Construction Equipment Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Machinery & Equipment
Report Code - OMR-ME-106
Format: PDF, PPT, and Excel
Construction Equipment Market to Widen its Growth Potential to 6.1%; Factors Such as Increasing Investment From Government and Private Sectors to Augment Market Value
The term "construction equipment" refers to a vast array of heavy machinery and tools used to construct and maintain buildings and associated infrastructure. Examples of building materials include bulldozers, excavation machinery, scaffolding, and dump vehicles. The specialized construction equipment includes road-paving equipment, oil and gas drill platforms, and pipelaying machines.
The global economy has slowed as a result of the COVID-19 epidemic. According to the Committee on European Construction Equipment (CECE), approximately 60 percent of the European construction equipment industry was gravely damaged by the COVID-19 pandemic. Most affected are original equipment manufacturers (OEMs).
Key Takeaways of the Construction Equipment Market
By Equipment
In terms of revenue, the earthmoving apparatus category was the most significant in 2022. Due to the increase in worldwide building projects and contractors' continued use of conventional robust excavators in creating roads and dams, the excavators' subsegment is expected to expand at a moderate CAGR over the forecast period.
By Application
In the not-too-distant future, increasing industrialization and foreign direct investment (FDI) for several global factories in emerging nations are anticipated to propel the commercial application industry toward sustained growth.
By Region
During the projection period, Asia-Pacific will likely emerge as the global market leader with the largest market share. Emerging e-commerce facilities, expanding the government's role in developing infrastructure, and increases in capital expenditures are anticipated to contribute to the region's growth.
Construction Equipment Market to Expand as Rental Services to Spread Their Influence
The development of digitization, connectivity, and automation has significantly impacted construction initiatives. To meet the growing demand for sophisticated buildings, rental companies have updated their machinery inventory with newer models and invested heavily in research and development. The market for road construction vehicles has expanded significantly in recent years due to expanding federal and state road-building initiatives, particularly in the Asia-Pacific region.
The Construction Equipment Rental Association (CERA) anticipates increased demand for rental services in all regions, particularly in developing and populous nations such as China and India. Emerging actors on the local and regional levels are anticipated to solidify their positions in the rental services industry, generating significant revenue from customers in their native regions.
Rising Number of Construction Projects Worldwide to Inherit Positive Effect on Market
Adopting modern apparatus reduces the need for workers, simplifies production monitoring at each level, and saves money overall. Businesses are expanding their market presence by providing consumers with products, services, and solutions incorporating ICT, IoT, and other novel values.
In addition, improvements and maintenance of power grids and significant governance expenditures and activities for developing commercial constructions such as IT parks, smart cities, shopping malls, and government buildings are anticipated to boost the market by 2032, particularly in emerging economies. New initiatives for the development of smart cities receive funding from European governments. It is anticipated that the European Union will have over 300 smart cities by the year 2020, which will increase the need for cutting-edge building technology.
Global Construction Equipment Market Prominent Players
• SANY Group (China)
• Hitachi Construction Machinery Co., Ltd. (Japan)
• Caterpillar Inc. (U.S.)
• Doosan Infracore Co. Ltd. (South Korea)
• AB Volvo (Sweden)
• Komatsu Ltd (Japan)
• J.C. Bamford Excavators Ltd. (U.K.)
• CNH Industrial N.V. (London, U.K.)
• Hyundai Construction Equipment Co., Ltd. (South Korea)
• AB Volvo (Sweden)
• Xuzhou Construction Machinery (China)
• Kobelco Construction Machinery Co., Ltd (U.S.)
Report Scope for Construction Equipment Market
Equipment
• Earth Moving Machinery
o Excavators
o Loaders
o Others
• Material Handling Machinery
o Forklift
o Crawler Cranes
o Truck Mounted Cranes
o Industrial Trucks
o Others
• Road and Concrete Construction Machinery
o Mixers
o Construction Pumps
o Crushers
o Others
• Others
Propulsion
• Diesel
• CNG/LNG
• Electric
Application
• Commercial
• Residential
• Industrial
Construction Equipment Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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