Philippines Crawler Excavator Market Size to Reach Volumes of 2,900 Units by 2027 - Arizton

CHICAGO, Aug. 11, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this Philippines crawler excavator market report.

The Philippines crawler excavator market is expected to grow at a CAGR of over 7.97% during the period 2021−2027.

Key Highlights Offered in the Report:  

1.  In the year 2020, Philippines's economy contracted by 9.6% year-on-year. This was the largest annual decline ever recorded since National Accounts data series for the Philippines. Production from manufacturing sector declined by 9.8% year-on-year in 2020. This reflected the significant disruption caused to manufacturing output during the pandemic-related lockdown and restrictions on retail trading in Q2 and Q3 2020.

2.  A report from Asian Development Bank expects modest fiscal expansion in Philippines, primarily driven by infrastructure spending and social assistance in 2021.

3.  The Government is working towards gathering funds for the program, "Build, Build, Build"-an infrastructure development program consisting of 212 airport projects, 446 seaport projects, 10,376 flood mitigation structures, 26,494 kilometers of road, and 5,555 bridges. This program is central to the aim of driving 'Golden Age of Infrastructure' for Philippines.

4.  The country has several free trade agreements in place with various developed and developing nations across the globe. Also, the government is in talks with Korea to sign a new trade agreement to benefit several import dependent sectors.

5.  The government has been liberalizing the FDI norms in the country to support the ongoing and upcoming infrastructure development projects in the country.

6.  The country has a diversified consumer base which is one of the largest among the ASEAN countries.

Key Offerings:

• Market Size & Forecast by Revenue | 2021−2027
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by excavator type and operating weight, application, and gross power
• Competitive Landscape – 8 key vendors and 4 other vendors

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Philippines Crawler Excavator Market – Segmentation

• Philippines mini crawler excavator market is expected to reach $11.2 million by 2027, growing at a CAGR of 8.10%. Mini excavators are majorly used in various gardening, waste transfer, and agriculture-related activities. They are feasible to transport due to their smaller size, light weight, and capability to operate in small spaces.
• Philippine's construction crawler excavator market is expected to reach 1,932 units by 2027, growing at CAGR of 10.39%. The market by construction account for 57.3% of the overall crawler excavator market in 2020.
• The Philippines < 60 HP crawler excavator market is expected to reach $10 million by 2027, growing at a CAGR of 8.10%. This type of excavators are primarily used in utilitarian applications where labor is in short supply. As a result, the increasing labor scarcity will drive up the demand for these excavators.

Philippines Crawler Excavator Market by Excavator Type and Operating Weight

• Mini (>6 tons)
• Small (6-24 tons)
• Medium (25-40 tons)
• Large (above >40 tons)

Philippines Crawler Excavator Market by Application

• Construction
• Mining
• Agriculture
• Forestry
• Others

Philippines Crawler Excavator Market by Gross Power

• 61-101 HP
• 102-200 HP
• >201 HP

Philippines Crawler Excavator Market – Dynamics

Government expenditure on infrastructure stood at PHP 56.1 billion during February 2021, an increase of 23.1% from February 2020. Department of Finance (DOF) plans to secure $7.67 billion in loans and grants from multilateral institutions, $10.54 billion from bilateral sources, and $5.5 billion from commercial markets. In 2020, the government secured $7.73 billion from multilateral lenders, $2.86 billion from bilateral sources, and $6.47 billion from commercial markets, a total of $17.06 billion, which was around 39% lower than the 2021 estimated fund rise. Infrastructure and other capital outlays was valued at PHP 107.4 billion in the first two months of 2021. This was 14.4% higher compared to the same period in 2020. In 2021 the government disbursed PHP 610.3 billion from January to February, which was also an increase of 18.3% during the same period in 2020.

Key Drivers and Trends fueling Market Growth:

• Increasing government expenditure on infrastructure projects
• Free trade agreements with several countries across the globe
• Increasing excavator utilization due to waste management initiatives
• Rising demand for technologically advanced machinery

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Major Vendors

• Caterpillar
• Komatsu
• Hitachi Construction machinery
• Hyundai Construction Equipment
• Sany
• Volvo
• Doosan
• Kobelco

Other Prominent Vendors

• Sumitomo
• Kubota Corporation
• Ingersoll Rand
• Liebherr Group 

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

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SOURCE Arizton Advisory & Intelligence