The global Construction Equipment Market size is expected to reach USD 173.0 billion by 2027, expanding at a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Rising construction activities, technological development, automation, and increased importance for incorporating safety features are expected to drive the market. The prominent manufacturers have an increased focus on product development and have identified it as the key strategy to achieve sustainable market progress. The companies have recognized the market shift toward electric mobility and a sustainable future. For instance, in December 2019, Hitachi Construction Machinery Co., Ltd. announced the development of a battery-powered mini excavator.
The
demand had earlier witnessed a slowdown owing to sluggish growth of the
construction industry and economic conditions. However, the market is expected
to grow at a steady growth rate in the upcoming years. The prominent factors
contributing to the market growth are growing residential, commercial, and
industrial construction activities and increasing private-public partnerships.
Customers now prefer renting the equipment rather than spending money on buying
them, thus helping them save investments on procurement and maintenance of the
equipment. Many companies are entering in the equipment rental business owing
to its high profitability. However, in terms of large-scale projects that are
time-intensive, the purchase of machinery proves beneficial.
The
earthmoving machinery segment accounted for the highest market share of around
64% in 2019. Increasing demand for this equipment from developing countries is
driving the growth of this segment. China is considered as a leader in the
earthmoving machinery segment. The country faced weak economic conditions in
2019, thus the government actively implemented measures such as tax cuts and
boosted the funding for infrastructure activities. These factors acted
favorably in securing the market demand for various types of equipment.
However, the recent coronavirus outbreak is projected to hamper the growth
prospects owing to slow down in production and supply chain problems.
The
North American construction equipment market is anticipated to perform
positively in 2020, owing to the U.S. government’s keen focus on enhancing the
transportation infrastructure. According to the American Road &
Transportation Builders Association (ARTBA), the construction activity for
parking lots, private highways, driveways, and bridges is estimated to reach a
value of approximately USD 72 billion in 2020 and is projected to grow over the
next five years. Thus, the development in construction activities is
anticipated to drive the market growth in U.S. over the forecast period.
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Construction Equipment Market Report Highlights
- Earth moving
machinery emerged as the largest product segment in 2019 and is
anticipated to reach more than USD 104.0 billion by 2027
- The concrete
and road construction machinery segment is expected to register a CAGR of
6.2% over the forecast period
- The Asia
Pacific region dominated the market in 2019 and is anticipated to expand
at a CAGR of 4.9% over the forecast period
- The market
is highly competitive and relatively concentrated, with the top five
companies dominating the market share
- The top five
key players in the construction equipment market are Caterpillar Inc.;
Komatsu; Hitachi Construction Machinery; Liebherr; and Volvo construction
equipment
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.
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