Construction Equipment Market to Witness Huge Growth by 2027
Posted by Amit Chate on August 5th, 2022
The Construction Equipment Market is projected to reach USD 250.4 Billion by 2026 from USD 208.3 Billion in 2021, at a CAGR of 3.8% during the forecast period. Asia is estimated to dominate the construction equipment market with a share of 59.0% in 2021.
With rapid infrastructural development and government investments in construction activities post-COVID-19 pandemic which is likely to fuel the demand for construction equipment. The market is dominated by global players such as Caterpillar Inc. (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Sany Heavy Industries (China), and Zoomlion (China). These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the construction equipment market.
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Caterpillar Inc. is estimated as a leading player in the construction equipment market due to its wide product portfolio and diversified regional presence. The company provides more than 24 types of construction machinery through its construction industries business division. The company reported various developments such as new product launches, expansions, and acquisitions during last few years. Consistently developing new products as per market needs is the key reason behind company’s top ranking, where it has launched close to 17 new construction equipment or their facelifts from Aug 2019 to September 2021.
Komatsu Ltd. is a ranked player due to its focus on new product developments and joint ventures. The company provides approximately 20 types of construction machinery through its construction equipment business division. The company entered into a joint-development agreement with Honda Motors to electrify Komatsu’s micro excavators using the swappable Honda Mobile Power Pack (MPP).
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About the AuthorAmit Chate
Joined: July 25th, 2022
Articles Posted: 14
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