According to Market Research Future (MRFR), the Global Construction Equipment Market size is projected to cross USD 200 billion with a CAGR of 8% from 2014 to 2022 (forecast period). The study covers the COVID-19 review of the global construction equipment market and offers a systematic and thorough explanation of market segments, recent developments, growth forecasts, and market challenges from 2014 to 2022 (forecast period) to define economic opportunities.
Construction equipment are specially designed machinery used to carry out construction operations. These equipment are used for various purposes, such as drilling, hauling, excavating, paving, and grading. The global market for construction equipment includes diverse sectors, such as construction & infrastructure, manufacturing, and oil & gas.
Market Dynamics
Although the construction sector is facing a loss of momentum affecting new construction equipment sales, the market is expected to rebound during the forecast period. The growth of the construction equipment market is driven by technological advances and their adaptations. In addition, infrastructural development and rapid urbanization are growing the demand for the same. Infrastructure is the largest end-use market for this product, especially in emerging markets such as India, China, and Brazil. The construction equipment market is experiencing decent growth as a result of massive investment in the infrastructure market with the goal of accommodating smart commercial and residential buildings.
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Market Segmentation
The global construction equipment market has been segmented on the basis of equipment, application, and end-use.
By equipment, the global construction equipment market has been segmented into earthmoving, material handling, concrete, and others.
By application, the global construction equipment market has been segmented into oil & gas, infrastructure, construction, agriculture, mining, and others.
By end-use, the global construction equipment market has been segmented into lifting & material handling, earthmoving, excavation, mining, transportation, and others.
Regional Analysis
The regional analysis of the construction equipment market is being studied for Asia Pacific, North America, Europe, and the rest of the world.
The Asia Pacific region dominated the market with approximately USD 60 billion in 2019 and is expected to grow to a 4.9% CAGR over the forecast period. China had a strong performance in 2019 due to an increase in infrastructure investment. The excavator, as well as heavy commercial truck sales, experienced a strong output in the previous year, which was a direct result of the growing number of construction projects. China’s region is one of the significant contributors to the manufacture of construction equipment due to the presence of numerous OEMs, low production costs, low labor costs, and the availability of excellent manufacturing facilities in the country. However, the recent outbreak of Coronavirus in China has left a bleak and negative impact on the supply chain and the manufacturing sector.
As per Eurostat, the European region has shown a positive outlook for the construction industry, which has increased the market demand for construction equipment. The North American area is prominent and plays a vital role in the market. Regional development can be attributed to the growing demand for technologically advanced machinery, combined with high pressure from rental companies.
Key Players
The industry giants in the global construction equipment market report include- AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Heavy Industries & Construction Co. Ltd., Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Kobe Steel Ltd., Liebherr Group, Atlas Copco AB, and Hyundai Heavy Industries Co., Ltd.
Table of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain Of Global Construction Equipment Market
5 Industry Overview Of Global Construction Equipment Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
5.5 Impact Analysis
6 Market Trends
6.1 Introduction
6.2 Growth Trends
6.3 Impact Analysis
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