Market Trends of Australia Construction Machinery Industry
Rising Infrastructure Development and Construction Activities to Drive the Market.
Infrastructure spending by the Australian Government and private players in the country has increased significantly in recent years, driving demand for construction machinery and equipment. The growing demand for housing in urban areas, increased infrastructure development activities, and increased modernization and renovation of buildings to increase their energy efficiency are all factors contributing to the growth of the construction equipment market in Australia.
The country is investing heavily in infrastructure development to combat major issues such as traffic congestion, population growth, high manufacturing costs, and aging transportation infrastructure. Developed economies are investing in technologies such as earthquake-proof buildings, hyperloop, and so on to improve their current infrastructure. These factors are boosting the market’s growth.
For instance, according to the Australian Government, there are currently 5,500 construction projects listed in Infrastructure Australia’s Market Capacity Intelligence System, representing a combined value of USD 647 billion from 2021-2022 to 2025-26. The five-year pipeline of major public infrastructure projects in Australia is valued at USD 237 billion, an increase of USD 15 billion over 2021, and USD 410 billion for other infrastructure projects are allocated to privately funded projects, such as residential and non-residential building activity, over the next five years.
Owing to this-mentioned government spending across the region, the demand for construction equipment is likely to grow during the forecast period.
Dump Trucks Expected to Witness Significant Growth during the Forecast Period.
During the forecast period, the dump truck equipment segment is expected to hold a significant market share in the Australian construction equipment market. The automation of dump trucks is a continuing trend in the Australian market, as concerns about safety and operating efficiency, particularly in the mining industry, take center stage.
On almost every construction site, dump trucks are required. They have limited functions but are essential for moving and dumping various types of materials used on construction sites. Dump trucks are available in a variety of sizes to meet a variety of capacity and load requirements. Several truck manufacturers have begun to launch new products in response to rising demand in order to increase their market share. For instance,
In October 2023, Epiroc, a Sweden-based construction and mining equipment manufacturer, won a large order for underground mining trucks in Australia from global mining contractor Byrnecut. The equipment order is valued at about USD 11.77 million and was booked in the third quarter of 2023.
In April 2022, Rio Tinto and Scania launched new trials of 40-tonne autonomous quarry dump trucks and quickly achieved driverless operation results in a simulated load and transport cycle environment.
Increasingly stringent emission standards have also increased the demand for electric dump trucks in Australia. However, due to the increased demand for mining and dump trucks, many companies now provide rental and leasing services. Owing to these factors above, the Australian construction equipment market is expected to increase over the forecast period.
