Europe Construction Vehicles Market Forecast and Opportunities, 2020
With the onset of global recession in 2008, construction industry witnessed sharp drop in most of the global economies including Europe and North America. Europe construction industry, particular, underwent further deterioration on account of Eurozone crisis. However, in recent years, economic scenario of Europe started to witness steady recovery, which in turn reflects a positive outlook over the next five years. With the economy of Europe stabilizing, real estate sector has been on its path towards sluggish recovery, which in turn has been driving construction industry. Numerous construction projects that were kept on halt have been revamped. As a result, the adoption of commercial vehicles in the country has increased at a notable pace. Launch of Europe 2020, a 10-year program, by European Commission to revive the region’s economy is also acting as a key catalyst for construction vehicles market. The market recently witnessed introduction of construction vehicle rental services, which is also a novel trend. However, this is being perceived more as a threat by players as growing preference for rental services is suppressing potential sales of construction vehicles in Europe.
According to “Europe Construction Vehicles Market Forecast & Opportunities, 2020”, construction vehicles market in Europe is anticipated to surpass USD14 billion mark by 2020. The market has been broadly segmented into Excavators, Loaders, Rough Terrain Lift Trucks (RTLT), Pavers, Dump Trucks, Dozers and Graders. Segment wise, Excavators dominated construction vehicles market in Europe on account of its multi-functional features andcost-efficiency. RTLT segment, which mainly includes forklift trucks and telescopic handlers, witnessed fastest growth among all the segments in Europe construction vehicles market during 2010-14. Caterpillar, Komatsu, Liebherr Group, AB Volvo, Hyundai Heavy Industries, etc. are among the major players operating in Europe construction vehicles market. These companies are also investing continuously in various R&D projects to gain technological advantage over their counterparts. “Europe Construction Vehicles Market Forecast & Opportunities, 2020” report elaborates following aspects related to construction vehicles market in Europe:
1. AB Volvo
2. Caterpillar, Inc.
3. Hyundai Heavy Industries Co., Ltd.
4. Komatsu Ltd.
5. CNH Industrial N.V.
6. Atlas Copco AB
7. Deere & Company
8. Liebherr Group
9. Hitachi Construction Machinery Co., Ltd.
10. J.C. Bamford Excavators Limited