The growing investment in construction and infrastructure across the globe drives the growth of the construction equipment market. The high spending from government and private sectors throughout the world in the construction of residential, commercial, and public infrastructure, contributing to the growth of the construction industry, which in turn, proliferating the demand for construction equipment. For instance, as per the Institute of Civil Engineers, it is estimated that the global construction equipment industry is projected to reach around USD 8 trillion by 2030, driven by infrastructural development across the U.S., China, and India.
The Global Construction Equipment Market is expected to reach USD 265.1 Bn by 2027, with a growing CAGR of 4.5% during the forecast period 2021-2027.
The increasing urbanization coupled with the rising population across the globe significantly propels the growth of the construction equipment industry. For instance, according to the report of the United Nations Conference on Trade and Development published in 2020, it is estimated that the world population grew by 1.1% over the year, or 82 million people, to reach a global total of 7.7 billion. Moreover, the share of the urban population was increased to 55.7% in 2019.
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Points Covered in this report are:
To share detailed information about the key factors such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.
To study and analyze the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Players covered in the Construction Equipment Market report is:
- Caterpillar Inc.
- Kobelco Construction Machinery Co. Ltd
- CNH Industrial NV
- Deere & Company
- Komatsu Ltd
- JCB India Limited
- Volvo Group
- Doosan Infracore
- XCMG
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By Application:
- Infrastructure
- Commercial
- Residential
By Type:
- Loader
- Cranes
- Forklift
- Excavator
- Dozers
Construction Equipment Market by Region Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, The Asia Pacific region is expected to grow at a rapid pace owing to the presence of abundant natural resources like minerals, ores, among others, in countries like China, India, Australia, Malaysia, and other Asian countries. These countries carry out mining and construction activities to extract natural resources in the region. The construction industry of the region has started adopting Construction Equipment’s for site inspection and for speeding up construction activities on site.
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Construction Equipment Market Key Findings:
- Based on the equipment category, the material handling segment is projected to grow in the year 2020
- Based on the application, the infrastructure segment in the global construction industry is expected to hold a significant share
- Based on regions, the Asia Pacific region projected the highest growth in the construction equipment industry in the year 2020
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