Well equipped machineries with the latest technological advancement will help in expanding the market revenue.
The growth in construction equipment sector is witnessed due to implementation of many major projects in mining and energy sector of the economy.
Government signed a partnership agreement
which will help in inviting several foreign companies by offering subsidies and rebates on entering the Peruvian market.
Ken Research in its latest study, Peru Construction Equipment Market Outlook to 2021 – Technological Advancements and Well Equipped Machineries to Drive Market Growth suggested that Caterpillar Inc will continue their dominance but have to face fierce competition and an expected price war with Japanese manufacturer Komatsu Mitsui. Global companies such as Volvo, Maquiperu, Sinomaq and others have plans to enter in different segments of construction equipment such as bulldozers, angle dozers, shovels and excavators in order to diversify their market in Peru.
Peru construction equipment market is estimated to register a positive CAGR during 2016-2021. Rising modernization in the country would also increase the demand for mechanization of goods and services, which will further boost both sales and rental services of construction equipment. The growing demand for metro and rail lines and cycle lanes will also lead to increase in the demand of construction equipment.
Peru construction equipment market is majorly focusing on how to reduce the infrastructure gap in order to boost their economy. Due to lack of assembly/manufacturing units, the Peruvian government plans to allocate budgets which will further help to diversify the manufacturing sector. It is expected to attract more foreign direct investments and reduce its dependence on the export of metal ores and minerals by the year 2021. With the growing demand for both public and private infrastructure which includes roads, telecommunication, ports, airports, water and sewage, health and education, the growth underway is due to implementation of many major projects in these sectors of economy. The mining and energy sector is also lined up to further to boost the construction equipment market by keeping focus on variables such as productivity, profitability and sustainable economic development, several initiatives are taken by the Peruvian government, communities and other stakeholders by maintaining an effective communication process throughout the period which had a positive impact on the economy.
New technologies such as GPS technology supported by robust IP67 GPS bring industry aids in delivering real time reports on variables such as idle time, engine hours, theft, unauthorized access and maintenance alerts. In addition, there is a high demand for technologically advanced equipment with ECU system, thus helping in processing large complex information received from various sensors, which is further passed on to actuators to react.
Setting up assembly/manufacturing unit in Peru, reduce time to import construction equipment, value added sales, improving the networking by online promotion, tapping the tier II and tier III cities and regular communication through media and updated website are some other key factors that may have a positive impact on the market creating additional demand for rental and sales market in future, according to the Analyst at Ken Research.
Key Topics Covered in the Report:
Heavy Machinery Export Peru
Heavy Equipment Market Peru
Mining Industry Equipment Peru
Peru Construction Equipment Market
Rental Market Construction Equipment
Export Construction Machinery Peru
Construction Machinery Components Sale Peru
Southern Peru Copper Corporation Peru Revenue
For More Coverage Click On the Link Below:
Ankur Gupta, Head Marketing & Communications