Belgium Construction Equipment Market Report 2022: COVID-19 Triggers Equipment Financing Schemes - Forecasts to 2028

DUBLIN, Sept. 23, 2022 /PRNewswire/ -- The "Belgium Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to  ResearchAndMarkets.com's offering.

In 2021, the Earthmoving segment accounted for the largest share in Belgium Construction equipment, with excavators as a sub-segment holding the largest share. The growth in infrastructure investment under the national recovery resilience plan 2030, along with expanding civil engineering & housing projects in 2021, is expected to support the demand for excavators.

The government has shifted focus toward renewable & nuclear energy resources and planned to invest an additional $1.3 billion in upgrading the renewable energy industry by 2030. In 2021, Belgium's government increased the energy and climate infrastructure project investment. A surge in renewable energy projects is expected to trigger the demand for excavators & cranes in Belgium.

A rise in Government investment in warehouse & logistics infrastructure supports the country's logistics & transport industry growth in 2021. There is significant growth in demand for forklifts in Belgium during the forecast year due to the growing logistics & warehouse industry.

National Recovery and Resilience Plan (NRRP) to cover Investment for Refurbishment & Modernization of Existing Infrastructure

The pandemic adversely impacted Belgium's economy in 2020; the country's GDP contracted by 6.3%. The construction industry declined by 4.5% due to disruption in the supply of raw materials & labor. To push economic recovery, European Union granted a $6.2 billion fund under Recovery & Resilience Plan in 2021 to subside the negative impact of COVID-19.

Apart from this, The government allocated $1083.3 million from the nation's recovery & resilience plan towards renovating buildings in the country's Wallonia, Flanders, & Brussels regions. In 2021, Belgium's construction industry witnessed sharp growth of 6.6%, owing to a rise in infrastructure investments in the transport & renewable energy sectors. According to the national budget for 2021, Belgian railways would receive an additional $267.6 million fund over the following three years.

A major part of funds is allocated for expanding rail freight & upgrading transportation infrastructure. Civil engineering and non-residential markets are the key growth drivers in 2022. Furthermore, investment in public sector infrastructure, digitalization, and a circular and green economy, backed by EU financing, is projected to drive the industry's growth.

Investment in Housing Projects under Regional Housing Plan & Habitat Alliance

In 2020, the Belgium Ministry of Mobility and Public Works invested $2.5 billion in 924 minor and major projects. Investments in these projects will help in boosting the construction industry and generating employment, thereby contributing to the overall economy of the Belgium market.

In 2021, the government invested $299.7 million in affordable housing as part of the Regional Housing Plan and the Habitat Alliance to sustain the existing housing stock and build 6,400 new housing units. According to European Union data, the civil engineering segment in Belgium increased by around 3% in 2021 and is expected to grow by 3% to 4% in 2022.

Major infrastructure projects such as the Oosterweel project and other affordable housing projects in the country is expected to drive the growth of the construction industry.

Nuclear & Renewable Energy Projects Prompts Demand for Mini Excavator & Crane

With the extension of the two nuclear reactors, the federal cabinet resolved to spend an additional $1.3 billion on renewable energy sources in mid-March 2022.

The nuclear phase-out in Belgium will open the path for fast renewable energy growth. The government is likely to exceed its 2030 targets, finishing ahead of the 6.5GW wind power aim and the 6.9GW solar photovoltaics (PV) target by 4.9GW.In 2021, photovoltaic systems produced 4.7 terawatt-hours of power.

This was a 9.7% increase over 2020. Annual solar energy output is estimated to reach 9.7 terawatt-hours by 2030. In addition to it, wind farms in the North Sea are expected to generate 6.8 terawatt-hours of power. In 2022, there will be ongoing renewable energy projects for offshore windfarm and solar plants of 4.8GW and 3.8 GW capacity 2022. Increasing solar and wind energy projects across the country is expected to drive demand for mini excavators & cranes.

Increasing Building Material Prices & Labour Shortage Hamper Infrastructure Projects

The construction sector has struggled for a long time with a shortage in the labor market. 13% of construction workers leave the sector due to technological change and innovation. The prices of building materials such as steel, iron & pipeline in 2021 resulted in six out of ten projects being delayed due to the price elevation.

COVID-19 Triggers Equipment Financing Schemes

Infrastructure projects are delayed due to funding challenges faced by contractors and construction companies. Overwhelmed by the funding challenge, OEMs such as Komatsu, Caterpillar, SANY, and Hitachi construction machinery provided financial assistance to customers. In 2021, OEMs in Belgium saw a surge in equipment financing activities. OEMs are focusing on maximizing benefits from the spike in demand for construction equipment in the country caused due to rise in infrastructure projects.

OEMs in Belgium Focus on Innovations and Digitalization to Maintain Customer Loyalty

In 2022, Hitachi launches a digital application for equipment performance monitoring and technical support system. In 2021, Hitachi also launched the spare parts e-commerce platform to enhance the customer experience. Komatsu and Caterpillar are training their staff to use digital platforms for aftersales services and periodic equipment maintenance.

OEMs are using innovation & digitalization in providing services to enhance customer experience, resulting in better customer loyalty. Belgium's construction industry witnessed labor shortage issues in 2021. According to Belgium government data, ~ 13% of construction workers leave the sector every year due to technological change and innovation.

The labor shortage in the construction industry is expected to prompt the demand for automation, IoT, remote monitoring & AI-based construction equipment in the Belgium market.

Vendor Landscape

• Caterpillar, Volvo construction equipment, Komatsu, & Kubota are the market leaders that account for 15% of the market share in 2021.
• Hitachi Construction Machinery, Caterpillar, Komatsu, Kobelco, Hyundai Construction Equipment, JCB, Liebherr, Zoomlion, Kubota, XCMG, Sany & Volvo Construction Equipment.
• Other prominent vendors are Liu Gong, Yanmar, Case Construction Equipment & Terex Corporation.

Key Vendors

• Caterpillar
• Komatsu
• VOLVO
• JCB
• SANY
• Hyundai
• KOBELCO
• Zoomlion
• Hitachi
• Kubota
• Liebherr Group

Other Prominent Vendors

• Terex Corporation
• LIUGONG
• Yanmar
• CASE Construction Equipment

Distributors Profiles

• Van Haut
• Torfs Compact Machinery
• FM BOUWMACHINES
• HST
• ACQUISITIE BELGIE
• Vangaever

Key Topics Covered:

Section 1: Introduction

• Market Snapshot
• Executive Summary

Section 2: The Market Overview

• Economic Scenario, Foreign Direct Investment

Section 3: Belgium Construction Equipment (Type & Application)

• Belgium Construction Equipment Market by Type (Volume & Value)
• Earth Moving Equipment
• Excavator
• Backhoe Loader
• Motor Grader
• Other Earth Moving Equipment (Other Loaders, Bulldozer, Trencher, Etc.)
• Road Construction Equipment
• Road Roller
• Asphalt Paver
• Material Handling Equipment
• Forklifts & Telescopic Handlers
• Cranes
• Aerial Platform (Articulated Boom Lifts, Telescopic Boom Lifts, Scissors Lifts, Etc.)
• Belgium Construction Equipment Market by End-user (Volume & Value)
• Construction
• Mining
• Manufacturing
• Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, and Waste Management, Etc)

Section 4: Market Dynamics

• Market Drivers, Restraints, Trends, Key Economic Regions, Advantages, FDI, Import/Export Trend Analysis, Supply Chain, Covid-19 Impact

Section 5: Technology Development

• Advent of New Technology

Section 6: Competitive Landscape

• Competitive Landscape Overview
• Major Vendors (Caterpillar, Kobelco Construction Machinery, Komatsu, Kubota, Zoomlion, Sany, Hyundai Construction Equipment, Volvo Construction Equipment, Hitachi Construction Machinery, Jcb, Liebherr)
• Other Prominent Vendors
• Distributors Profile

Section 7: Quantitative Summary

Section 8: Report Summary

For more information about this report visit https://www.researchandmarkets.com/r/vo1wni

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED