Global construction equipment market stood at USD126.50 billion in 2020 and is projected to grow at a CAGR of 5.08% by 2026, owing to the development of urban infrastructure, including metro rail projects, ports, industrial corridors and freight corridors. Usage in oil & gas, construction, infrastructure, and manufacturing are the primary factors contributing to the growth of the construction equipment market which is anticipated to fuel the global construction equipment market in the coming years.
Construction equipment refers to heavy-duty vehicles specially designed for executing construction tasks, most frequent ones involving earthwork operations. They are also known as heavy machines, heavy trucks, engineering equipment, heavy vehicles, or heavy hydraulics. The basic operations involved in the construction of any project are excavation, digging of large quantities of earth, moving them to fairly long distances, placement, compacting, levelling, dozing, grading, hauling, etc., where construction equipment is used.
Based on End-User Industry, the market is segmented into Oil & Gas, Construction, Infrastructure, Manufacturing and Others. Construction is the leading end user industry in the construction equipment market with the share of 28.09% in 2020. This is due to the increasing inclination towards the adoption of various construction equipment by medium and large builders and real estate developers for the construction of high-rise buildings and skyscrapers. The use of construction equipment in construction reduces the time and increases the efficiency of work which makes it popular among real estate developers.
On the basis of type, the market is segmented into Loader, Cranes, Forklift, Excavator, Dozers, and Others. In 2020, the excavator segment is dominating with a share of 32.99% in the construction equipment market and is expected to grow at a CAGR of 4.44% from 2021-2026. This is due to its heavy weightlifting capacity, rotating cab and movable track which makes it a perfect equipment for material handling, digging trenches and holes to lift away waste and excavating mines. These properties increase the application of excavators in different types of construction and infrastructure projects.
Based on region, in 2020, Asia Pacific accounted for the largest share of 41.25% in the construction equipment market owing to the increasing demand for housing projects as a result of increased population in the region which generates lucrative growth opportunities for the construction equipment market. Moreover, continuous government budgetary allocation towards improvement of rail, road and ports, such as the project “Belt and Road Initiative” by China, are expected to propel the demand for construction equipment in the forecast period. Furthermore, augmenting construction activities in the region are expected to contribute to the growth in the construction equipment market.
Some of the major players operating in the global construction equipment market are Volvo Construction Equipment AB, Komatsu Ltd., Liebherr Group, Zoomlion Heavy Industry Science And Technology Co., Ltd, Caterpillar Inc., Atlas Copco AB, Hitachi Ltd., CNH INDUSTRIAL N.V., TEREX CORPORATION, Hyundai Doosan Infracore (Doosan Infracore Co., Ltd.), Deere & Company (John Deere), and Xuzhou Construction Machinery Group Co., Ltd. (XCMG), among others.
Years Considered for this Report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- The primary objective of the study is to understand and gain insights about Global Construction Equipment Market by Type (Loader, Cranes, Forklift, Excavator, Dozers, and Others), By Power Output (<100 hp, 101-200 hp, 201-400 hp, and >400 hp), By Application (Material Handling, Excavation & Demolition, Recycling & Waste Management, Tunneling and Others), By End User Industry (Oil & Gas, Construction, Infrastructure, Manufacturing, Others), By Region, from 2016-2026.
- To analyze historical growth in market size of Global Construction Equipment Market from 2016 to 2020.
- To estimate and forecast the market size of Global Construction Equipment Market from 2021 to 2026 and growth rate until 2026.
- To understand the respective region market structure of Global Construction Equipment Market, namely – North America, Europe, Asia-Pacific, Middle East & Africa and South America.
- To identify the detailed information about the prime factors affecting Global Construction Equipment Market
- To evaluate competitive pricing, average market selling prices and margins in Global Construction Equipment Market.
- To examine competitive developments such as new entrants, government policy and investments in Global Construction Equipment Market.
- To strategically profile the leading players in the market which are involved in Global Construction Equipment Market.
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