Malaysia Crawler Excavator Market Size to grow 7.84% by 2027
Key drivers and trend fueling the market growth:
- Due to rising urbanization and increasing activity in the country’s construction sectors, the production and sales of large excavators are expected to boost significantly.
- Malaysia is a profit center in Asia. It offers a favorable investment climate to organizations wanting to do business. Malaysia is in the second position in ease of doing business among Asian countries.
- The growing demand for green buildings is expected to boost the need for crawler excavators. The government is planning to use automation and sustainable practices like remote-control hybrid excavators to reduce pollution and increase safety in the mining industry.
- The government is focusing on the improvement of infrastructure by increasing fund allocation and approving various projects. This, in turn, will increase the sale of construction equipment in the Malaysian crawler excavator market.
- Farmers growing pulp have been urged to curtail natural forest use and focus their attention on commercial forests and the expansion of acacia plantations, which has resulted in a rise in excavator sales.
- Growth in residential construction. Government started various programs such as People’s Housing Program, Rumah Meshra Rakyat and Perumahan Penjawat Awam to support the lower-income class buyers. Government plans to build 1 million housing units to cater to homebuyers in the low-income bracket by the end of 2029.
- Increasing government focus on development of transport infrastructure. Infrastructure projects including Pan Borneo Highway, Gemas- Johor Bahru project, and Kelang Valley Double Track project. The mass Rapid Transit 3, the Johor Bahru-Singapore Rapid Transit System, the Penang Transport Master Plan are some of the key projects that have started in 2021 and are expected to be completed by the end of 2026.
- Excavators used in the construction industry accounted for the largest market share of 50.4%, pertaining to significant government expenditure on construction projects.
- Medium Excavators accounted for the largest market share of around 34.7% because of their growing popularity across the country. The emergence of new technology and the use of automation in excavators will increase the growth of mining industries.
- Mini excavators are widely used in various construction fields such as road, municipal works, pipeline networks, gardening, and sand water conservancy, combined with the use of multiple attachments. They are feasible to transport due to their small size and light weight and can operate in small spaces.
- The mini excavator is expected to grow in the long term owing to the increasing demand for compact excavators that are technologically advanced. Malaysia’s mini crawler excavator market is expected to reach 1659 units by 2027.
- Malaysia’s crawler excavator market by forestry is expected to reach 91 units by 2027, growing at a CAGR of 3.05%. The forestry segment accounts for 8% of the overall crawler excavator industry.
- Malaysia’s gross Power >201 HP crawler excavator market is expected to reach 1183 units by 2027, growing at a CAGR of 6.99%.
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Article source: Yahoo! Finance & prnewswire.com