Construction Equipment Market Foreseen to Grow Exponentially by 2027

 

Description

Theglobal construction equipment market size was expected to be USD 173.3 billion in 2021 and reach USD 244.44 billion by 2027, registering a CAGR of 5.90% during the forecast period (2021-2027). Governments are investing a huge amount in building smart cities. These construction projects cost millions of dollars and have a high significance in the development of the areas in the nation. To construct the project successfully, the players need durable and strong equipment to bear the heavy load. This growing requirement is a major factor that is boosting the growth of the global construction equipment market. Additionally, the demand for high altitudes and heavy lifting cranes are also some of the factors propelling the growth of the global construction equipment market.

Factors Affecting the Construction Equipment Market over the Forecast Period

Increasing investment by the government for the construction sector, backed by the government initiatives for smart city development, which is expected to offer growth to the construction equipment market across the globe.

Due to technological advancement, there is a high cost of equipment to hinder the construction equipment to increase efficiency and productivity of farms to revolutionize agriculture across the world.

There is a lack of standardization, high production cost, and different norms by the regulatory bodies for engine technology across varied nations, which affects imports and exports of construction equipment, hampering the market growth.

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Impact of COVID-19 on Construction Equipment Market

The outbreak of COVID-19 has led to the huge downfall in the construction sector. Due to the implementation of lockdown across severely COVID-19 hit nations, such as the UK, France, India, and others, led to the postponement and cancellation of construction projects. This has declined the production of construction equipment; therefore, the construction equipment manufacturers are expected to witness a considerable downfall in the revenue in 2020.

Scope of the Report

The report outlines the study of the global construction equipment based on equipment, application, and end-use industry.

Based on equipment, the construction equipment is segmented into –

• Earth Moving
• Material handling
• Concrete

Based on application, the construction equipment market is segmented into –

• Lifting & Material Handling
• Earth Moving
• Excavation
• Transportation

Based on end-use industry, the construction equipment is segmented into -

• Oil & Gas
• Construction
• Manufacturing
• Mining
• Others

Construction Equipment Market Regional Outlook

The construction equipment market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, the Middle East, and Africa. In 2020, Asia Pacific held the largest share in the global construction equipment market, followed by Europe. The Asia Pacific is further estimated to dominate the construction equipment market during the forecast period. Moreover, Asia Pacific is expected to project the highest CAGR in the global market over the forecast period.

Key Global Construction Equipment Market Competitors Includes

The construction equipment market is highly fragmented, with the presence of a large number of small players across the globe. The key construction equipment market players operating in the global market include –

• AB Volvo
• Atlas Copco AB
• Caterpillar Inc.
• Doosan Heavy Industries & Construction Co. Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Hyundai Heavy Industries Co., Ltd.
• J.C. Bamford Excavators Limited, Kobe Steel Ltd.
• Komatsu Ltd.
• Liebherr Group
• SANY Group.

The construction equipment market report provides a thorough analysis of macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs.

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Construction Equipment Market Report Covers Comprehensive Analysis On

• Market Segmentation & Regional Analysis
• Market Size of 10 years
• Pricing Analysis
• Supply & Demand Analysis
• Product Life Cycle Analysis
• Porter's Five Forces & Value Chain Analysis
• Developed & Emerging Economies Analysis
• PEST Analysis
• Market and Forecast Factor Analysis
• Market Opportunities, Risks, & Trends
• Conclusion & Recommendation
• Regulatory Landscape
• Patent Analysis
• Competition Landscape
• 15+ Company Profiles

Construction Equipment Market Regional Analysis Includes

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA

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Construction Equipment Market Target Audience

• Raw Materials Suppliers
• Aftermarket suppliers
• Research Institute / Education Institute
• Potential Investors
• Key executive (CEO and COO) and strategy growth manager
• Raw Material Suppliers
• Regulatory Bodies
• Associations and Industrial Bodies

Key Issues Addressed

• What is the market size by various segmentation of the construction equipment by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the construction equipment market?
• What are the key opportunities and trends for manufacturers involved in the construction equipment supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• What will be the impact of cutting-edge technology on the construction equipment market?
• How COVID-19 impacted the demand and sales of construction equipment in the global market? Also, the expected BPS drop or rise count of the market and market expected recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.

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