Chicago, June 24, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the Sweden construction market growing at a CAGR of 4.38% from 2022 to 2027. Investment in transport & infrastructure, a surge in demand for minerals, and the investment in wind power generation projects by the government to become a net-zero carbon economy are the major drivers in the Sweden construction equipment market.
Sweden Construction Equipment Market Report Scope
|MARKET SIZE (2028)||$1.9 Billion|
|MARKET SIZE (2021)||$1.4 Billion|
|MARKET SIZE- VOLUME (2028)||35,023 units|
|TYPE||Earthmoving Equipment, Road Construction Equipment, and Material Handling Equipment|
|END-USERS||Construction, Manufacturing, Mining, and Others|
|KEY VENDORS||Volvo Construction Equipment, Caterpillar, Hitachi Construction Machinery, Komatsu, Liebherr, Kubota, JCB, Hyundai Construction Equipment, and Kobelco|
- The Swedish economy has made a strong recovery from a 2.9% contraction in 2020 to a growth of 4.8% in 2021. According to the Swedish government, the economy is expected to grow by 3.1% in 2022.
- In 2021, the Swedish government’s national transport development plan allocated $86.9 billion of funds for 12 years. The plan also includes investments of $71.2 billion for new construction, refurbishment, and modernization of existing infrastructure. The government also planned to triple the mining output by 2025.
- In 2021, Government has eased foreign investment norms in construction, transport, and renewable energy sectors. Sweden has a strong and successful manufacturing/industrial engineering sector that accounts for roughly 20% of the country’s GDP. Services & manufacturing industries accounted for more than 50% of FDI inflow in 2021.
- In Sweden major infrastructure projects such as Stockholm Arlanda Airport ($200 million), North Bothnia rail line ($ 2.9 billion), the double track between Angelholm & Helsingborg region ($200 million), Olskroken Project ($ 400 million), Onshore Wind Farm Markbygden Vind AB, Stockholm Bypass Project ($ 3.7 billion), & Motorway construction road between intersection Ronneby East & Nattraby are under progress in 2022.
- In 2021, under the transport development plan government proposed to maintain, expand, and develop the Swedish transport infrastructure over the next twelve years with an investment of $89.6 billion. According to Rental Company DKLBC (Danderyd-Kedjan Lastbilcentalen) CEO Per Geber the construction equipment rental business is growing by ~40% in Sweden.
- In 2021, Sweden aimed to produce 100% of electricity production by renewable energy resources by 2040. Wind power capacity of Sweden was 12.8GW in 2020, and the wind power generation sector’s capacity grew by 2.7 GW in 2021 after the addition of new wind power generation plants. The government aims for 17GW of accumulated installed wind power by 2024.
- Volvo Construction Equipment, Caterpillar, Hitachi Construction Equipment, Komatsu, Liebherr, Kubota, JCB, Hyundai Construction Equipment, & Kobelco are prominent vendors accounted for a major share in Sweden construction equipment market. Other prominent vendors are Liu Gong, Yanmar, Case Construction Equipment & Terex Corporation.
- Volvo Construction Equipment, Caterpillar, Kubota, Komatsu & Liebherr are market leaders which accounted for nearly ~54% of the overall construction equipment market share in 2021.
- Earthmoving Equipment:
- Backhoe Loaders
- Motor Graders
- Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
- Road Construction Equipment
- Road Rollers
- Asphalt Pavers
- Material Handling Equipment
- Forklift & Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Material handling equipment is used in construction, manufacturing, cargo handling, and mining industries. The rise in urbanization including the construction of airports, metro lines, roads, and highways is expected to support the high demand for material handling equipment. Investments in infrastructure, manufacturing, and cargo handling industries in Sweden had witnessed growth in 2021. Similarly, the growth in manufacturing and cargo handling industries is expected to boost the material handling market in Sweden. Material Handling accounted for 84.5% of the Sweden road construction equipment market in 2021.
- Volvo Construction Equipment
- Hitachi Construction Machinery
- Hyundai Construction Equipment
Other Prominent Vendors
- Terex corporation
- Yanmar manufactures
- CASE Construction Equipment
- ABL Construction Equipment
- HAULOTTE SCANDINAVIA
- RF-System AB
Explore our industrial machinery profile to know more about the industry.
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