Philippines Construction Equipment Market (2024-2030) | Size, Share, industry, Growth, Revenue, Analysis, Forecast, Outlook

Topics Covered in Philippines Construction Equipment Market Report

The Philippines construction equipment market report thoroughly covers the market by types, and applications. 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.

Philippines Construction Equipment Market Synopsis

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.

According to 6Wresearch, Philippines Construction Equipment Market size is expected to rise at a CAGR of 6.5% during 2024-2030. The growth of this market 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's construction equipment market in the Philippines during the forecast period.

One of the key challenges faced by the Philippines construction equipment market is the shortage of skilled personnel in the industry. Due to a lack of adequately skilled workers, companies struggle to operate their equipment optimally, leading to reduced efficiency and productivity. Furthermore, the high cost of equipment remains a significant barrier to entry for small scale contractors and has led to several companies relying on second-hand or rented equipment. These challenges present opportunities for manufacturers of equipment to innovate and improve their products' efficiency, reducing operating costs and allowing small-scale contractors access to quality equipment.

Key Players of the Market

The Philippines construction equipment market is largely dominated by international players. However, local manufacturers such as Multico Prime Power, Monark Equipment, and United Auctioneers have made significant gains in recent years and have helped to build a solid local construction equipment industry. The entry of local manufacturers into the market has given contractors more options to choose from, potentially leading to better prices for construction equipment.

Construction Equipment Market in Philippines: Government Initiatives

The government of the country has initiated some tax reforms aimed at encouraging investment in the industry. The Corporate Income Tax and Incentives Reform Act (CITIRA) lowers the corporate income tax rates and rationalizes fiscal incentives to make the Philippines a more attractive investment destination, supporting the growth of the construction equipment market. The government has also made provisions for the importation of capital equipment at zero tariff.

The Philippine Government has been taking significant initiatives to promote the growth and development of the construction industry. The Philippine Build Build Build program, launched in 2017, has been the government's primary vehicle for implementing infrastructure projects and has led to significant growth in the sector. To support the program, the Duterte Administration has allocated around US$102 billion towards infrastructure projects over the span of 5 years. This strategy has helped to boost the growth of the construction equipment market, create jobs, and promote economic development.

Market Segmentation by Type

According to Shivankar, Research Manager, 6Wresearch, in the Philippines, the mobile crane segment has been experiencing steady growth over the years. The need for heavy construction and infrastructure projects such as high-rise buildings, bridges, and power plants has created a growing need for mobile cranes. The market for mobile cranes is estimated to continue its growth trajectory as the country invests more in development projects, including tourism infrastructure.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Philippines Construction Equipment Market Outlook
• Market Size of Philippines Construction Equipment Market, 2023
• Forecast of Philippines Construction Equipment Market, 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues & Volume for the Period 2020 - 2030
• Philippines Construction Equipment Market Trend Evolution
• Philippines Construction Equipment Market Drivers and Challenges
• Philippines Construction Equipment Price Trends
• Philippines Construction Equipment Porter's Five Forces
• Philippines Construction Equipment Industry Life Cycle
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Type for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and Volume by Cranes for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Construction Tractor and Bulldozer for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Earthmoving Equipment for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Aerial Work Equipment for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Material Handling Equipment for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Dump Trucks for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Road Construction Equipment for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Application for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Corporate Enterprise for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Oil and Gas for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Mining for the Period 2020 - 2030
• Historical Data and Forecast of Philippines Construction Equipment Market Revenues and volume by Others for the Period 2020 - 2030
• Philippines Construction Equipment Import Export Trade Statistics
• Market Opportunity Assessment By Type
• Market Opportunity Assessment By Application
• Philippines Construction Equipment Top Companies Market Share
• Philippines Construction Equipment Competitive Benchmarking By Technical and Operational Parameters
• Philippines Construction Equipment Company Profiles
• Philippines Construction Equipment Key Strategic Recommendation

Market Scope and Segmentation

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

By Types:

• Mobile Cranes
• Construction Tractor and Bulldozer
• Earthmoving Equipment
• Aerial Work Equipment
• Material Handling Equipment
• Dump Trucks
• Road Construction Equipment

By Applications:

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