The global construction equipment market is anticipated to attain USD 173.0 billion, by the end of 2027, and is anticipated to grow at compound annual growth rate of 4.3% during the forecast period, 2020 to 2027, according to the new report by Million Insights. Growing construction activities, technological automation, and development with importance on safety measures is projected to spur market growth. Key manufacturers focus on new product development for market growth. For example, Hitachi Construction Machinery has introduced a battery-powered excavator to eliminate fuel consumption.
Construction industry is expected to grow at a substantial rate in the next few years. Rising public-private partnerships and growing industrial, residential construction are anticipated to bolster market growth. Contractors, builders prefer to rent service instead of buying equipment. Thus, various companies offer rental services to consumers. However, in large scale construction projects machinery purchase proves to be more beneficial.
In 2019, the earthmoving machinery type segment dominated the construction equipment market with the highest share of over 64.0% in the overall market. China leads the earthmoving machineries market. Government is implementing tax cuts have boosted infrastructural activities. However, the COVID-19 outbreak expected to restrain the market growth due to slowdown manufacturing, and production activities.
The North America market is estimated to expand at a significant rate in the forecast period. Moreover, supportive government initiative in transportation infrastructure in the U.S. is contributing to market growth. According to the Road & Transportation Builder Association of America (ARTBA) construction of highways, bridges, and parking lots activity is predicted to reach USD 72.0 billion in 2020.
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Further key findings from the report suggest:
• Earthmoving machinery segment is anticipated to account for USD 104.0 billion by end of 2027.
• Concrete & road construction machinery type segment is projected to expand at the CAGR of 6.2% from 2020 to 2027.
• Asia Pacific is projected to grow at the CAGR of more than 4.9% over the forecasted period.
• The market is heavily competitive with the key players leading the market with majority share.
• Key players include Hitachi Construction Machinery, Komatsu, Volvo construction, Caterpillar Inc., and Liebharr.
Million Insights has segmented the global construction equipment market based on product, and region:
Construction Equipment Product Outlook (Revenue, USD Billion, 2016 - 2027)
• Earth Moving Machinery
• Material Handling Machinery
• Concrete & Road Construction Machinery
Earth Moving Machinery Outlook (Revenue, USD Billion, 2016 - 2027)
Material Handling Machinery Outlook (Revenue, USD Billion, 2016 - 2027)
• Crawler Cranes
• Trailer Mounted Cranes
• Truck Mounted Cranes
Concrete and Road Construction Machinery Outlook (Revenue, USD Billion, 2016 - 2027)
• Concrete Mixer & Pavers
• Construction Pumps
Construction Equipment Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa