Selbyville, Delaware, June 15, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on construction equipment market which estimates the global market valuation for construction equipment will cross US$ 160 billion by 2026. The market is expected to witness a rapid growth due to the rising adoption of high-performance construction equipment in forestry, mining, agricultural, and industrial applications. Rising deployment of modern machines to reduce increasing dependency on labor in these applications is driving the market growth.
The escalating spread of COVID-19 health crisis in 2020 has led to a slowdown in the construction equipment market. Shortages of labor and raw materials have led to a temporary halt in construction activities. Moreover, rising financial insecurity among consumers has led to a decline in the purchase of new residential spaces, impacting the construction industry. However, the construction equipment market is expected to gain traction from 2021, post the reduction of the COVID-19 impact.
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The concrete equipment segment is expected to grow rapidly owing to the rising number of road building activities across the globe. For instance, in March 2019, the government of India inaugurated new National Highway projects worth USD 15.9 billion. Concrete equipment, such as mixers and pavers, assist in quick and timely completion of construction & road building projects, driving their adoption in the market.
The Europe construction equipment market is anticipated to witness high growth due to increasing residential building construction activities in countries including the UK and Russia. The region is expected to witness a growing demand for electric and autonomous construction equipment due to rising inclination toward adopting technologically advanced products in industrial applications. Additionally, shifting preference of building contractors toward renting construction equipment is encouraging European service provider companies to adopt high-quality equipment.
Browse key industry insights spread across 250 pages with 221 market data tables & 29 figures & charts from the report, “Construction Equipment Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/construction-equipment-market
Some major findings in the construction equipment market report include:
- Growing market share of construction equipment is driven by rising urbanization and industrialization across the globe.
- Rising deployment of construction equipment in mining projects and the agricultural sector in Latin America is contributing to the overall market growth.
- The growing number of accidents on construction sites and increasing worker safety concerns are proliferating the adoption of technologically advanced autonomous construction equipment in Asia Pacific.
- Increasing government investment in the development of smart cities is promoting the demand for construction equipment in MEA. Increasing construction of large commercial establishments, such as malls and hotels, will further support the product demand.
- Construction equipment industry players are focusing on partnerships and acquisitions to expand their geographic footprint and cater to a large customer base. Market players are also focusing on new product launches to cater to the growing demand in various industry verticals.
Key players operating in the construction equipment market include Komatsu, Ltd., Terex Group, Hitachi Construction Company, Sany Group, XCMG, Zoomlion, Liebherr, and Kobelco Construction Machinery Co.
Leading market players in the construction equipment market are emphasizing on forming strategic partnerships with other industry players and technology providers to enhance their product portfolio. For instance, in July 2019, Volvo Construction Equipment and SDLG Group expanded their business operations in China. The collaboration aided these company to launch its excavators and wheel loaders in China and gain a competitive advantage.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/construction-equipment-market
Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Construction equipment industry 360⁰ synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Product trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.2.1. Construction equipment landscape
3.2.2. Used construction equipment landscape
3.3. Industry ecosystem analysis
3.3.1. Pros and cons – rent vs purchase of construction equipment
3.3.2. Cost calculator – rent vs purchase of construction equipment
3.3.3. Technology providers
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Telematics
3.4.2. Electromobility
3.4.3. AI & machine learning
3.4.4. IoT
3.4.5. Drones
3.4.6. Robotics
3.5. Regulatory landscape
3.5.1. ISO standards
3.5.1.1. ISO 4310
3.5.1.2. ISO 8686
3.5.1.3. ISO 10245-1:2008
3.5.1.4. ISO 12480-1
3.5.1.5. ISO 23815-1
3.5.1.6. ISO 12482
3.5.1.7. ISO 23814
3.5.1.8. ISO 19432:2012
3.5.2. North Americ
3.5.3. Europe
3.5.4. Asia Pacific
3.5.5. Latin America
3.5.6. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. High initial costs of construction equipment
3.6.1.2. Implementation of advanced technologies in construction machinery
3.6.1.3. Increasing infrastructure investments across the globe
3.6.1.4. Rapidly developing Asia Pacific construction industry
3.6.1.5. Rising equipment rental demand in North America
3.6.1.6. Increasing rate of urbanization in the U.S.
3.6.1.7. Increasing infrastructure and industrial projects in Russia
3.6.1.8. Growing urbanization and safety concerns in India
3.6.1.9. Rapid infrastructure development in BRIC countries
3.6.1.10. Growing reconstruction and maintenance activities in Japan
3.6.2. Industry pitfalls & challenges
3.6.2.1. Cyclic instability of application industries
3.6.2.2. Lack of skilled and qualified operators
3.6.2.3. Optimizing fleet utilization
3.6.2.4. Lack of awareness
3.7. Growth potential analysis
3.8. Porter's analysis
3.9. Competitive landscape, 2019
3.9.1. Strategy dashboard
3.9.2. Investment landscape
3.10. PESTEL analysis
Browse related report:
Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.gminsights.com/industry-analysis/construction-equipment-rental-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.