DUBLIN, March 25, 2024 /PRNewswire/ — The “Latin America Construction Equipment Market – Strategic Assessment and Forecast 2024-2029” report has been added to ResearchAndMarkets.com’s offers
Latin America Sales of the construction equipment market in 2023 were 119,270 units and are expected to grow at a CAGR of 3.43% between 2023 and 2029, to reach 145,980 units in 2029.
Caterpillar, Komatsu, Hitachi, XCMG, Liebherr and Volvo Construction Equipment have substantial market share in the market. Latin America construction equipment market. These manufacturers are market leaders. LiuGong, Yanmar, CNH Industrials and Manitou are niche players Latin America construction equipment industry. These manufacturers provide little product diversification and concentrate more on the local market.
Earthmoving equipment accounted for the largest market share in the Latin America construction equipment market in 2023. End users in the construction industry counted from Latin America most important part of construction equipment. Sales increased due to increased investment in infrastructure and the transport sector in the countries Latin America.
brazil is the largest market of Latin America construction equipment market. The country accounts for nearly 40% of total construction equipment sales in the region by 2023. brazil is the center of construction equipment manufacturing in the continent. All major manufacturers of construction equipment have manufacturing centers in the São Paulo region of the country.
Hydraulic excavators and backhoes are the two best-selling construction equipment in the region. The demand for this equipment will grow considerably in the Latin America construction equipment market in 2024.
Construction equipment manufacturers are introducing customized construction equipment according to the needs of customers in the region. Liebherr introduced a port crane for port operations in the Latin American region.
The construction and mining market accounts for more than 70% of construction equipment utilization on the continent.
The demand for electrical equipment is growing in the Latin America construction equipment market. Several companies are introducing electrical equipment in the region. For example, Link-Belt launched an X4S series electric excavator. In a strategic move, XCMG established a new Central America region, which will help the company grow aggressively.
MARKET TRENDS AND DRIVER
Water management projects triggering demand for backhoes with flexible attachments
There is an increase in water management projects in Latin American countries. CAF (Development Bank of Latin America) assigned 4 billion dollars for the financing of water management projects and better water governance at the regional level until 2026. In addition, CEPAL (Economic Commission of Latin America and the caribbean) launched the Regional Network and Observatory for Water Sustainability (ROSA) project for the management of water resources in five countries: colombia, Bolivia, Dominican Republic, El Salvadori panama in 2023, to improve the completion of the construction project, the country must optimize its resources and increase efficiency. Integrating BIM into construction machinery will help reduce construction costs and make construction sites safe.
Increasing investment in infrastructure driving the construction equipment market in Latin America
- In 2023, governments announced several infrastructure development projects Latin America. There is a wide range of investment and infrastructure opportunities in the region.
- There will be an 11% increase in investment in infrastructure projects brazil in 2023. According to the National Observatory of Transport and Logistics of Infra-South America, brazil invested 1.4 billion dollars in transport infrastructure projects during the first seven months of 2023.
- In accordance with that of Brazil government, 172 infrastructure investment projects are underway, from airports to energy distribution, mining and urban mobility, by 2023.
Increased demand for electric forklifts in Latin American countries
- Latin American countries aim to reduce their carbon footprint by 2040. Countries plan to reduce their dependence on fossil fuels in the future.
- The demand for electrical equipment is increasing in the Latin America construction equipment market. The main countries a Latin Americaas brazil i Mexicoare investing in port development projects by 2022.
- BYD has been operating in South American markets as of now brazil, Mexicoi Chilewhich offers green transport solutions to support the region’s transition to a low-carbon transport sector.
The increase in mining activities is driving the growth of the construction equipment market in Latin America
- There is an increase in demand for commodities such as gold, copper, iron ore and silver worldwide. from Latin America The mining sector has had many opportunities to grow recently. The region is one of the main producers of iron ore, copper and gold.
- Chile, Argentinai Bolivia, which form the lithium triangle, contain the largest lithium reserves. Lithium mining has already started and new licenses are being issued.
- brazil it is one of the world’s largest sources of reserves and metals, including aluminum, iron ore and nickel, and the world’s largest producer of gold. Demand for these metals is expected to increase due to their use in market and construction activities.
INDUSTRY LIMITATIONS
High inflation rates negatively affect corporate investments and the import of construction equipment
Latin American countries face the challenge of rising inflation rates. The Russian invasion of Ukraine drove up energy prices. The disruption in the supply of raw materials such as steel, iron and rubber further worsened the situation. Besides, that of Brazil annual inflation reached a six-year high of more than 10% in 2022. Inflation rates exceeded government targets, leading to a decline in domestic consumption. In addition, other Latin American countries such as Argentina, colombia and others have witnessed a similar rise in inflation.
Mining project hindered by environmental protest
Environmental protests often lead to social conflicts, halting industrial projects such as mining and construction projects in the country. The growth of from Argentina The mining market is hampered by several environmental protests, which halted some of the country’s major mining projects. In addition, some mining projects, such as the 3.3 billion dollars open pit copper molybdenum alloy mining project and the 2.4 billion dollars The Mara copper mining project (Minera Agua Rica- Alumbrera), was hindered due to protests in 2023. The inhabitants of Andalgala detected a greater presence of iron, aluminum and fluorine in the drinking water due to copper mining projects a Argentina in 2023.
LANDSCAPE OF THE SELLER
Key vendors
- caterpillar
- Komatsu
- Liebherr
- Xuzhou Construction Machinery Group (XCMG)
- Volvo construction equipment
- Hitachi construction machinery
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- JCB
- NUMBER
- Hyundai construction equipment
Other featured sellers
- Kobelco
- LiuGong
- John Deere
- yanmar
- CNH Industrial
- Toyota material handling
- Bobcat
- Wacker Neuson
- Tadano
- SAKAI HEAVY INDUSTRIES, LTD.
- Shantui Construction machinery
- BOMAG GmbH
- AMMAN
- towards the sun
- HANGCHA
- Romanelli
- AIMIX group
Dealer Profiles
- Cranes of San Blas
- Tecmaco Integral SA
- bridge
- Road Center
- Cowdin
- Food
- ZMG Argentina
- CIGARETTE MACHINES
- Noroeste Maquinas Equipamentos LTDA
- FW Machines
- Pallet equipment
- you stumble
- extra group
KEY QUESTIONS ANSWERED
- How big is the Latin America construction equipment market?
- What is the growth rate of the Latin America construction equipment market?
- Who are the key players in the Latin America construction equipment market?
- What are the trends in Latin America construction equipment industry?
- What are the main distribution companies of the Latin America construction equipment market?
For more information on this report, visit https://www.researchandmarkets.com/r/pufhvh
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.
Contact with the media:
Research and Markets
Laura WoodSenior Manager
[email protected]
For EST office hours, call +1-917-300-0470
For US/CAN call toll free at +1-800-526-8630
For GMT office hours, call +353-1-416-8900
US Fax: 646-607-1907
Fax (outside US): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
