Pune, June 18, 2020 (GLOBE NEWSWIRE) -- The global construction equipment market size is projected to reach USD 186.42 billion by the end of 2026. The increasing investment in the development of efficient products, coupled with the rising applications of these equipment, will bode well for the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Construction Equipment Market Size, Share and Industry Analysis By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, and others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2019-2026,” the market was worth USD 128.46 billion in 2018 and will exhibit a CAGR of 4.8% during the forecast period, 2019-2026.
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An Overview of the Impact of COVID-19 on this Market:
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The rising construction activities across the globe have created a massive demand for construction equipment. They are products used in infrastructure and building construction. The shift from conventional products to automated equipment has created several opportunities for the companies operating in the market. The rising efforts put in to improve the overall product efficacy in construction activities and minimize wastage will create a massive demand for advanced products with optimum efficacies. Technological integration has played a huge role in the growth of the overall construction equipment market in recent years. The increasing number of mergers and collaborations among construction companies and tech companies will bode well for the growth of the market in the foreseeable future.
Increasing Number of Company Mergers Will Provide Impetus Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has had the highest impact on the growth of the market in recent years. The rising demand for construction equipment is attributable to the increasing construction activities across the world. Accounting to the rising product demand, major companies are collaborating with other tech companies, with a bid to acquiring a wider consumer base. In December 2017, Nvidia announced that it has partnered with Komatsu. The collaboration is aimed at the deployment of AI-powered equipment at industries. This step was taken to improve the safety and efficiency of products in industrial workplaces. This collaboration will not just help the company but will also have a direct impact on the growth of the overall market in the coming years.
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Asia Pacific to Emerge Dominant; Increasing Online Retail Facilities Will Aid Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is expected to emerge dominant in the coming years. The increasing investment in construction equipment by government as well as private organizations will emerge in favor of market growth. The rising emphasis on public infrastructure and renewable energy projects will contribute to the growth of the market in this region. As of 2018, the market in Asia Pacific was worth 49.68 billion and this value is projected to increase at a considerable pace in the coming years. The market in Europe will rise considerably from its 2018 value of USD 36.27 billion driven by the rising demand for new housing units. Moreover, the improving employment level will also aid the growth of the market in Europe.
List of the Key Companies Operating in the Construction Equipment Market are:
- AB Volvo
- Caterpillar Inc.
- Komatsu Ltd
- Doosan Infracore Co. Ltd
- Hitachi Construction Machinery Co. Ltd
- C. Bamford Excavators Limited
- Liebherr Group
- CNH Industrial N.V
- Hyundai Heavy Industries Co. Ltd
- Terex Corporation
Industry Developments:
June 2018: Deere & Company announced the launch of two new forwarders 910G and 1010G. The products will offer a solution for every logging operation and deliver power and productivity.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Trends and Developments
- Price Trend Analysis
- Global Construction Equipment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Equipment Type (US$ Mn)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road building equipment
- Civil engineering equipment
- Crushing and screening equipment
- Other Equipment
- Market Sizing Estimations and Forecasts – By Application (US$ Mn)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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