CHICAGO, Aug. 12, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this Myanmar crawler excavator market report.
The Myanmar crawler excavator market is expected to grow at a CAGR of over 7.57% during the period 2021-2027.
Key Highlights Offered in the Report:
- The market value is expected to reach USD 53.5 million by 2027, growing at a CAGR of 7.68% during the forecast period.
- Myanmar is the biggest country in mainland Southeast Asia, with direct access to China, India, ASEAN, and other foreign markets via ports along the Bay of Bengal and Andaman Sea, in addition to its local market of more than 50 million people.
- The Myanmar government is prioritizing the establishment of efficient national and international supply chains for future economic growth, particularly in terms of power infrastructure, road, rail, air, and ports, after decades of international isolation prevented the modernization and expansion of infrastructural networks.
- Over the forecast period, the government's continued investment 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's growth.
- Myanmar relies on import of crawler excavators majorly from China, Japan, and Korea. Since no brands are produced domestically, distributors or dealers import a range of new and used crawler excavators to deliver a variety of machineries and brands.
- Myanmar's economy is still suffering from the COVID-19 epidemic, with growth expected to fall to 1.7 percent in FY19/20, down from 6.8 percent the year before. Consumption and investment have been harmed by the epidemic, which has also affected company operations and the supply of workers and materials.
- Although the global COVID-19 outbreak has had a limited impact on Myanmar, the country's reliance on international trade, including border trade with neighboring countries, investment, and technology, means it will face near- and medium-term economic challenges, including the implementation of the Belt and Road Initiative and the China-Myanmar Economic Corridor (CMEC).
- The Myanmar authorities released the "Overcoming as One: COVID-19 Economic Relief Plan" (CERP) which diagnosed a set of policy measures to sell funding from domestic and overseas buyers which might allow enlargement of monetary activities.
- Easing of the permits, approvals, and licenses, helping PPP version for short and essential infrastructure initiatives, are a number of the moves that might returned the financial system on the track.
Key Offerings:
- Market Size & Forecast by Revenue | 2021-2027
- Market Dynamics - Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation - A detailed analysis by excavator type and operating weight, application, and gross power output
- Competitive Landscape - 9 key vendors and 6 other vendors
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Myanmar Crawler Excavator Market - Segmentation
- Small excavators vary in size and capacity for various applications. The power output of these excavators can range from less than 60HP to more than 200HP. Thus, Myanmar's small crawler excavator market is expected to reach USD 9.2 million by 2027, growing at a CAGR of 8.17%.
- Myanmar's crawler excavator market by construction is expected to reach 357 units by 2027. The market by construction accounts for 61.1% of the overall crawler excavator market in 2020.
- Myanmar's <60HP crawler excavators are largely used for landscaping, excavating, demolishing, and material handling in cities and farms. Thus, such projects will drive up the demand for these excavators.
Myanmar Crawler Excavator Market by Excavator Type and Operating Weight
- Mini (>6 tons)
- Small (6-15 tons)
- Medium (15-30 tons)
- Large (above 30 tons)
Myanmar Crawler Excavator Market by Application
- Construction
- Mining
- Agriculture
- Forestry
- Others
Myanmar Crawler Excavator Market by Gross Power Output
- 61-101 HP
- 102-200 HP
- >201 HP
Myanmar Crawler Excavator Market - Dynamics
The National Transportation Master Plan (NTMP) lays out a mid- and long-term transportation strategy that includes 36 north-south and 45 east-west highway projects across seven regions and seven states. In terms of investment, the government intends to devote MMK28 trillion ($21.4 billion) on road, rail, port, and aviation projects between now and 2030. Targets include $11.7 billion for road improvements, $6.6 billion for railway expansion, and $8.5 billion for inland water, marine, and airport projects, all with the goal of developing efficient, modern, and ecologically friendly systems. The plan has dedicated 87% of anticipated capital formation between 2014 and 2020 to putting in large city-to-city expressway systems, making rail and highway enhancements the most essential near-term goal.
Key Drivers and Trends fueling Market Growth:
- Myanmar permits local and foreign investment in mining
- Myanmar, a promising investment destination
- High sensitivity of end-users to global and regional economic conditions
- Government's changing monetary & fiscal policies impacts crawler excavator demand
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Major Vendors
- Caterpillar
- Komatsu
- Hitachi
- Hyundai
- Doosan
- Volvo
- JCB
- Sany
- Kobelco
Other Prominent Vendors
- Kubota
- Sumitomo
- Ingersoll Rand
- Liebherr
- XCMG
- LeeBoy
Explore our industrial machinery profile to know more about the industry.
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