CHICAGO, April 17, 2024 /PRNewswire/ -- According to the latest research report, the Latin America construction equipment market is growing at a CAGR of 3.43% during 2023-2029.
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Latin America Construction Equipment Market Scope
Report Attributes | Details |
Market Size- Volume (2029) | 145,985 Units |
Market Size- Volume (2023) | 119,270 Units |
CAGR- Volume (2023-2029) | 3.43 % |
Market Size- Revenue (2029) | USD 6.99 Billion |
Historic Year | 2020-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
Equipment Type | Earthmoving Equipment, Road Construction Equipment, Material Handling Equipment, and Other Equipment |
End-Users | Construction, Mining, Manufacturing, and Others |
Brazil stands as the premier hub within the Latin American market, commanding a formidable 40% share of construction equipment sales across the region in 2023. Notably, it serves as the epicenter for manufacturing construction equipment on the continent, with all significant OEMs establishing manufacturing centers in the Sao Paulo region. The top-selling equipment comprises hydraulic excavators and backhoe loaders, driving the market's momentum. Anticipated growth looms on the horizon for 2024, propelled by advancements in technology, such as versatile attachment capabilities and the introduction of lightweight, fuel-efficient equipment by OEMs.
The Latin America construction equipment market is experiencing a surge propelled by a significant increase in infrastructure investment. Throughout 2023, governments across the region announced diverse infrastructure development projects, offering a wide array of investment opportunities. Brazil is witnessing substantial growth, with an anticipated 11% increase in infrastructure investment for the year. According to data from the National Transport and Logistics Observatory of Infra South America, Brazil allocated USD 1.4 billion to transport infrastructure projects in the initial seven months of 2023 alone. The Brazilian government reports 172 ongoing infrastructure investment projects, spanning sectors such as airports, power distribution, mining, and urban mobility, underscoring the breadth and depth of the infrastructure development landscape in the country.
Rising Demand for Electric Forklift in the Latin American Countries
The Latin American region is witnessing a notable demand for electric equipment, mainly driven by major countries like Brazil and Mexico investing in port development projects in 2022. Among the key players in this shift is BYD, which has established its presence in South American markets such as Brazil, Mexico, and Chile, offering eco-friendly transportation solutions to support the transition towards a low-carbon transportation sector. Moreover, across Latin America, several countries have enacted policies to foster the development of new energy vehicles, exemplified by Colombia's ambitious goal of having 600,000 electric vehicles on its roads by 2030. This burgeoning demand for new energy vehicles presents significant opportunities for BYD to expand its regional footprint. Furthermore, as the demand for electric forklifts rises in the region, other OEMs are expected to follow suit, embracing similar trends in manufacturing electric forklifts tailored for cargo handling purposes. The ongoing redevelopment projects in ports across the region are poised to drive this demand further, promising a positive impact on the market.
Latin America Construction Equipment Market Dynamics
Drivers
Latin America's increased investments in public infrastructure
Surge in renewable energy projects in the region
Rise In Mining Activities Drive the Demand for Construction Equipment
Trends
Water Management Projects Trigger Demand for Backhoe Loaders with Flexible Attachments
Rising Demand for Electric Forklift in the Latin American Countries
Challenges
High Inflation Rates Adversely Impact Corporates Investments
Mining Project Hampered by Environmental Protest
Foreign Construction Equipment Manufacturers Impacted by High Import Duties
Opportunities
Significant investments in R&D
Incorporation of Digital & Smart Technology
Adoption of Hybrid Technology
What's Included in the Report?
- Estimation of historical market revenues based on secondary data and primary insights.
- Anticipating market recast by assigning weightage to market forces (drivers, restraints, opportunities).
- Freezing historical and forecast market size estimations based on evolution, trends, outlook, and strategies.
- Consideration of geography specific revenues, region-specific product/service demand for geographic market segmentation.
- Consideration of product utilization rates and product demand outlook for segmentation by application or end-user type.
The Latin America Construction Equipment Market?Report Encompasses Crucial Data, including:????
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the Latin America construction equipment market over the specified time frame.??????????????
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the Latin America construction equipment market?growth from 2023 to 2029. This includes an analysis of various market influences.??????????????
Precise estimation of market size: Accurate assessments of the Latin America construction equipment market?size and its contribution, focusing on key market segments.??????????????
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the Latin America construction equipment market, helping businesses prepare for future market dynamics.??????????????
Geographical market growth: The report covers the development of the construction equipment market across Latin America.
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the Latin America construction equipment market. This includes an overview of key players, their market share, strategies, and key developments.??????????????
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the Latin America construction equipment market, providing a well-rounded view of the market dynamics.???????
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Key Vendors
- Caterpillar
- Komatsu
- Liebherr
- Xuzhou Construction Machinery Group (XCMG)
- Volvo Construction Equipment
- Hitachi Construction Machinery
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- JCB
- SANY
- Hyundai Construction Equipment
Other Prominent Vendors
- Kobelco
- LiuGong
- John Deere
- Yanmar
- CNH Industrial
- Toyota Material Handling
- Bobcat
- Wacker Neuson
- Tadano
- SAKAI HEAVY INDUSTRIES, LTD.
- Shantui Construction Machinery
- BOMAG GmbH
- AMMANN
- Sunward
- HANGCHA
- Romanelli
- AIMIX Group
Distributor Profiles
- Grúas San Blas
- Tecmaco Integral S.A.
- Bramaq
- Centro Vial
- Cowdin
- Repas
- ZMG Argentina
- IGARRETA MAQUINAS
- Noroeste Maquinas Equipamentos LTDA
- FW Maquinas
- Mason Equipamentos
- Engepecas
- Extra Group
Segmentation by Type
Earthmoving Equipment
- Excavator
- Backhoe Loaders
- Wheeled Loaders
- Other Earthmoving Equipment
Road Construction Equipment
- Road Rollers
- Asphalt Pavers
Material Handling EquipmentCrane
- Forklift & Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Other Construction Equipment
- Dumper
- Tipper
- Concrete Mixer
- Concrete Pump Truck
End Users
- Construction
- Mining
- Manufacturing
- Others (Maintenance & Utility Works, Landscaping, Power Generation)
Region
- Brazil
- Argentina
- Chile
- Mexico
- Colombia
- Peru
Key Questions Answered in the Report:??
How big is the Latin America construction equipment market?
What is the growth rate of the Latin America construction equipment market?
Who are the key players in the Latin America construction equipment market?
What are the trends in the Latin America construction equipment industry?
Which are the major distributor companies in the Latin America construction equipment market?
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