CHICAGO, August 11, 2021 / PRNewswire / – In-depth analysis and data-driven insights into the impact of COVID-19 included in this Philippines Tracked Excavator Market Report.
the Philippines crawler excavator market is expected to grow at a CAGR of over 7.97% during the period 2021-2027.
Highlights presented in the report:
1. In 2020, from the Philippines the economy contracted 9.6% year on year. This is the largest annual decline on record since the national accounts data series for The Philippines. Production in the manufacturing sector fell 9.8% year-on-year in 2020. This reflects the significant disruption to manufacturing production during the pandemic lockdown and restrictions on retail trade in the second and third quarters of 2020.
2. A report from the Asian Development Bank expects modest fiscal expansion in Philippines, mainly driven by infrastructure spending and social assistance in 2021.
3. The government is working to raise funds for the “Build, Build, Build” program – an infrastructure development program comprising 212 airport projects, 446 seaport projects, 10,376 flood mitigation structures , 26,494 kilometers of road and 5,555 bridges. This program is at the heart of the objective of leading the “golden age of infrastructure” for Philippines.
4. The country has entered into several free trade agreements with various developed and developing countries around the world. In addition, the government is in talks with Korea to sign a new trade agreement benefiting several import-dependent sectors.
5. The government has liberalized FDI standards in the country to support ongoing and upcoming infrastructure development projects in the country.
6. The country has a diverse consumer base which is one of the largest among ASEAN countries.
- Market Size and Forecast by Revenue | 2021-2027
- Market dynamics – Key trends, growth drivers, constraints and investment opportunities
- Market Segmentation – A Detailed Analysis by Excavator Type and Operating Weight, Application and Gross Power
- Competitive landscape – 8 key suppliers and 4 other suppliers
Philippines Crawler Excavator Market – Segmentation
- Philippines The mini crawler excavator market is expected to reach $ 11.2 million by 2027, with a CAGR of 8.10%. Mini excavators are mainly used in various gardening, waste transfer and agriculture related activities. They are easy to transport due to their small size, light weight, and ability to operate in small spaces.
- The Philippine construction crawler excavator market is expected to reach 1,932 units by 2027, with a CAGR of 10.39%. The market by construction represents 57.3% of the overall crawler excavator market in 2020.
- The Philippines The market for crawler excavators under 60 HP is expected to reach $ 10 million by 2027, with a CAGR of 8.10%. This type of excavator is mainly used in utility applications where labor is scarce. As a result, the growing labor shortage will lead to increased demand for these excavators.
Philippines Crawler Excavator Market by Excavator Type and Curb Weight
- Mini (> 6 tons)
- Small (6-24 tons)
- Medium (25-40 tons)
- Large (above> 40 tons)
Philippines Crawler Excavator Market By Application
Philippines Crawler Excavator Market by Gross Horsepower
- 61-101 CV
- 102-200 HP
- > 201 CV
Philippines Crawler Excavator Market – Dynamic
Public expenditure on infrastructure amounted to PHP 56.1 billion during February 2021, an increase of 23.1% compared to February 2020. The Ministry 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 commercial markets. In 2020, the government obtained $ 7.73 billion multilateral lenders, $ 2.86 billion from bilateral sources, and $ 6.47 billion commercial markets, a total of $ 17.06 billion, which was about 39% lower than the estimated increase in the fund in 2021. Infrastructure and other capital expenditures were valued at PHP 107.4 billion during the first two months of 2021. This was 14.4% more compared to the same period in 2020. In 2021, the government disbursed PHP 610.3 billion from January to February, which is also an increase of 18.3% over the same period in 2020.
Key Drivers and Trends Driving Market Growth:
- Increase in public spending on infrastructure projects
- Free trade agreements with several countries around the world
- Increased use of excavators due to waste management initiatives
- Growing demand for state-of-the-art machinery
- Hitachi construction machinery
- Hyundai construction equipment
Other important suppliers
- Kubota Company
- Ingersoll Rand
- Liebherr Group
Discover our industrial machinery profile to learn more about the industry.
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