Earthmoving Equipment Market in Malaysia 2015-2019
About Earthmoving Equipment
Earthmoving equipment refers to heavy equipment used in the construction industry to move large amounts of earth, dig foundations for buildings, and landscape areas. The various types of earthmoving equipment include excavators, loaders, and construction tractors. The earthmoving equipment market is one of the major segments of the construction equipment market.
Technavio's analysts forecast the earthmoving equipment market in Malaysia to grow at a CAGR of 6.55% over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the earthmoving equipment market in Malaysia for 2015-2019. It also includes historical sales of earthmoving equipment in the construction equipment market in Malaysia. In this report, the market size is determined by the consumption value of earthmoving equipment and the growth prospects of the market in Malaysia is estimated after an analysis of the market’s present condition. In addition, the report discusses the major drivers influencing the growth of the market, and the major challenges faced by vendors and the market at large, as well as the key emerging trends.
Technavio Announces the Publication of its Research Report – Earthmoving Equipment Market in Malaysia 2015-2019
Technavio recognizes the following companies as the key players in the Earthmoving Equipment Market in Malaysia: Caterpillar, Hitachi Construction Machinery, JCB and Komatsu
Other Prominent Vendors in the market are: Liebherr Group and Volvo
Commenting on the report, an analyst from Technavio’s team said: “Ownership of construction equipment involves huge initial investment. Construction companies, especially SMEs, face budget constraints in ownership of earthmoving equipment. This has resulted in manufacturers promoting their equipment through rentals. To meet growing demand for earthmoving equipment in Malaysia, leading vendors such as Caterpillar and Volvo are offering rental services to their customers. Equipment can be rented by customers on a daily or annual basis. The lease period is often less than the average lifetime of the equipment. This allows construction companies to use high-cost earthmoving equipment without major monetary investments and contributes to profits of earthmoving equipment manufacturers. Auxiliary services such as specialist consultation and proactive maintenance are also offered to customers renting the equipment.”
According to the report, rapid growth of the economy of Malaysia has led to increase in purchasing power of the growing middle-class population. Rapid growth of the economy combined with steady growth in the population of the country has generated immediate demand for housing units. As of 2013, the country reported a housing shortage of 18.8 million units. The governing body for residential development in the country, NHB, has planned to invest profusely in development of public housing, especially for the lower income group of the population, to overcome the growing shortage of housing units. Earthmoving equipment is required for effective implementation and timely completion of residential development projects; hence, demand for earthmoving equipment in the country is continuously increasing because of growth of residential construction.
Further, the report states that the high prices of raw materials is one of the key challenges for the market.
Caterpillar, Hitachi Construction Machinery, JCB, Komatsu, Liebherr Group, Volvo