Throughout the projection period, a consistent CAGR of growth is anticipated in the construction equipment market in Japan. The rapid infrastructure growth in key industries, such as telecommunication, transportation, and renewable energy, as well as cutting-edge innovations in construction equipment, are driving up government investment.
It is anticipated that the Japan Construction Equipment market would have a tremendous amount of growth potential as a result of the funding allocated for restoration activities targeting damaged infrastructure facilities and initiatives to flourish the tourism industry to strengthen the nation's economy. It is anticipated that the market demand will be fueled by the expansion of the rail network, the ongoing building of the Chuo Shinkansen Maglev Rail Line, the development of the Hokuriku Shinkansen from Kanazawa to Tsuruga line, and plans to open these train lines as soon as possible. Japan's construction equipment market is anticipated to grow more quickly over the next five years as efforts are made to strengthen the nation's road and airport infrastructure in order to improve connectivity and local and international commerce activity. The country's commercial construction activities, which depend on the usage of construction equipment for efficient operation, have been supported by the Ministry of Land, Infrastructure, Transport, and Tourism, which has boosted the funding allocated to the tourism sector.
The need for human resources on building sites is anticipated to decrease as the construction industry increasingly adopts cutting-edge technologies like artificial intelligence and computer vision. Moreover, using software for building information modeling, civil information modeling, and the Internet of Things to acquire real-time analysis and information reduces worker deaths on construction sites and helps eliminate safety concerns. Construction site managers can decrease the number of accidents by using cameras and artificial intelligence to set alarms when workers reach dangerous or high-risk areas. It aids in determining whether employees are donning personal protective equipment, which includes masks, gloves, high visibility jackets, and helmets. The availability of cutting-edge safety measures at construction sites is enabling the workers to work without fear, which is anticipated to have a favourable impact on the construction industry. The requirement for construction equipment is increasing, which is projected to drive the expansion of the Japanese construction equipment market.
The need for mobile cranes and hoists in Japan will rise as a result of the increased government investments in numerous infrastructure development projects including the renovation of Shibuya, Taranomon, and the new Shinagawa station. Forklift and telescopic handler usage is rising in the Japanese construction equipment market due to factors like technological breakthroughs in telescopic handlers and technological advancements in infrastructure development.
The COVID19 epidemic had a significant negative impact on the market for construction equipment. The government had to implement lockdowns due to the sudden increase in coronavirus cases, which caused several businesses to temporarily close. Due to global social distance norms imposed, major infrastructure development projects were put on hold. Due to the decreasing demand for construction equipment, businesses in the market were forced to stop or reduce output, which had an effect on the market's revenues.
Japan Construction Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Caterpillar, Hitachi Construction Machinery, Kobelco Construction Machinery, Komatsu, Liebherr, SANY Group, Sumitomo Heavy Industries, Volvo Construction Equipment.
Japan Construction Equipment Market Segmentation:
By Type: Based on the Type, Japan Construction Equipment Market is segmented as; Earth Moving Equipment (Backhoe Loader, Excavator, Motor Grader, Other Earth Moving Equipment), Material Handling Equipment (Arial Platforms, Crane, Forklift, Telescopic Handler), Road Construction Equipment (Asphalt Paver, Road Roller).
By Power Output: Based on the Power Output, Japan Construction Equipment Market is segmented as; <100 Hp, 101 – 200 Hp, 201 – 400 Hp, >400 Hp.
By Application: Based on the Application, Japan Construction Equipment Market is segmented as; Excavation & Demolition, Material Handling, Recycling & Waste Management, Tunnelling, Others.
By End User: Based on the End User, Japan Construction Equipment Market is segmented as; Construction, Infrastructure, Manufacturing, Oil & Gas, Other.
By Region: This report also provides the data for key regional segments of Chubu, Chugoku, Hokkaido & Tohoku, Kyushu, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.