According to Market Research Future (MRFR), the worldwide construction equipment market will reach USD 200 billion by 2022, growing at an annual rate of 8%. the study includes the COVID-19 evaluation of the worldwide construction equipment market and provides a systematic and comprehensive explanation of market segments, recent trends, growth predictions, and market difficulties to define economic possibilities.
Building equipment is specialized machinery that is used to complete construction projects. Drilling, hauling, digging, paving, and grading are just some of the applications for this equipment. Building equipment is used in a variety of industries, including construction and infrastructure, manufacturing, and oil and gas.
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Market Dynamics
Despite a loss of momentum in the construction sector, which is harming new construction equipment sales, the market is likely to recover throughout the projection period. The construction equipment values is growing as a result of technology advancements and their adaptations. Furthermore, expanding urbanization and infrastructure development are increasing demand for the same. The major end-use market for this commodity is infrastructure, particularly in rising nations like India, China, and Brazil. As a result of enormous infrastructure investment aimed at accommodating smart business and residential developments, the construction equipment industry is seeing decent growth.
Market Segmentation
Equipment, application, and end-use have all been used to segment the worldwide construction equipment telematics.
The global construction equipment market is divided into earthmoving, material handling, concrete, and other equipment categories.
Oil gas, infrastructure, construction, agriculture, mining, and others are among the applications that make up the worldwide construction equipment industry.
Lifting and material handling, earthmoving, excavation, mining, transportation, and others are the end-use segments of the worldwide largest construction equipment market.
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Regional Analysis
The regional analysis of the construction equipment market is being studied for Asia Pacific, North America, Europe, and the rest of the world.
The Asia Pacific region dominated the market with approximately USD 60 billion in 2019 and is expected to grow to a 4.9% CAGR over the forecast period. China had a strong performance in 2019 due to an increase in infrastructure investment. The excavator, as well as heavy commercial truck In the previous year, sales increased significantly, owing to an increase in the number of construction projects. Due to the existence of several OEMs, cheap production costs, low labor costs, and the availability of great manufacturing facilities in the country, China's area is one of the major contributors to the manufacture of construction equipment. The recent Coronavirus outbreak in China, on the other hand, has had a significant impact on the supply chain and manufacturing industry.
According to Eurostat, the European construction industry has a good outlook, which has raised market demand for construction equipment. The North American region is significant and important in the market. The increased need for technologically superior gear, combined with intense pressure from rental businesses, has fueled regional development.
Key Players
The industry giants in the global construction equipment market report include- 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 Hyundai Heavy Industries Co., Ltd.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
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