Slewing Drives Market Share

APAC Market Forecast

Slewing drives market in Asia Pacific is predicted to account for the largest share of 35% by 2037 impelled by the growing spending in construction activities. One of the largest and fastest-growing economic sectors in India is the building sector. The increase in government infrastructure spending has increased emphasis on infrastructure development in India which has led to a continuous surge in construction equipment demand and is expected to contribute to the economic development of the country. For instance, in 2022, foreign direct investment (FDI) in India's construction and infrastructure activities was over USD 3,245 million.

In addition, India is a global agricultural powerhouse, which has a particularly large agricultural industry in the Indian economy, which has also rapidly emerged as a net exporter of agricultural products in recent years.

According to estimates, the Indian agriculture sector increased by over 3% between 2022-23.

North American Market Statistics

The North America slewing drives market is estimated to be the second largest, during the forecast period led by the growing rate of urbanization. This has led to an increase in construction and industrial activities, which is expected to drive the demand for slewing drives.

For instance, lately, Canada's urban population accounts for more than 75% of its total population.