ROCKVILLE, Md., March 04, 2022 (GLOBE NEWSWIRE) -- A recently concluded Fact.MR report on The demand for Construction Equipment is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 174 Bn by the end of 2032.
Increasing commercial and residential infrastructure projects, especially in Asia, is expected to drive market growth positively. In 2020, construction activity was negatively impacted by the COVID-19 outbreak. As a result of the rapid spread of COVID-19 infections, construction activity worldwide was suspended indefinitely. Supply chain disruptions and temporary closings of dealer stores caused new purchases to be halted for OEMs. The resumption of construction activity for halted and new projects, however, caused a spike in the demand for construction equipment in 2021.
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What will be the market scope in the APAC region?
Over 40% of revenue is projected to come from Asia Pacific in 2022, and the CAGR is forecasted at over 4% from 2022 to 2032. In emerging economies such as India, China, and Southeast Asia, the market growth is mainly the result of government policies that boost infrastructure projects.
Furthermore, the recent Regional Comprehensive Economic Partnership (RCEP) of China with Asia Pacific countries, such as Japan, South Korea, Australia, and other smaller Southeast Asian countries, is expected to increase the development of transport infrastructure in the region, thus driving demand. The deal was strategically designed for China to strengthen its regional economic ties and divert attention from the aftereffects of the U.S.-China trade war.
A major factor driving growth in the market over the forecast period is the increase in construction spending worldwide. Spending on construction has increased in the United States over the past few years. A number of upcoming multifamily housing construction projects in Europe are also expected to drive market growth, including Milanosesto Mixed-Use Complex (Italy), ZAC Campus Grand Parc Mixed-Use Development (France), Viadux Mixed-Use Community (U.K.), Camden Goods Yard Mixed-Use Community (U.K.), and Sackville Road Residential Community (U.K.).
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Key Segments Covered in the Construction Equipment Industry Survey
- By Product
- Earth Moving Machinery
- Excavator
- Loader
- Others
- Construction Material Handling Machinery
- Crawler Cranes
- Trailer Mounted Cranes
- Truck Mounted Cranes
- Concrete and Road Construction Machinery
- Concrete Mixer & Pavers
- Construction Pumps
- Others
- Earth Moving Machinery
Competitive Landscape
There are many key players in the market, which makes it highly competitive. Many OEMs are currently facing short-term challenges, such as a shortage of skilled employees and high raw material prices. As OEMs adopt organic and inorganic growth strategies, they are expected to expand their customer bases and strengthen their market positions through joint ventures, partnerships, and mergers and acquisitions.
- In January 2021, Komatsu Ltd. and Honda Motor Co., Ltd. signed a joint development agreement. Komatsu and Honda collaborated on electrifying Micro Excavators (PCO1) and developing Battery Power Packs (MPP) for use in construction equipment.
- Manitex Vall launched their new electric mobile crane, the V 110 R, in February 2021. It has a lifting height of 10.4 meters and a lifting capacity of up to 11,000 kg and is battery-operated and remote-controlled.
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Key players in the Construction Equipment Market
- Caterpillar
- CNH Industrial N.V
- Doosan Corporation
- Escorts Limited
- Hitachi Construction Machinery Co. Ltd.
- Hyundai Construction Equipment Co. Ltd.
- J C Bamford Excavators Ltd.
- Deere & Company
- Kobelco Construction Machinery Co. Ltd.
- Komatsu Ltd.
Key Takeaways from the Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 10.01 Bn.
- Globally, North America accounted for over 33.5% of revenue in 2022.
- Hardware based digital transaction management systems to dominate the market in 2022, with a revenue share of over 40.5%
- More than 38.4% of market revenue was generated by the electronic signatures segment in 2021
- Over 55.5% of the market revenue in 2022 will be accounted for by large enterprises.
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