Pune, India, Aug. 11, 2021 (GLOBE NEWSWIRE) -- The global construction equipment market size is projected to reach USD 160.84 billion by 2027, exhibiting a CAGR of 2.8% during the forecast periodsuggests Fortune Business Insights™ in its report, titled “Construction Equipment Market, 2020-2027”. The demand for construction equipment upsurged due to shift from traditional to automated equipment as consumers are retro filling and renovating the old technology.
COVID-19 Impact
The COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses in a variety of ways. The construction equipment industry was also paralyzed by the pandemic impact. According to a report by Committee for European Construction Equipment due to pandemic 60% of European construction activities were at a halt. Another report by the Association General Construction of America stated that in the US construction projects witnessed a decline of USD 160 billion.
Segmentation
By equipment type, the market is divided into earthmoving equipment, material handling equipment and cranes, concrete equipment, road building equipment, civil engineering equipment, and crushing & screening equipment.
- Based on the equipment type, the crushing & screening equipment segment held a global construction equipment market share of about 53.4% in 2020. The segment is expected to experience considerable growth backed by its demand in mining applications.
Based on application the market is trifurcated into residential, commercial and industrial.Lastly, in terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
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List of the Key Players Profiled in the Global Market for Construction Equipment
- Caterpillar Inc.
- Komatsu Ltd.
- Doosan Infracore Co. Ltd .
- Hitachi Construction Machinery Co., Ltd.
- L.C. Bamford Excavators Ltd
- Liebherr Group
- CNH Industrial N.V. (London, U.K.)
- Hyundai Construction Equipment Co. Ltd.
- SANY Group
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.6 % |
| 2028 Value Projection | USD 222.14 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 133.37 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 120 |
| Segments covered | Equipment Type ; Application; Regional; |
| Growth Drivers | Adoption of Advanced Construction Equipment to Drive Growth. ncreasing Construction & Infrastructure Investments Worldwide to Boost Demand of Equipment. |
| Pitfalls & Challenges | Use of Construction Equipment Results in Environmental Imbalance and Hampers the Growth |
Highlights of the Report
The global market for construction equipment reportgives a thorough analysis of the latest market trends, top market segments, and factors that are majorly driving the market. The different market segments and their regional analysis are also comprehensively discussed in the report. Additionally,the report talks about the dominant strategies adopted by key market players and the impact of COVID-19 on the market.
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Drivers and Restraints
Demand for Technological Advanced Equipment to Propel Growth
The increasing demand for fuel efficient and technologically advanced equipment is expected to drive the global construction equipment market growth during the forecast period.For instance, Black Cat Civil, which is an Australian Company, set up next gen excavators. These excavators are highly durable, consumes low fuel up to 20% less than traditional ones and increases the productivity. In addition to this, significant investments by government agencies in construction sector is expected to propel the demand for the product in the forthcoming year.
On the contrary, these equipment are major source to pollution, and degradation of ozone layer as they emit several non-volatile gases such as nitric oxide and carbon monoxide. Thus hampering the market as they are contributing toward global warming.
Regional Insights
Asia Pacific to Remain Forefront; Developing Infrastructure to Aid Growth
Asia Pacific is expected to dominate the market as the market stood at 50.09 billion in 2018 and 51.60 billion in 2019. Emergence of online retailers and rental services over these equipment is driving the market. Also developing infrastructure in China and India is expected to promote the market. As in 2017, Chinese government vision to develop One Belt One Road Project and 21stcenturyMarantime Silk Road to improve water transport connectivity, the estimated cost of this project was 4 trillion. Therefore such advanced projects are expected to drive the regional market.
The market in Europe is expected to experience significant growth during the forecast period. This is attributable to the increasing focus on the development of residential sector that will propel the demand for construction equipment.
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Competitive Landscape
Product Launch by Key Players to Expand their Product Portfolio
The global market for construction equipment is consolidated by prominent companies focusing on investing in the development of next generation equipment to cater to the growing construction demand. For example, in November 2018, Caterpillar Inc. introduced Next Generation D6 dozer. This dozer has better fuel efficacy compared to previous models. Moreover, other key players are adopting proactive strategies such as merger and acquisition, partnerships, and facility expansion that will favor the growth of the market in the forthcoming years.
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Industry Developments
October 2019: Volvo Construction Equipment introduced its electric compact wheel loader. This machine will be used in tree farming and it will be emission free wheel loader for various purposes such as grading, sweeping and pallet handling
August 2019: Doosan Construction Equipment launched various excavators such as V DX27z, DX62R-3. DX35z. DX8SR-3 mini excavators and DX800LC-58 80-ton excavator and several others. The company also launched Stage V compliant articulated dump trucks (ADTS) and wheel loaders.
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