Global Construction Equipment Market to Witness Increasing Demand Due to the Spurring Rise in Construction Industries| Global Trends, Business Overview, Challenges, Opportunities and Forecast to 2022
The global
construction equipment market is witnessing continual growth. This growth
attributes to heavy investments in infrastructure development projects.
Besides, the objective of accommodating smart commercial and residential
buildings drives the growth of the market. Moreover, increasing numbers of
smart city projects escalate the market growth exponentially.
According to
Market Research Future (MRFR), the global construction equipment market is
projected to cross USD 200 BN valuation by 2022, growing at 8% CAGR during the
assessment period (2016 – 2022). The
adoption of innovative and technologically advanced construction equipment
allows colossal traction. Moreover, the increasing population in urban areas
create strong market demand.
Over the last
decade, construction firms have grown enormously. Innovations in construction
equipment have assured a promising fortune for the construction industry,
reducing labor and time. Additionally, rising uses of construction equipments
in large, medium, and small-scale industrial construction projects help the
market grow further.
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Conversely, the
high price of construction equipments is a major factor projected to impede
market growth. Also, significant maintenance cost associated with heavy duty
construction equipment poses challenges to the market's growth. Nevertheless,
the increasing adoption of heavy construction equipment due to the rise in road
construction activities and numbers of power projects would support market
growth throughout the assessment period.
Global Construction Equipment Market –
Segmentation
The report is segmented into four dynamics;
By Equipment: Earth Moving, Material Handling, Concrete, and others.
By Application: Oil & Gas, Infrastructure, Construction,
Agriculture, Mining, and others.
By End-Use : Lifting &
Material Handling, Earth Moving, Excavation, Transportation, and others.
By Regions :
Asia Pacific, Europe, North America, and the Rest-of-the-World.
Global Construction Equipment Market –
Regional Analysis
The Asia Pacific region dominates the global construction
equipment market. The largest market share attributes to the significant growth
in the construction industry. Besides, the substantial growth in dams &
canals construction activities and the number of power projects drive the
regional market growth. India and China exponentially contribute to the
regional market growth, mainly due to the recent technological developments.
Also, the growing residential and non-residential
construction activities led by the growing population in China, Japan, and
India contribute to the regional market's growth. Moreover, the increase in industrialization
and urbanization led by improving economic conditions in the region drive the
growth of the APAC construction equipment market.
North America stands second in the global construction
equipment market. The market growth is driven by the increasing adoption of
heavy construction equipment for residential, industrial, and infrastructural
construction projects. Additionally, the rising population and high per capita
disposable income are key driving forces behind the regional market growth.
The increasing demand for construction activities from the
urban areas fosters the uptake of heavy construction equipment in the region.
The US is a lucrative market, showcasing a range of high-performance
construction equipment. The trend of commercial & residential structure
developments boosts market growth in the region.
The European construction equipment market stands second in the
global construction equipment market. Factors such as rapidly growing
construction activities and infrastructure upgrade projects foster market
demand. Moreover, the increasing repair activities in the existing
infrastructure augment the demand for construction equipment in the region.
Germany and the UK hold substantial market demand, heading with the
continuously increasing construction values in the public and private sectors.
Global Construction Equipment Market –
Competitive Analysis
Highly competitive, the construction equipment market appears
to be fragmented due to the presence of several well-established players. These
players incorporate strategic initiatives like acquisition, partnership,
collaboration, expansion, and technology launch to gain a competitive advantage
in the market. Such initiatives support the players' growth and expansion
plans, helping them maintain their market position.
Manufacturers are committed to delivering reliable,
leading-edge heavy construction equipments and comprehensive after-sales
support. Well established players invest heavily in the R&D to develop
products with adept technologies on a different level than their competition.
Major Players:
Players leading the global construction equipment market
include Caterpillar Inc., AB Volvo, Komatsu Ltd., Hitachi Construction
Machinery Co. Ltd., Doosan Heavy Industries & Construction Co. Ltd., J.C.
Bamford Excavators Limited, Liebherr Group, Kobe Steel Ltd., Hyundai Heavy
Industries Co., Ltd., and Atlas Copco AB, among others.
Industry/Innovation/Related News:
December 01, 2020 ---- Sany
India, leading construction equipment & heavy machinery manufacturer,
launched its 15000th machine. Delivering the best product in the indigenous
construction sector, the company has further strengthened its product offering
and market reach.
The new machine is a remarkable achievement that has very
strong growth potential. It also encourages the company to continue to add new
technologies into its upcoming product range and deliver the most modern
construction equipment & heavy machinery solutions, reaffirming the
company's commitment to the domestic construction equipment market.
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Key Questions Addressed by the
Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is
driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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