Dublin, July 25, 2024 (GLOBE NEWSWIRE) -- The "Mexico Construction Equipment Market - Strategic Assessment & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Mexico Construction Equipment Market consisted of 29,323 units in 2023, and is expected to reach 36,183 units by 2029, rising at a CAGR of 3.57%.
The Mexico construction equipment market leaders are Caterpillar, Hitachi Construction Machinery, Volvo CE, SANY, XCMG, and Komatsu. These companies have strong market share and offer diverse sets of equipment.
The Mexico construction equipment market is highly competitive and characterized by a mix of local and international players. These players offer a wide range of construction equipment, including excavators, loaders, and cranes, catering to various segments like residential, commercial, and infrastructure development.
There's a strong demand for equipment like excavators, forklifts, graders, and asphalt pavers to support infrastructure development and maintain existing networks. Demolition activities are also rising, further propelling equipment needs. The industry is showing a growing interest in sustainable practices and increasing demand for electric and hybrid construction equipment.
In terms of technology and innovation, companies are increasingly focusing on offering advanced features such as GPS tracking, telematics, and automation to enhance the efficiency and productivity of construction projects. Furthermore, Mexico construction equipment market is witnessing a growing trend towards sustainability, with companies developing eco-friendly equipment and promoting sustainable construction practices.
Overall, the competitive landscape of the Mexican construction equipment industry is dynamic, with companies continuously innovating to meet the industry's evolving needs.
KEY HIGHLIGHTS
- Earthmoving equipment accounted for the largest market share of the Mexico construction equipment market in 2023. Excavators in the earthmoving segment accounted for the largest share in 2023. Rising investment in housing, port expansion, and public infrastructure projects are expected to drive the demand for excavators in the Mexico construction equipment market.
- Mexico is experiencing a residential and commercial construction boom, particularly in urban areas. This drives demand for equipment like forklifts, aerial work platforms, and concrete mixers.
- Rising interest rates and higher commodity prices may hinder the growth of the Mexico construction equipment market.
- The growth in infrastructure investment and the surge in civil engineering & housing projects in 2023 are expected to support the demand for excavators in the Mexican construction equipment market.
- The government's dedication to allocating around 5% of GDP each year to infrastructure development is expected to open opportunities for construction companies in the transportation, energy, and water sectors.
- Mexico is currently witnessing a surge in population, propelling the need for new housing. Furthermore, the expanding economy is fueling heightened requirements for commercial spaces.
- The demand for various construction equipment increased with investments in transportation projects, such as building roads, bridges, and public transportation networks. Excavators are essential to maintaining and growing the transportation network. There is still a strong need for effective and well-maintained infrastructure as the population increases and urbanization persists.
- The rise of electric vehicles (EVs) has led to a surge in investment in battery plants across Mexico. These plants require significant excavation work for site preparation and foundation construction.
Challenges and Opportunities in the Mexico Construction Equipment Market
- Investments in infrastructure development, including affordable housing and transport facilities, support the growth of the Mexico construction equipment market. Some significant challenges include the growing risk of economic recession, supply chain pressures, and overdependence on foreign labor forces. Therefore, the construction industry is expected to have robust growth in 2023.
- In 2023, Mexico's mining industry received significant Foreign Direct Investment (FDI) totaling USD 3.49 billion, a 118% increase from the previous year. This investment was part of a total FDI of USD 36.1 billion to Mexico in 2023.
- The government aims to achieve the carbon-neutral goal by 2050. Hence, it is increasing its focus on applying renewable energy sources and reducing fossil fuel usage. It promotes the use of electric vehicles in the transportation sector and installs solar panels in buildings for electric generation.
- Construction activity in Mexico is expected to decelerate over the next few quarters. However, a potential rebound could occur in spring 2024 if inflation moderates and debt markets stabilize, boosting builder confidence. Material costs are forecasted to rise by 3% to 4%, while employee wages are expected to increase by 4% to 6%. Overall costs are projected to climb by 3% to 6%.
- The Mexican construction industry is facing skilled labor shortages and declining productivity. Therefore, enhancing workforce competency and efficiency will be crucial. Focus areas for the sector include retention, upskilling, and building trust among workers.
KEY QUESTIONS ANSWERED
- How big is the Mexico construction equipment market?
- What is the growth rate of the Mexico construction equipment market?
- What are the trends in the Mexico construction equipment industry?
- Who are the key players in the Mexico construction equipment market?
- Which are the major distributor companies in the Mexico construction equipment market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 202 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value in 2023 | 29323 Units |
| Forecasted Market Value by 2029 | 36183 Units |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Mexico |
VENDOR LANDSCAPE
Key Vendors
- Caterpillar
- Komatsu
- Liebherr
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- Volvo Construction Equipment
- Hitachi Construction Machinery
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- JCB
- SANY
- Hyundai Construction Equipment
Other Prominent Vendors
- Kobelco
- LiuGong
- John Deere
- Yanmar
- CNH Industrial
- Toyota Material Handling
- Bobcat
- Wacker Neuson
- Tadano
- Sakai Heavy Industries, Ltd
- Shantui Construction Machinery Co., Ltd
- Bomag
- Ammann
- Sunward
- BOMAG
- Hangcha
- Romanelli
- AMMANN
- Aimix Group Co., Ltd.
Distributors Profiles
- Tractores y Motores, S.A. de C.V. (TRACSA)
- MADISA (Maquinaria Diesel S.A. de C.V.)
- GRUPO FAMSA
- Equipo y Maquinaria Y de Construccion (EMMACSA)
For more information about this report visit https://www.researchandmarkets.com/r/g6ijq3
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