Dublin, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Concrete & Road Construction Machinery Market Outlook 2027" report has been added to ResearchAndMarkets.com's offering.
As per this report the global market for concrete and road construction equipment was recorded at USD 28 billion in the year 2021, and is expected to grow by more than 7.5% in the forecast period.
The key companies are spending more on R&D to produce more compact designs loaded with many features, providing great value for the money. The buyers seek more technologically advanced equipment with more fuel efficiency and with less human involvement during the process.
Concrete and road construction equipment are majorly used in mixing various ingredients and transportation of the same. For many decades, the use of concrete and stones has been popular among road building materials due to their high durability and resistance to extreme weather conditions.
The demand for this type of machinery has been in a growing pattern with the increasing need for better land connectivity among the cities and the nations, which in turn is to offer better support to the economy. Infrastructure development in emerging and developed countries has propelled the building and road construction equipment market.
Emerging and developed countries' governments and private sectors are focusing on developing the infrastructure to keep up the GDP, meet the growing population's needs, meet the levels of urbanization, and increase connectivity by developing highways and expressways.
This segment of construction machinery is seen as a potentially growing market with expectations to cover more than 20% by the end of the forecast period. The most commonly used equipment in this segment is the cement mixer, which is seen to be showing a declining market share due to its limited usage in construction sites.
The asphalt finisher is expected to grow at the highest CAGR among the equipment in the market. Road transportation has gradually increased over the years with an improvement in connectivity between cities, towns, and villages in the country.
The main product types of building and road construction equipment are motor graders, road rollers, wheel loaders, concrete mixers, bulldozers, and other product types. Motor graders are being used to finish grade the rough grading performed by heavy construction equipment like scrapers and bulldozers. The equipment categories are earthmoving equipment, material-handling equipment, heavy construction vehicles, and other equipment categories. The various applications involved are building construction and road construction.
For instance, the total Indian investment in road construction was worth $22.4 billion, with private investment accounting for 14% of the total investment. Furthermore, according to the World Bank, the private sector infrastructure investment commitments for various sectors amounted to $96.7 billion in 2019 globally.
The private participation infrastructure (PPI) investment in H1 was valued at $49.8 billion in 2019. Governments and private sectors of developed and emerging sectors focus on infrastructure developments and require high-tech equipment for the construction process to make it easy and less time-consuming. That further acts as a major driver for the building and road construction equipment market growth.
The major manufacturing companies in building and road construction equipment are concentrating on upgrading their technologies. The technology advancements aim to increase safety, productivity, and connectivity of equipment and decrease maintenance issues and costs.
The growing number of smart cities will be one of the major factors that will have a positive impact on the growth of the market for concrete and road construction equipment. This will draw a large population to the urban areas and major metropolitan cities, which will increase the congestion in the cities. The increasing urban population has put a strain on existing urban services, such as public transport and road networks.
This has led to an increase in the number of smart cities to accommodate the increasing urban population. The majority of road networks in these smart cities are expected to have concrete paved roads since they can reduce the fuel consumption of vehicles. This will, in turn, fuel the market's growth prospects in the coming years.
The emergence of smart concrete materials will be one of the latest trends that will gain traction in the concrete and road construction equipment market during the next four years. Smart concrete can detect the shortcomings of conventional concrete and act as a sensor to find flaws in it. Smart concrete also helps in detecting the internal condition of concrete roads after any disaster, such as earthquakes. Additionally, they can aid in easing transportation by heating the road surface and melting the ice on it during heavy snowfall and can also assist in measuring the speed and weight of vehicles.
Major companies present in the market
Caterpillar Private Limited, Hitachi Construction Machinery Co. Ltd, J C Bamford Excavators Ltd, John Deere Ltd, Komatsu Ltd., Liebherr Group, Sany Group, Terex Corporation, Volvo Construction Equipments, XCMG Ltd., Zoomlion Co. Ltd
Considered In the Report
- Geography: Global
- Base year: 2021
- Historical year: 2016
- Estimated year: 2022
- Forecasted year: 2027
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Construction Equipment Market Outlook
5.1. Market Size By Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Application
6. Global Earth Moving Machinery Market Outlook
6.1. Market Size By Value
6.2. Market Share
6.2.1. By Region
6.2.2. By Equipment
7. Global Material Handling Machinery Market Outlook
7.1. Market Size By Value
7.2. Market Share
7.2.1. By Region
7.2.2. By Equipment
8. Global Concrete and Road Construction Machinery Market Outlook
8.1. Market Size By Value
8.2. Market Share
8.2.1. By Region
8.2.2. By Equipment
9. North America Concrete and Road Construction Machinery Market Outlook
10. Europe Concrete and Road Construction Machinery Market Outlook
11. Asia-Pacific Concrete and Road Construction Machinery Market Outlook
12. South America Concrete and Road Construction Machinery Market Outlook
13. Middle East & Africa Concrete and Road Construction Machinery Market Outlook
14. Market Dynamics
14.1. Market Drivers
14.2. Market Challenges
15. Market Trends and Developments
16. Company Profiles
16.1. Caterpillar Private Limited
16.2. Hitachi Construction Machinery Co. Ltd
16.3. J C Bamford Excavators Ltd
16.4. John Deere Ltd
16.5. Komatsu Ltd.
16.6. Liebherr Group
16.7. Sany Group
16.8. Terex Corporation
16.9. Volvo Construction Equipment
16.10. XCMG Ltd.
16.11. Zoomlion Co. Ltd.
17. Strategic Recommendations
18. Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/fi5fmb-concrete?w=12
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