Latest 2023 Development of the Philippines Construction Equipment Market

Philippines Construction Equipment Market is expected to register enormous growth on the back of several growth aspects. The market has been through several latest development and projects in the past few years. The government has launched several infrastructure projects to boost economic growth and create jobs. Additionally, the construction industry in the Philippines has attracted significant foreign investment, with many foreign companies entering the market. As a result, this has led to the introduction of new construction equipment and technologies. Moreover, local manufacturers in the Philippines are investing in research and development and increasing their production capacity to meet the growing demand for construction equipment.

There is a growing demand for green construction equipment such as hybrid and electric-powered machines. Due to this, several companies have started introducing eco-friendly construction equipment in the Philippines market to gain a competitive edge. The Philippines construction equipment industry is forecast to grow in the forthcoming years through the government's infrastructure projects and the expansion of local manufacturers. The Philippines construction equipment industry is expected to experience growth in the coming years due to government infrastructure projects, urbanization, technological advancements, and foreign investment in various sectors, including construction. 

Philippines construction equipment market Synopsis

The Philippines construction equipment market has witnessed growth over the past few years primarily due to the increasing number of construction projects, growing urbanization coupled with a rising number of housing projects in the country. However, the Philippines ' economy is likely to witness a slowdown during the first three quarters of 2020, due to the outbreak of the Covid-19 pandemic. Though the economic scenario in the Philippines is expected to recover during the second half of 2020, and the construction equipment market in the Philippines is also likely to recover gradually over the years to come.

According to 6Wresearch, the Philippines Construction Equipment Market size is likely to witness growth during 2020-2026. This growth is primarily attributed to government initiatives towards the growth of the construction sector in the country. For instance, the ‘Build, Build, Build” infrastructure development plan introduced by the Philippines government has increased the demand for construction equipment in the Philippines over the past few years. Additionally, upcoming public infrastructure projects such as South Commuter Railway and Edsa Greenways Pedestrian Walkways will further spur the demand for the country construction equipment market in the Philippines during the forecast period.

In terms of equipment types, Self-Propelled road making and earthmoving equipment lead the overall Philippines construction equipment market primarily due to growing public infrastructure facilities in the country. Additionally, cranes and material-handling equipment are also registering significant growth in the country.

The Philippines construction equipment market report thoroughly covers the market by equipment types, equipment sub-segment types, applications, and regions. The Philippines construction equipment market outlook report provides an unbiased and detailed analysis of the ongoing Philippines construction equipment market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

The Philippines construction equipment market is anticipated to register sound revenues during the forecast period 2020-26F backed by the exponential growth of the mining domain coupled with an increase in the demand for metal and copper which is expected to extract resources by using construction equipment such as backhoe loader along with rising transferring of goods domestically and would create lucrative opportunity in the coming years. Further, an increase in the foreign direct investment for the potential growth of the mining sector which is leading to more construction projects along with high construction equipment demand and would benefit the Philippines construction equipment market during the forecast period.

Key Highlights of the Report

• Philippines Construction Equipment Market Overview
• Philippines Construction Equipment Market Outlook
• Philippines Construction Equipment Market Forecast
• Historical Data of Philippines Construction Equipment Market Revenues and Volumes for the Period 2016-2019.
• Market Size & Forecast of Philippines Construction Equipment Market Revenues and Volumes, Until 2026.
• Historical Data of the Philippines Cranes Market for the Period 2016-2019.
• Market Size & Forecast of Philippines Cranes Market, Until 2026.
• Historical Data of the Philippines Bull Dozers & Construction Tractors Market for the Period 2016-2019.
• Market Size & Forecast of Philippines Bull Dozers & Construction Tractors Market, Until 2026.
• Historical Data of the Philippines Earth Moving Equipment Market for the Period 2016-2019.
• Market Size & Forecast of Philippines Earthmoving Equipment Market, Until 2026.
• Historical Data of the Philippines Material Handling Market for the Period 2016-2019.
• Market Size & Forecast of Philippines Material Handling Market, Until 2026.
• Historical Data of the Philippines Dump Trucks Market for the Period 2016-2019.
• Market Size & Forecast of Philippines Dump Trucks Market, Until 2026.
• Historical Data of the Philippines Aerial Work Platform Market for the Period 2016-2019.
• Market Size & Forecast of Philippines Aerial Work Platform Market, Until 2026.
• Historical Data of the Philippines Road Construction Equipment Market for the Period 2016-2019.
• Market Size & Forecast of Philippines Road Construction Equipment Market, Until 2026.
• Historical Data of Philippines Construction Equipment Market Revenues and Volumes, by Applications, for the Period 2016-2019
• Market Size & Forecast of Philippines Construction Equipment Market Revenues and Volumes, by Applications, Until 2026
• Historical Data of Philippines Construction Equipment Market Revenues and Volumes, by Regions, for the Period 2016-2019
• Market Size & Forecast of Philippines Construction Equipment Market Revenues and Volumes, by Regions, Until 2026
• Market Drivers and Restraints
• Philippines Construction Equipment Market Trends and Industry Life Cycle
• Porter’s Five Forces Analysis
• Market Opportunity Assessment
• Philippines Construction Equipment Market Share, By Countries
• Philippines Construction Equipment Market Share, By Companies
• Philippines Construction Equipment Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The Philippines construction equipment market report provides a detailed analysis of the following market segments:

• By Types:

  • Mobile Cranes
  • Construction Tractor and Bulldozer
  • Earthmoving Equipment
    • Loaders
    • Excavators
    • Motor Grader
  • Aerial Work Equipment
    • Articulated Boom Lifts
    • Telescopic Boom Lifts
    • Scissor Lifts
  • Material Handling Equipment
    • Telescopic Handlers
    • Forklifts
  • Dump Trucks
  • Road Construction Equipment
    • Pavers
    • Road Rollers

By Applications:

• Corporate Enterprise
• Oil and Gas
• Mining
• Others (Municipality and Road Construction)

Frequently Asked Questions About the Market Study: FAQs

1. What are the major growth drivers of the Philippines construction equipment market?

Government initiatives to support infrastructure development and the increasing adoption of advanced construction equipment technologies are some of the major growth drivers of the Philippines construction equipment market.

2. What are the key challenges faced by the construction equipment market?

Lack of skilled labor, the high cost of construction equipment, and the shortage of raw materials are the key challenges faced by the market.

3. What are the key emerging trends in the construction equipment market in the Philippines?

The adoption of telematics and advanced technologies such as GPS and IoT and the growing popularity of rental and leasing options are the key emerging trends in the market.

4. What are the regulations leading the construction equipment market?

The Philippine Contractors Accreditation Board (PCAB), which is responsible for regulating and licensing contractors, and the Department of Trade and Industry (DTI), which oversees the importation of construction equipment are the regulations governing the construction equipment market.