Selbyville, Delaware, Feb. 14, 2022 (GLOBE NEWSWIRE) --
The construction equipment market is expected to surpass USD 200 billion by 2028, as reported in a research study by Global Market Insights Inc. Construction equipment rental companies are expanding their business operations to newer areas to enhance their brand presence.
The construction equipment industry was drastically affected in the first three quarters of 2020 due to the COVID-19 pandemic. Governments around the world adopted strict lockdown measures to curb virus transmission. This resulted in the temporary cancellation of all ongoing construction & infrastructure projects, affecting the industry growth. However, the market will witness significant growth in early 2022 owing to a massive decrease in the number of infected patients and government initiatives to accelerate the economic growth.
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Material handling and cranes possess the ability to efficiently transport or haul heavy payloads required in skyscrapers, supporting their demand. Crane OEMs are participating in exhibitions to showcase their latest innovations in cranes to improve their brand positioning. For instance, in November 2020, Zoomlion Heavy Industry presented various construction equipment, such as crawler cranes, rough terrain cranes, and truck cranes, at the Bauma China 2020. The company received orders worth USD 3.04 billion from this exhibition.
Europe is expected to witness significant demand from material handling and earthmoving equipment owing to increasing government investments in smart buildings and commercial constructions. Government initiatives to develop the Europe energy sector will provide a positive outlook for the construction equipment market. For instance, in January 2022, the European Union announced to invest around USD 1.225 billion in green energy infrastructure through the EU program Connecting Europe Facility (CEF).
Key industry participants are highly emphasizing on new product innovations as per the regional market needs to improve their market share. For instance, in April 2021, Tadano launched new rough terrain cranes, especially for the European market. The models include GR-700EX-4, GR-900EX-4 & GR-1000EX-4 with a capacity of 70, 90, and 100 tons, respectively.
Some major findings in the construction equipment market report include:
- Shifting construction companies focus on high telematics integrated construction equipment, which is driving the market growth in North America. The proliferation of construction equipment rental companies and their initiatives in terms of business operation expansion will further drive the North America market growth.
- Increasing government investments in the construction of smart buildings and renovation works are creating a positive outlook for construction equipment in Europe.
- Rising government investments in various infrastructure & construction projects are propelling the demand for construction equipment in Asia Pacific. Increasing utility & material handling works is fueling the demand for high-performance cranes in the region.
- Significant urbanization is accelerating residential constructions in Latin America, creating a favorable environment for the construction equipment market. The rising adoption of loaders and excavators for landscaping activities will further create robust market opportunities in the region.
- The MEA region is witnessing a high demand for construction equipment owing to various skyscrapers and hotel construction projects. Additionally, significant government investments in smart cities and energy plant construction will fuel equipment sales in the region.
- Prominent players operating in this construction equipment market include Komatsu Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd., CNH Industrial, Kobelco Construction Machinery Co., Ltd., XCMG Group, Caterpillar, Inc., Liebherr Group, Doosan Group, Wacker Neuson, Palfinger AG, Guangxi LiuGong Machinery Co., Ltd., Volvo Construction Equipment, SANY Group, Hitachi Construction Machinery Co., Ltd., The Manitowoc Company, Inc., Sumitomo Heavy Industries Ltd., J.C. Bamford Excavators Limited, The Atlas Copco Group, Tadano Ltd., Deere & Company, and Terex Corporation.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Construction equipment industry 360° synopsis, 2017 – 2028
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, 2017 – 2028
3.3 Impact of COVID-19 on construction equipment industry landscape
3.4 Industry ecosystem analysis
3.5 Investment landscape
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
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.
