Highlights
- The construction segment accounts for 61% share of the overall Vietnam crawler excavator market. The government has allocated USD 120 billion on various construction and infrastructure projects for 2021-2025. This will boost the demand in the Vietnam crawler excavator market.
- Numerous free trade agreements signed in recent times to ease the trade in Vietnam for foreign companies. High foreign investments are leading to economic growth, which will help the government to invest more on public infrastructure. This will be a major driving force for the demand of excavators in the country.
- Government's initiatives for proper waste management such as Vietnam Zero Waste Alliance are expected to increase the demand of crawler excavators in managing waste generation.
- End-use industries are clamoring for more fuel-efficient and technologically advanced machines to improve construction activities. This might also help in resolving the issue of high pollution in the Vietnam construction industry.
The Vietnam crawler excavator market research report includes by excavator type and operating weight mini (>6 tons), small (7-24 tons), medium (25-40 tons), and large (above 40 tons), application (construction, mining, agriculture, forestry, and others), and gross power (<60 HP, 61-101 HP, 102-200 HP, and >201 HP).
Key vendors in the Vietnam crawler excavator market include Caterpillar, Komatsu, Hitachi, Hyundai construction Equipment, Sany, Volvo, Doosan, and Kobelco.
Explore our industrial machinery profile to know more about the industry.
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