Global Construction Equipment Market
The global construction equipment market was valued at USD 153.13 billion in 2015, and is projected to reach USD 223.41 billion by 2020, growing at a CAGR of 7.85%. The global market is witnessing decent growth, owing to the substantial investments made in the smart residential and commercial buildings sector. The emerging economies of South America and Asia-Pacific are witnessing strong demand for heavy construction equipment, and large investments are being made in these regions.
Heavy construction equipment is a vital tool for any construction project. These are used extensively in construction sites and mining sites to reduce labor cost and time. Heavy construction equipment is used extensively in capital-intensive projects. Hence, fixed investment trends are salient features of such products. On account of modernization and technological advancement, the need for construction equipment has migrated from traditional purposes such as agriculture to more disciplined fields, such as railway and military. Growing infrastructure development across residential as well as commercial sectors is expected to be the key driving force for the market growth during the forecast period of 2015-2020.
Asia-Pacific is the largest market and has experienced a boom in construction and infrastructural activities owing to the growing emphasis on developing infrastructure for a sustainable economy. This region has seen growth in a number of airports, dams, hydroelectric projects, etc., in order to sustain high-level industrial activities and growing energy demand. As a result, many international players are beginning to invest and are setting up manufacturing facilities and distribution centers in the region.
Earth-moving equipment has the largest market share of the construction equipment market across the globe. They are also used for excavation purpose, which is a necessary operation performed on all types of terrain across the globe. Earth moving equipment includes excavators, loaders, backhoes, motor graders, and other equipment. BRIC nations drive the construction equipment market growth.
Companies profiled in the construction equipment market report include Caterpillar Inc., Doosan Infracore Ltd., Hitachi Construction Machinery Co. Ltd., CNH Industrial N.V, Hyundai Heavy Industries Ltd., JCB Ltd. and Volvo Construction Equipment AB, among others.
What the report contains
The report elucidates the situation of construction equipment around the world and studies the markets of the construction equipment type which include Material Handling Equipment, Earthmoving Equipment, Heavy Construction Vehicles and others.
Lastly, the report is divided by geography - North Americas, Europe, the Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 6 years. Apart from this, various applications of construction equipment have been discussed in detail in addition to a comprehensive overview of the market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook