Construction Equipment Market Overview
The global construction equipment market is growing rapidly with the technological advancements and the wide adoption of this equipment across the construction industry, which is burgeoning, worldwide. The largest end-use market for this product is infrastructure especially in emerging markets like India, China, and Brazil. Furthermore, the growing infrastructural development activities along with the rapid urbanization are increasing the market growth for this equipment.
Acknowledging the traction, the market is perceiving currently, Market Research Future (MRFR) in its recently published study report asserts that the already thriving the global construction equipment market is expected to reach USD 225 Billion by 2028 and register a CAGR of 7% during the forecast period of 2021 to 2028. Heavy investments made in the infrastructure market with an objective of accommodating smart commercial and residential buildings is a dominant driving force propelling the market growth. The construction is industry is resurging rapidly which was otherwise witnessing a downturn in the past few years, due to the slowed down economic conditions.
Additional factors substantiating the market growth include the economic growth and the increasing construction activities taking place in industrial, residential and commercial sectors. On the other hand, government regulations concerning carbon emission and fluctuations in oil prices are expected to hinder the market growth during the forecast period (2014-2022).
Construction Equipment Market – Segmentation
The MRFR analysis is segmented into four key dynamics for the convenience of the report;
By Applications: Oil & Gas, Infrastructure, Construction, Agricultural, and Mining among others.
By Equipment: Comprising Earthmoving, Construction, and Concretes among others.
By End-Uses: Lifting & Construction, Earth Moving, Excavation, and Mining, Transportation among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
Construction Equipment Market Regional Analysis
The Asia Pacific accounted for the lion's share in the global construction equipment market owing to the rapidly growing population, rapid industrialization and urbanization that has given a solid boost to the construction industry, and the improved standard of living of the people in the region backed by the improving economic conditions the region is witnessing.
Burgeoning construction sector in India and China, growing due to the increasing per capita income substantiates the market growth for construction equipment in these countries and in the region.
Europe being one of the largest producers of construction equipment has become a prominent market witnessing huge accruals. The growth of the market in this region is attributed to the booming industrial sector in the region and the safety concerns in the construction industry thereby leading to the growth of the construction equipment market in the region.
The North America construction equipment market is emerging as one of the lucrative markets globally, growing rapidly due to the stringent government regulations for safety in this region that is increasing the uptake of this equipment. The region is projected to register a modest CAGR over the assessment years.
Construction Equipment Market – Competitive Analysis
The competitive market of construction equipment appears to be fragmented due to numerous companies are churning the market competition. Constant innovations and technologies generate strong investment opportunities. Market players strive to commercialize other techniques that can lower the production cost.
These players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities to gain the competitive advantage. Alongside the other strategies adopted by vendors in the market include greater commercialization of their products, promotion initiatives through trade exhibitions, and increased collaboration.
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Industry/ Innovation/ Related News:
August 27, 2018 – The Escorts Group (India), a leading global Farm and construction equipment maker announced its partnership with Tadano Ltd. (Japan), the seventh largest cranes manufacturer and aerial work platforms to manufacture high capacity mobile cranes in India.
Initially, the due will invest Rs 60 crore (US$ 8.5 Mn.) and will have a dedicated manufacturing plant with a focus on R&D and for selling directly in the market.
While Tadano will contribute through its global technology of connected machines, Escorts will bring along its Indian market understanding and brand reach.
August 27, 2018 – Hyundai Construction Equipment Americas, announced the expansion of its North American authorized dealer network with the addition of Farm Depot Ltd. (US) a full line agricultural equipment dealer. The company (Hyundai) states that Farm Depot will be a valued addition to its north central territory.
Construction Equipment Market Key Players:
The fervent players leading the global construction equipment market include Caterpillar Inc., AB Volvo, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Heavy Industries & Construction Co. Ltd., J.C. Bamford Excavators Limited, Liebherr Group, Kobe Steel Ltd., AB Hyundai Heavy Industries Co., Ltd., and Atlas Copco.
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