Construction Equipment Market: Key Highlights
- According to the new market research report “Construction Equipment Market by Equipment Type (Earth Moving Equipment, Construction Vehicles, Material Handling Equipment, Tunneling Equipment, and Other Construction Equipment), by Propulsion (Gasoline, Diesel, and Others), by Application (Infrastructure, Residential, Commercial, Industrial, and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the construction equipment market is estimated to reach around USD 239.7 Billion by 2027 at a CAGR of around 5.1% during the review period
- Increasing government investment on infrastructure is a key factor to boost the demand for the construction equipment
- However, the high cost of construction equipment remains a major threat to market growth
Construction Equipment Market: Key Market Dynamics
- The growing population, ongoing urbanization, rise in per capita income, and others are prime factors for growing construction activities which is resulting in higher demand for construction equipment.
- Government are spending a huge amount on constructing major infrastructure projects such as dams and roads are driving the market growth.
- The high cost of construction equipment is a restraining factor for the market growth.
- Growing adoption of autonomous construction equipment is anticipated to boost the construction equipment market in the future.
- Meeting emission & safety standards is likely to act as a challenge for market growth.
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Construction Equipment Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the increasing industrial production and increasing commercial and residential development. The increasing emission regulations have led to advancements in construction equipment for using hybrid and electric equipment in this region. Furthermore, increasing government investment in infrastructure activities has boosted the market growth. According to India Brand Equity Foundation (IBEF), the government of India announced its plans to spend USD 1.4 trillion on infrastructural development in Union Budget 2019-2020.
In Europe, the increasing investment in technological advancements in construction equipment and the growing construction projects is boosting the demand for construction equipment market growth. Prominent countries such as Italy, France, and Germany have witnessed the highest construction projects such as underwater tunnels, port extension, railway tunnels, and others which is directly increasing the number of construction equipment needed.
Construction Equipment Market: Key Players Overview
- AB Volvo:
AB Volvo manufacturers engines, buses, trucks, and construction equipment. It also provides financial services. In March 2019, Volvo Construction Equipment (Volvo CE) has acquired CeDe Group that manufactures special applications and machines. This acquisition will provide in-depth engineering in modifying Volvo CE machines for specialized applications.
- Komatsu Ltd.:
Komatsu Ltd. manufactures construction, forestry, industrial and mining machinery, including bulldozers, excavators, and wheel loaders. In July 2018, the company launch new EX-7 series mining excavators. This machine will help customers to optimize the production, safety, and efficiency of their operations by connecting to online servers which can collect valuable data and turn it into actionable insights.
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