Dublin, June 10, 2022 (GLOBE NEWSWIRE) -- The "Colombia Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Colombia construction equipment market is estimated to grow at a CAGR of 6.72% during 2022-2028
The report considers the present scenario of the Colombia construction equipment market and market dynamics for the forecast period 2022-2028. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the Colombia construction equipment market.
In 2021, the earthmoving equipment segment had the largest share in Colombia construction equipment market. Colombian government investment in infrastructure development projects including improving water drainage, renewable energy projects are expected to drive the demand for excavators as compared to other earthmoving equipment over the forecast period. The earthmoving equipment segment in Colombia is estimated to grow at a CAGR of more than 7% by 2028.
The construction industry was adversely impacted in 2020 as major infrastructure projects were halted to curb COVID-19 outbreak. In Colombia, demand for new construction equipment declined by 15.2% in the same year.
Colombian government introduced 5G infrastructure development program in 2021. The government planned to invest in road infrastructure (~60 billion), airport expansion projects ($5.7 billion), railways infrastructure ($3.4 billion), and port Infrastructure ($433 million) in 2022. In 2022, Government makes the fresh set of investment of $955.7 million for construction of new highways between Sabana de Torres & Curumani, Puerto Salgar & Barrancabermeja and road improvement projects are planned between Buenaventura & Buga as well as Sabtuario & Cano Alegre.
Additionally, increasing minerals production & FDI inflow in the mining sector have positive impact on construction equipment's sales. Colombia's mining sector recovered by 15% in 2021 due to surge in production of coal, gold, and nickel in the country. FDI investment in the mining industry was $2.7 billion in 2021.
The industry bounced after 26% decline in 2020 caused by lockdown and reduced FDI inflow in $902 million. The growth in mining industry due to rising FDI investment in mining sector and increasing production of gold, nickel, and copper in 2022 triggers the demand for large excavators, backhoe loader and crane in the Colombian market.
Surge in urban development & maintenance projects trigger the need for fuel efficient & flexible equipment. Government's focus on road maintenance projects, development of municipality and proper drainage system prompts the demand for flexible, low maintenance and fuel-efficient equipment in the market.
The major OEMs in the country are expected to follow the recent trends in the demand for construction equipment and focuses on delivering fuel efficient and low maintenance equipment such as backhoe loader, skid loaders, mini excavators in Colombia market.
Caterpillar, Komatsu and Volvo have the major share in the Colombia construction equipment market. The Chinese manufacturer such as SANY & XCMG are recently gaining popularity due to low price compared to that of other manufacturers. Key Vendors
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Key Topics Covered: Section 1 Introduction Section 2 Market Overview
Section 9 Report Scope & Definition
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