The
global Construction
Equipment Market size is expected to reach USD 112.52 billion by
2025, according to a new report by Grand View Research, Inc. It is anticipated
to expand at a CAGR of 4.8% over the forecast period. Increasing government
spending on developing public infrastructure has been a major factor driving
market growth. In addition, growing trend of renting used construction
equipment has led to rise in demand for construction equipment.
Earth
moving machinery accounted for the highest market share in 2017. Increasing
demand for large and mini excavators, backhoe loaders, and such other heavy
construction equipment from developing countries is driving the market growth.
Although China is considered as a market leader for these equipment, the
country has faced a steep decline in sales over the last few years. The
concrete and road construction machinery segment is anticipated to grow at the
highest CAGR of 7.0% over the forecast period.
Concrete
and road machinery include equipment such as asphalt pavers, rollers, and
transit mixers used in road development of roads and transportation of concrete
material. Road construction projects are anticipated to be a key driver for
this product segment. For instance, in U.S., investment in roadways
construction is expected to increase from nearly USD 91.0 billion in 2016 to
USD 99.0 billion by 2020.
Among
excavators, loaders, and other such earth moving machinery segments, excavator
is anticipated to capture highest market share by 2025. Rapid technological
advancements, better capacity, and increased productivity are key drivers for
growth. Demand for loaders is expected to boost owing to increased requirement
from Chinese market. Other earth moving equipment such as dozers are
anticipated to grow at very high pace, owing to high demand from mining sector.
Truck
mounted cranes dominated the material handling machinery market in 2017, owing
to better product design and transportability. These all terrain cranes are
useful in almost all working conditions especially for small construction
projects. The crawler crane segment is anticipated reach USD 3.67 billion
market by 2025. These cranes are highly powerful and sturdy in nature, thus,
useful for large operations and moving large weights.
The
concrete mixer and paver segment accounted for over 56% market share in 2017.
Increasing mega construction projects in cities and rapid pace of urbanization
boosted demand for the segment.
North
America emerged as the global leader for heavy construction equipment in 2016.
China slowdown helped North American companies to capture greater market share
worldwide. For instance, North America accounted for greater than 75% demand
for skid steer loaders in 2016. However, falling commodity prices has slowed
down growth of construction and mining industry in 2017. Demand for earth
digging equipment such as mini excavators has jumped in Middle East and Africa
owing to growing mining activities.
Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/construction-equipment-market-analysis
https://www.grandviewresearch.com/industry-analysis/construction-equipment-market-analysis
Further key findings from the report suggest:
- Earth moving
machinery segment is anticipated to grow at CAGR of 3.8% from 2018 to 2025
- Excavator is
the largest earth moving machinery segment and is anticipated to reach USD
46.41 billion by 2025 owing to increasing construction and mining
activities in Asia Pacific, and Middle East and Africa
- North
America is leading the construction equipment market with a value of USD
27.88 billion in 2017
- Key players
including Caterpillar Inc.; Komatsu; Hitachi Construction Machinery;
Liebherr and Volvo Construction Equipment dominated the global market in
2017.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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