Construction equipment market such as skid steer loaders, bulldozers, trenchers, excavators, scrapers, and others have become crucial in modern day construction industry as they used for a myriad of applications which alone cannot be achieved by humans. Market Research Future (MRFR's) latest report on the global construction equipment market covers all the essential accruals based on key macro and microeconomic factors that are likely to affect the growth of the market over the forecast period of 2018-2022. MRFR has asserted that the construction equipment market is slated to cross the USD 200 Bn mark at a CAGR of 8% by the end of 2022.
The expanding construction industry provides numerous growth opportunities for the construction equipment market. With the rise in industrialization and urbanization across the globe, especially in the developing nations, the construction market is poised for unprecedented growth.
As the labor shortage problem is deepening, the demand for construction equipment is witnessing an all-time high due to substitute the dearth of labors. Towering labor costs and a growing emphasis on the safety of workers has also prompted the construction industry to use equipment for automating various hazardous processes. Moreover, advancement in construction equipment technology has facilitated the industry to reduce its reliance on humans with the development of driverless machines. Such equipment can be used in remote areas where labor availability is scarce. Increase in functionality and safety aspects of construction equipment has further boosted the market growth.
On the other hand, the construction market growth can be restricted by high costs of these machinery. however, market participants are rolling out rental services, which are likely to uplift the growth of the market.
The global construction equipment market has been segmented based on equipment, end use, and application.
By equipment, the construction equipment market has been segmented into Earth moving, Material handling, Concrete, and others.
By end use, the construction equipment market has been segmented into Lifting & material handling, Earth moving, Excavation, Transportation, and others.
By application, the construction equipment market has been segmented into Oil & Gas, Infrastructure, Construction, Agriculture, Mining, and others.
Region-wise, the construction equipment market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
APAC is the largest construction equipment market. The emerging economies in the region are witnessing a steep rise in disposable income. This has increased the spending on real estate. Moreover, growing urbanization in the region has driven construction projects in both the residential, industrial, and commercial sector, which has induced high demand for construction equipment. Rapid industrialization has also reflected positively on the growth of the market.
North America and Europe markets are driven by increasing development of smart cities and resurging construction industry due to accelerated renovation activities in the region.
The Middle East region is also amidst rapid industrialization and urbanization, which induces demand within the RoW construction equipment market.
Komatsu Ltd. (Japan), J.C. Bamford Excavators Limited (U.K.), Caterpillar Inc. (U.S.), AB Volvo (Sweden), Hyundai Heavy Industries Co., Ltd. (South Korea), Hitachi Construction Machinery Co. Ltd. (Japan), Atlas Copco AB (Sweden), Doosan Heavy Industries & Construction Co. Ltd. (South Korea), Kobe Steel Ltd. (Japan), and Liebherr Group (Switzerland) are the notable players in the global construction equipment market.
June 2019 - An electric power train project jointly developed by AVID Technology, an electric vehicle component manufacturer, and Caterpillar, a construction machinery giant, has secured a funding of £33m from the UK government. The project aims to develop a fully electrified construction machine that emits zero tailpipe emissions and would fulfill demanding environmental conditions and duty cycles required by the off-highway machinery market.