Chicago, Aug. 03, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the Belgian construction equipment market will grow at a CAGR of over 4% during the period 2022-2027. Increased public investment in infrastructure investments and renewable energy projects is expected to drive the demand for construction equipment in the Belgian market. In Belgium, the construction and manufacturing industries account for ~6.6% and ~3% of GDP respectively in 2021. Market growth is driven by the construction of public infrastructure, including roads, trains and civil works, as well as increasing investment in residential projects. One of the residential projects launched in 2021, the Oude Dokken housing complex in PPP, has a positive effect on the need for excavators.
Scope of the Belgium Construction Equipment Market Report
|MARKET SIZE (2028)||$2.74 billion|
|MARKET SIZE (2021)||$2.05 billion|
|MARKET SIZE – VOLUME (2028)||40,268 units|
|YEAR OF REFERENCE||2021|
|TYPE||Earthmoving equipment, road construction equipment and material handling equipment|
|END USERS||Construction, manufacturing, mining and others|
|KEY SUPPLIERS||Caterpillar, Komatsu, VOLVO, JCB, SANY, Hyundai, KOBELCO, Zoomlion, Hitachi, Kubota, Liebherr Group|
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Key Strong points
- In 2021, the government allocated a fund of $1,083.3 million from the national recovery and resilience plan for the renovation of buildings in Wallonia, Flanders and the Brussels region of the country. In addition, the Belgian railways expected to receive an additional fund of $267.6 million over the next three years. Most of this fund is allocated to the expansion of rail freight and the modernization of transport infrastructure. In addition, investments in public sector infrastructure, digitalization and a circular and green economy, supported by European Union funding, are expected to drive construction sector growth in 2022.
- The Belgian government has also invested $299.7 million in affordable housing under the Regional Housing Plan and Alliance for Habitat, to drive the sustainable renovation of the existing housing stock, as well as the construction of 6,400 new homes in 2021.
- In March 2022, the federal cabinet allocated $1.3 billion for the development of renewable energy resources. The government aims to increase 6.5 GW of wind power and 4.9 GW of solar power by 2030. Rising solar and wind power projects across the country are expected to boost demand for mini excavators and cranes.
Recent innovations and development
- Caterpillar, Volvo construction equipment, Komatsu and Kubota are the market leaders and accounted for 85% market share in 2021 Recent innovations and developments in the market
- Other OEMs in the country, such as Kobelco, Komatsu, Caterpillars, Hitachi and Hyundai, are focusing on continuously improving after-sales services, which rely on digital technology.
- In 2022, Hitachi launches the digital application of the equipment performance monitoring and technical support system.
- In 2021, Hitachi is also launching the spare parts e-commerce platform to improve customer experience.
The report provides a detailed analysis by segments
- Earthmoving equipment:
- Backhoe loaders
- Other Earthmoving Equipment (Other Loaders, Bulldozers, Trenchers)
- road construction equipment
- Asphalt pavers
- Handling equipment
- Forklifts and telehandlers
- Aerial platforms (articulated platforms, telescopic platforms, scissor lifts)
Segmentation by end users
- zoom lion
- Liebherr Group
Other Important Suppliers
- Terex Company
- CASE Construction equipment
- Van Haut
- Torfs compact machines
- FM BOUWMACHINES
- ACQUISITION BELGIUM
- Senior management staff from existing operators/suppliers
- Potential new market entrants
- Consultants/consultants/advisory firms
- Professional landscaping service providers/contractors
- Corporate and government organizations
Explore our industrial machinery profile to learn more about the industry.
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