Newark, NJ, Jan. 23, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Construction Equipment market is expected to grow from USD 151.46 Billion in 2017 to USD 227.32 Billion by 2025, at a CAGR of 5.2% during the forecast period 2018-2025. Increase in government expenditure on developing infrastructure, growing demand for smart city projects which requires a large amount of construction equipment and newly formed emission regulations to initiate progress in OHV engine & exhaust technologies are driving the global construction equipment market.
Construction equipment is defined as a wide variety of heavy machines which implement specific construction functions under power. Due to modernization and technological improvements, the need for construction equipment has increased substantially for highly disciplined industries, including the military and railway operations. The construction machines may be classified according to their functions such as hoisting, excavating, hauling, grading, paving, drilling, or pile driving. Heavy construction equipment is an important component of all construction projects as they lower the cost of labor and reduce the amount of time taken to complete projects. The machines are designed in a way to increase speed, efficiency, and accuracy so as to improve operator comfort and safety. The world construction equipment market consists different industries including manufacturing, oil & gas, forestry, military and public works. For instance, Caterpillar (U.S.) launched its Cat utility vehicles - the gasoline-powered Cat CUV82 and diesel-powered CUV102D to build a UTV that delivers the combination of durability, comfort and maintenance simplicity.
The increased expenditure by the government on developing infrastructure is a major factor driving the market growth. However, the high cost of equipment may obstruct the growth of the market. Nevertheless, renting or leasing out construction equipment may boost the market in the forthcoming years.
Key players in the global construction equipment market are AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Heavy Industries & Construction Co. Ltd., Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Kobe Steel Ltd., Liebherr Group, Atlas Copco AB, and CNH Industrial N.V among others.
- Companies are following merger and acquisition and R&D policy for expansion of market share, customer base and product portfolio. For instance, in 2017, Komatsu began the launch of its Intelligent Hydraulic Excavator, this launch is expected to strengthen the core equipment business to achieve the company's sustainable growth.
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The road rollers segment is dominating the market with a market share of 26.30% in 2017
The equipment type segment is classified into the articulated dump truck, asphalt finisher, backhoe loader, crawler dozer, crawler excavator, crawler loader, road rollers, motor grader and others. The road rollers segment dominated the construction equipment market in 2017. Growth in infrastructure in developing countries like India and China along with major road development projects may channelize the growth of the segment.
Earthmoving equipment segment valued around USD 56.34 Billion in 2017
Equipment category segment includes earthmoving equipment, material-handling equipment, heavy construction vehicles and other equipment. Earthmoving equipment dominated the market in 2017. The earthmoving equipment category is considered an important part of the equipment as they are used to carry, dig, spread, or move earth or materials.
201–400 HP Construction segment is growing rapidly at the highest CAGR of 7.4% in the forecast period
Power output segment is divided into segments such as a Market for <100 HP Construction Equipment, Market for 101–200 HP Construction Equipment, Market for 201–400 HP Construction Equipment and Market for >400 HP Construction Equipment. The market for 201–400 HP Construction equipment is growing rapidly at the highest CAGR in the forecast period as the demand for infrastructure development in developing economies is too high.
The tiers segment held the market share in 2017
The emission regulation stage segment includes stages and tiers. The tiers segment held the largest market share in 2017. This is because many countries are enforcing the tiers regulations for better environmental sustainability.
The selective catalytic reduction segment valued around USD 57.70 Billion in 2017
The after-treatment device segment includes Diesel Oxidation Catalyst (DOC), Diesel Particulate Filter (DPF), Exhaust Gas Recirculation (EGR) and Selective Catalytic Reduction (SCR). The Selective Catalytic Reduction (SCR) segment is dominating the market and valued around USD 57.70 Billion in 2017. The growth in the SCR segment is registered due to the strict emission regulations that are speculated to be implemented by various countries.
The CNG/LNG/RNG segment valued around USD 68.45 Billion in 2017
The propulsion type segment includes diesel, gasoline and CNG/LNG/RNG. The CNG/LNG/RNG segment is dominating the segment and valued around USD 68.45 Billion in 2017. CNG/LNG/RNG fuels help to lessen up the emissions rate compared with diesel, thereby, increasing the demand in construction equipment.
The infrastructure segment valued around USD 54.22 Billion in 2017
The application segment includes infrastructure, commercial buildings, residential buildings and industrial buildings. The infrastructure segment is dominating the segment and valued around USD 54.22 Billion in 2017. Due to expansion in the number of infrastructure projects, the demand for these equipment has also increased.
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Regional Segment Analysis of the Construction Equipment Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region dominated the global construction equipment market with USD 63.76 Billion in 2017 whereas the North America region is growing rapidly in the market. The Asia Pacific region is dominating the market because of increasing population and urbanization, thus, leading to increase in the demand for infrastructure development, housing, and office space in this region. North America is the fastest-growing region due to technological advancement and rapid urbanisation.
About the report:
The global construction equipment market is analysed on the basis of value (USD Billion) volume (Units), consumption (Units), imports (Units) and exports (Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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