The Global Construction Equipment Market was valued at USD 185.0 billion in 2020 and is likely to reach USD 265.1 billion by 2027, growing at a CAGR of 4.5%, from 2021 to 2027.
Construction equipment are machines which are specially designed to perform tasks and operations for the purpose of construction such as drilling, excavation, grading and much more. The increasing demand for fuel efficient and technologically advanced equipment is expected to drive the global construction equipment market growth during the forecast period. The market is anticipated to show significant growth owing to the rising development and construction of residential and commercial infrastructures globally. The increasing demand and deployment of construction equipment to reduce the labor cost and manual efforts are also contributing to the market growth.
Even though there was a slowdown in the global construction equipment industry, there will be visible growth during the forecast period. Joint venture public private partnerships between government and private sector will boost the construction equipment market growth. Further, rise in urbanization across the globe is increasing the demand to build infrastructure such as residential, and commercial sectors. As the population rises, the need for homes, commercial complexes also rise. This in turn will uplift the market of Global Construction Equipment. However, strict government regulations and carbon emissions may restrain the construction equipment market growth. Opportunities will be created by new technological innovations which will be expected to be a boost for the players operating in the global construction equipment market.
With digitalization, automation, and connectivity are emerging as the driving factors for the global construction equipment market growth. Rentals of construction equipment is cost-effective and there are companies investing in renting heavy construction equipment. The construction industry is getting smarter. Companies are investing in new technologies to cater to the demand of advanced construction machinery. In this way older machinery is replaced with new and upgraded machinery.
By Type
By Equipment Category
By Propulsion type
By Application
By Region
Based on equipment category, the material handling segment is projected to grow in the year 2020
The demand for machines handling heavy construction material will see the fastest growth during the Forecast period. AGV, forklift trucks, and telescopic handlers are the basic material handling cranes used in construction and warehouse applications. The material handling equipment segment is expected to contribute to the construction equipment market. With technological advancements, construction equipment manufacturers have started marketing their marketing their equipment on online mediums. FAD Equipment Store is capitalizing on the pandemic to launch a site for material handling equipment.
Based on application, the infrastructure segment in the global construction market is expected hold significant share
Investments in residential and commercial infrastructure as well as development of residential and commercial buildings are powering the growth of the segment as there is a huge demand for construction equipment. Foreign investments in public private partnerships for infrastructural projects are expected to rise and this will boost the growth of the construction equipment market. Rapid growth of population in developing countries are expected create a demand in residential, commercial and industrial infrastructure to uplift the construction equipment market.
Based on regions, Asia Pacific region projected the highest growth in the Construction Equipment Market in the year 2020
The Asia Pacific segment is predicted to hold the major share of the global construction equipment market share. This region is witnessing demand for smart homes, commercial complexes and residential buildings, there is a rise in urbanisation. The Asia Pacific region holds the maximum share due to the rising demand for smart residential and commercial buildings. The rising number of real-estate businesses, construction work, expansion of road and rail systems are some other factors that are boosting the demand for the construction equipment market.
Leading Vendors Construction Equipment Market:
The major players operating in the global Construction Equipment Market include Caterpillar Inc., Kobelco Construction Machinery Co. Ltd, CNH Industrial NV, Deere & Company, Komatsu Ltd, JCB India Limited, Volvo Group, Doosan Infracore, XCMG, among others are the key players operating in this market are focusing on collaborating with various stakeholders and innovating new products. The companies are investing in research and development.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges:
Drivers
Restraints
Opportunities
The pandemic had a negative impact on the Global Construction Equipment Market as the lockdown halted all construction work. Large infrastructure work, building projects and construction sites were kept on hold due to social distancing practices imposed worldwide. This led to a decrease in demand for construction machinery and companies in the market had to halt or slow down the production. This impacted the revenues of the market.
The report also provides in-depth analysis of key market trends:
The report also provides in-depth analysis of recent News Developments and Investments:
The unique insights provided by this report also includes the following:
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Section 1: Introduction
Section 2: Research Methodology
Section 3: Executive Summary
Section 4: Market Overview of Construction Equipment Market
Section 5: Premium Insights
Section 6: Market Overview of Construction Equipment Market
Section 7: Future Forecast & Impact of COVID-19
Section 8: Regional Market Analysis (US Millions)
Section 9: Competitive Scenario
Section 10: Company Profiles
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