Close to One Third of All Soil Compaction Machine Sales in China and Japan to be Replacement Sales
DUBAI--(Korea Newswire) September 08, 2021 -- Fact.MR states that the soil compaction machines market in the Asia Pacific will register expansion at a high pace, accounting for more than 25% of the global revenue share over the forecast period 2021 to 2031.
Due to the rise in the number of vehicles and logistics operations, the axle load and traffic have rapidly increased since the last few years. According to the Japan Automobile Manufacturer Association (JAMA), approximately 532,506 cars and 105,840 trucks were sold in Market 2019 alone in Japan.
Considering this, an imminent need for the construction of new roads will present highly lucrative growth prospects for the soil compaction machines market. Construction of new roads will be necessary to eliminate the chronic traffic congestion and give roads the strength to withstand heavily loaded trucks in urban and semi-urban areas.
Expansion of massive infrastructure projects is in progress in Japan and China, especially, for the construction of roads, bridges, ports, and railways, to strengthen the transportation backbone.
For instance, according to the Ministry of Land, Infrastructure, Transport, and Tourism, in Japan, Hokkaido is promoting concrete measures such as building high-standard road artery networks, developing roads connected with railways, seaports, and airports, and constructing barrier-free walking space as counter-measures to relieve traffic congestion.
Favored by such developments, Fact.MR opines that the sales in the global soil compaction machines to total US$ 9 million by the end of 2031.
“Leading soil compaction machines manufactures are emphasizing on introducing novel machines, integrated with advanced technologies such as telematics to provide extensive features and enhance machinery performance,” says a Fact.MR analyst.
China to Emerge as the Most Lucrative Market for Soil Compaction Machines
China is expected to dominate the soil compaction machine market in Asia Pacific, favored by an increasing number of infrastructural initiatives undertaken by the government. According to the Next City Organization, the government of China plans to construct 10 new cities equivalent to New York in the next decade.
Also, China has announced investing US$ 900 billion for the resurrection of the oldest trade route, the Silk Road, to improve the trade relationships in the connecting region, as per the World Economic Forum. Such upcoming construction projects will provide immense sales opportunities for numerous related industries including the soil compaction machine market.
Several leading manufacturers in China such as Sany, LiuGong, and Shantui among others are expanding their product portfolio, either by launching in-house products or by acquisition. For instance, Sany, a leading multinational heavy equipment manufacturing company, launched its new product named, STR130C asphalt compactor. It is said to be designed with a five-step exciter system to deliver high compaction surface quality and density. Such developments are facilitating the growth of the market in the country.
A number of compaction machine owners are offering their machines either on rent or on lease. This has emerged as a key trend prevalent in residential, commercial, and high-rise building projects. Option for leasing compaction machine will affect the market positively. In addition to this, the increasing availability of attractive financing policies will assist the growth of the market.
Some of the leading companies operating in the soil compaction machine market are:
· Hitachi Construction Machinery
· Atlas Copco
· CASE Construction Equipment·
· Ammann Group
· Hamm AG
· Martin Trailer Company
· MBW Inc.
· Thetford International
Key Questions Answered by the Report
· The report offers insight into soil compaction machines market demand outlook for 2021-2031
· The market study also highlights projected sales growth for soil compaction machines market between 2021-2031
· Soil compaction machines market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry·
· Soil compaction machines market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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