How Peru Construction Equipment Market Is Positioned?
Peru is located in South America with a population of approximately 31.8 million in the year 2016 and is home to a section of Amazon rainforests. Government primarily focused on developing transport infrastructure (roads, rails, airports and ports), energy (gas pipelines), telecommunications (high-speed internet access) and water management. In 2016, Peru construction equipment market was estimated at USD ~ million exhibiting a five year negative CAGR of ~% during 2011 to 2016. The market for sales improved in 2016 after registering a decline (~ %) in 2015. Rental market continues to show decline after achieving peak (USD ~ million) in 2014. New projects like the Lima metro and the Mantaro-Marcona-Socabaya-Montalvo were some of the major factors uplifting the industry.
The revenue generated from sales market for construction equipment in Peru was estimated at USD ~ million in 2016, thus capturing revenue share worth ~ %. The major factor responsible behind such sales is the sheer scale of work to be done due to growing demand for construction of many new buildings, leading to a good supply of construction equipment in the upcoming years in Peru. On the other hand, rental market in Peru was estimated at USD ~ million in 2016, thus capturing ~ % of the total Peruvian construction equipment market. The increasing availability of financial schemes especially in tier 2 and tier 3 cities for small building ventures facing financial constraints in Peru owing to high price of machineries are some of the major factors leading to growing demand for rental construction equipment in Peru.
Peru Construction Equipment Market Segmentation
By Type: Peru construction equipment market is segmented by type of major equipments used in construction and mining industry. Excavators and bulldozers are most used equipments. Caterpillar is the leading company in construction equipment machinery.
By Rental and Sales Market: Peru construction equipment market was largely dominated by sales market as it is high value market and all rental companies have to buy before renting the equipment. Demand for rental is on rise as small players enter the market
By Application: Market for Peru Construction Equipment was segmented based on application of Equipments which majorly comprises of excavation mining and transportation. Mechanization of industry construction and retail and promoted the use of many of these equipment. Demand from other sectors is expected to rise in future as economy diversifies from mining segment.
By End User: Manufacturing and Industrial Sector remains the major user of construction equipment in the country.
Trends, Developments, Issues And Challenges Of Peru Construction Equipment Market
The Peruvian government has launched various projects to improve the neglected infrastructure sector and to ensure that its economy continues to grow. However, decline in mining activities due to environmental regulation, low commodity prices and protest of residents to open pit mining may affect the sale of heavy construction equipment negatively. Poor weather hampers the development projects as they are constantly damaged by nature’s fury in Peruvian regions. Various projects under construction such as in Huancavelica region were destroyed due to constant rainfall. Severe damages to other houses, located in Pueblo Nuevo and Bella Vista were also reported with floods affecting the most families.
Government Regulations In Peru Construction Equipment Market
In Peru, the machinery vehicles apart from trucks have to be Euro III certified and the trucks which are sold in Peru must be Euro IV certified. These certifications talk about diagnostic requirements for gasoline, LPG, CNG and diesel. Additionally, the works for taxes law allowed a private company to finance and implement public projects chosen by regional/local government. Lastly, the law for the promotion of energy efficiency supports the efficient utilization of energy.
Peru Construction Equipment Market Major Players
Caterpillar Inc. was the major player in Peru construction equipment market with market share of ~% on the basis of revenue (~ million) in 2016. Komatsu Mitsui followed Caterpillar to be the second largest player in Peru construction equipment market offering a wide range of products to serve the Peruvian regions. Other players such as Volvo, Unimaq, Samsung heavy equipment, and Ipesa collectively are increasing competitiveness towards the construction industry in Peru by capturing the remaining market share of 26.6% in 2016.
Key Factors Considered In The Report
Comprehensive analysis of Peru construction equipment market and its segments.
Listed major players and their positioning in the market.
Identified major industry developments in last few years and assessed the future growth of the industry.
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