According to Arizton’s latest research report, the Turkey construction equipment market is growing at a CAGR of 5.32% during 2023-2029.
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Report Scope:
Market Size – Volume (2029): 34.38 thousand Units
Market Size – Revenue (2023): 25.19 thousand Units
CAGR (2023-2029): 5.32%
Market Revenue (2029): $2.71 Billion
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Turkey Renewable Energy and Infrastructure Investments: A Strategic Push for Sustainability
Turkey is committed to doubling its renewable energy generation capacity by 2035, with plans to add 60 GW of solar and wind power. In December 2023, the country announced a $10 billion investment in its national grid to support this transition. The total cost of this ambitious initiative is estimated by the World Bank to range between $75 billion and $100 billion.
In addition to renewable energy, Turkey unveiled a $20 billion investment plan aimed at enhancing energy efficiency by 2030. This initiative will involve collaboration between the public and private sectors, focusing on achieving substantial energy savings, reducing carbon dioxide emissions, and strengthening the country’s energy infrastructure.
The Turkish government is also committed to investing $73 billion in renewable energy projects by 2035. As part of this strategy, Turkey signed a financial agreement worth $1 billion with the World Bank to accelerate its clean energy transition.
The increasing investment in renewable energy and energy efficiency projects is expected to drive the demand for materials handling equipment, including cranes and aerial platforms. The European Union’s additional support for public, municipal, and private sector projects, aligned with sustainable development goals, further contributes to the growing need for such equipment in Turkey.
Investment in Renewable Energy Projects Boosts Material-Handling Equipment Sales in Turkey Construction Equipment Market
In 2024, Turkey unveiled an ambitious investment plan, committing approximately USD 20 billion towards energy efficiency projects by 2030, with collaboration from both public and private sectors. These initiatives are designed to deliver substantial energy savings, reduce carbon dioxide emissions, and improve the country’s energy infrastructure.
Additionally, the Turkish government has pledged to invest USD 73 billion in renewable energy projects by 2035. As part of this commitment, Turkey also signed a USD 1 billion financial agreement with the World Bank to accelerate the transition to clean energy. This growing focus on renewable energy development is expected to drive increased demand for material-handling equipment, including cranes and aerial platforms, within Turkey’s construction equipment market.
Competitive Overview
In the Turkey construction equipment market, leading players such as Caterpillar, Komatsu, Liebherr, XCMG, SANY, Hitachi Construction Machinery, and Volvo CE hold significant market share. These companies offer a broad range of construction equipment and dominate the market with their diverse product offerings.
Niche players in the market, including Tadano, Terex, Manitou, SDLG, Merlo Spa, Yanmar, MST, Hidromek, Mecalac, and Takeuchi, focus on specific segments of the construction equipment industry. While these companies may have more limited product diversification, they maintain a strong presence in Turkey.
Emerging companies such as Sumitomo, JCB, Kobelco, HD Hyundai Construction Equipment, CASE CE, Bobcat, LiuGong, Zoomlion, and DEVELON are increasingly making their mark. These firms are introducing innovative, technologically advanced products to compete with the established leaders and capture market share in Turkey.
Turkey Construction Equipment Market Dynamics
Drivers
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Turkey’s thriving tourism sector.
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Transport and Logistics Master Plan.
Trends
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Hydrogen Technologies Strategy and Roadmap.
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Turkey’s focus on developing green buildings.
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Increased reconstruction and repair of infrastructure post-earthquake in 2023.
Restraints
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High inflation rate.
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High construction costs.
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Skilled labor shortage.
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Prominent Vendors
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Caterpillar
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Komatsu
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Hitachi Construction Machinery
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Volvo Construction Equipment
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Liebherr
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Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
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SANY
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Kobelco
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JCB
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HD Hyundai Construction Equipment
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Zoomlion Heavy Industry Science & Technology Co., Ltd.
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CASE Construction Equipment
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Bobcat
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HİDROMEK
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Mecalac
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SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
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LiuGong
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DEVELON
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Tadano
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Terex Corporation
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Manitou
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Yanmar
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SDLG
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MERLO S.p.A
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Takeuchi
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Bomag
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Ammann
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KATO WORKS CO., LTD.
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Haulotte
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The Manitowoc Company, Inc.
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AUSA
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HELI
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MST
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PALFINGER AG
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Shantui Construction Machinery Co., Ltd.
Distributor Profiles
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ENKA Pazarlama
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TSM Global
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Marubeni Distribution and Service
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Ascendum Türkiye
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HASEL
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SİF İŞ MAKİNALARI
Market Segmentation
Type
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Earthmoving Equipment
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Excavator
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Backhoe Loaders
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Wheeled Loaders
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Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers, Motor Graders)
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Road Construction Equipment
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Road Rollers
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Asphalt Pavers
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Material Handling Equipment
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Crane
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Forklift & Telescopic Handlers
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Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
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Other Construction Equipment
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Dumper
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Tipper
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Concrete Mixer
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Concrete Pump Truck
End Users
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Construction
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Mining
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Manufacturing
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Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management)
In a nutshell, the Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the Turkey construction equipment market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/turkey-construction-equipment-market
What Key Findings Will Our Research Analysis Reveal?
How big is the Turkey construction equipment market?
What is the growth rate of the Turkey construction equipment market?
What are the trends in the Turkey construction equipment market?
Who are the key players in the Turkey construction equipment market?
Which are the major distributor companies in the Turkey construction equipment market?
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