Singapore Compact Construction Equipment Market Research Report by Arizton.

Arizton publishes the latest research report on the Singapore compact construction equipment market – strategic assessment & forecast 2023-2029. The market is growing at a CAGR of 5.45% during 2022-2029.  

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Rise in Port Expansion Projects Drive Compact Equipment Market 

• The ports of Singapore provide free trade service, which attracts imports from other nationals. Singapore’s port is strategically located at the crossroads of East-West trade channels and is connected to 600 ports in over 120 countries.  
• Singapore Port is one of the world’s busiest ports, handling over 625 million tons of cargo annually. In addition, the government is looking to expand this further when the Tuas Mega Port is completed in 2040.  
• In 2022, the Singapore government planned to invest $14 billion to build the world’s largest automated port by 2040, having double the existing space and features of drones and driverless vehicles. 
• In 2023, Singapore and Australia signed a Green Economy Agreement focusing on promoting trade and developing frameworks to support green sectors. The countries agreed to establish a Green Shipping Corridor 2025. 
• The port development project & shipping industry agreements are expected to attract more cargo and vessel handling activities in Singapore’s port. 
• Therefore, the demand for cargo handling equipment such as forklifts, loaders, & telehandlers is expected to grow during the forecast period in the Singapore market. 

Increasing Investment in Infrastructure and Warehouse Expansion Project 

• In 2023, the construction industry of Singapore is expected to perform better than the previous year. The construction contracts awarded in 2023 have increased by nearly 8%. The high demand is generated from public sectors & residential sectors. 
• In addition, several healthcare projects are in the pipeline, such as polyclinic in Khatib, Tampines North, Serangoon, Kaki Bukit, Tengah, and Yew Tee, to advance healthcare facilities in the country. 
• Singapore’s total manufacturing output decreased 13.0% y-o-y in May 2023, despite output growth in the transport engineering sector at 28.4% and a rebound from the biomedical manufacturing sector at 4.4%. 
• With the rise in E-commerce activities post-pandemic. There is a surge in demand for warehouse expansion projects in the region in 2023. For instance, Maersk began the construction of a new distribution center of more than 100,000 square meters in the Jurong West region in 2023. 
• NEP Group’s worldwide network is opening a new broadcast production facility in northeast Singapore to meet the growing demand for connected broadcast production solutions in Southeast Asian countries. 

Singapore Compact Construction Equipment Market Dynamics 

Drivers 

Surge in Infrastructure Projects in Public & Private Sectors in 2023 

Augmentation of Manufacturing Sector Due Surge in Demand for Semiconductors 

Rise in Port Expansion Projects Drive Compact Equipment Market 

Trends 

Surge in Demand for Automation in Construction Equipment 

Rising Uses of Electric Compact Equipment  

Growing Use of Compact Equipment in Waste Management Projects  

Challenges 

Surge in Building Material and labor costs hampers Private Housing Sales 

High Dependency on Foreign Labor Can Hamper Industrial Growth 

Construction Contractors are Holding Back Projects Due To Low-Profit Margin 

Opportunities 

Increase in Housing Projects 

Adoption of Digital Technologies 

Surge in Semiconductor manufacturing 

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Vendors 

Prominent Vendors 

• Caterpillar 
• Komatsu 
• Volvo Construction Equipment 

• Hitachi Construction Machinery 
• Kubota 
• SANY 
• JCB 
• Xuzhou Construction Machinery Group Co. Ltd. (XCMG) 
• Kobelco 
• Hyundai Construction Equipment 

Other Prominent Vendors 

• Sumitomo Construction Machinery 
• LiuGong 
• Yanmar 
• Takeuchi 
• Toyota Material Handling 
• Manitou 
• CNH Industrial 

Distributor Profiles 

• Sia & Yeo 
• Tiong Lee Huat Machinery & Construction 
• PLS Machinery PTE Ltd 
• Ricon 

• LAND EQUIPMENT PTE LTD 
• JSB Equipment 
• Aly Energy 
• KML Enterprise Pte Ltd 

Market Segmentation 

Type 

• Excavators 
• Backhoe Loaders 
• Wheeled Loaders 
• Track Loaders 
• Skid Steer Loaders 
• Telehandlers 
• Forklifts 
• Aerial Platforms 
• Others (Articulated Loaders, Truck Carriers) 

Application 

• Material Handling 
• Maintenance & Utility Works 
• Waste Management 

• Other Applications 

End Users 

• Construction 
• Mining 
• Warehouse & Logistics 
• Other (Maintenance & Utility Works, Landscaping, Power Generation) 

Key Questions Answered in the Report:  

How big is the Singapore compact construction equipment market? 

What is the growth rate of the Singapore compact construction equipment market? 

Who are the key players in the Singapore compact construction equipment market? 

What are the trends in the Singapore compact construction equipment industry? 

Which are the major distributor companies in the Singapore compact construction equipment market? 

Get the Detailed TOC @ https://www.arizton.com/market-reports/singapore-compact-construction-equipment-market?details=tableOfContents 

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