The global construction equipment market is anticipated to grow significantly at a CAGR of 4.0% over the forecast period (2021-2027). The key aspect that drives the growth of the global construction equipment market is the rapid evolution in the construction industry across the globe. The shift of the people towards the urban areas, i.e., urbanization, increasing middle-class population along with the rise in disposable income of the people are some of the major factors that demand the construction of residential as well as commercial buildings across the economies. Hence, the growth in the construction industry is likely to propel the growth of the construction equipment market over the forecast period.
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Besides, the presence of the key players continuously innovating novel technologies also enhances market growth. Players such as Caterpillar Inc., Deere & Co., Komatsu Ltd., Liebherr Group, CNH Industrial NV, Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Co. Ltd., Kobelco Construction Machinery Co. Ltd., and Volvo Group among others are substantially contributing to the growth of the global construction equipment market. For instance, in March 2020, Manitowoc launched the novel model Grove GMK6400-1 crane, for deployment in all terrains across several industries. The novel crane model launched by the company is leveraged with the ‘Crane Control System’ for the enhancement in operational efficiency, reach higher altitudes, and achieve enhanced positioning. Hence, such strategies adopted by the key players are likely to promote the construction equipment industry, in turn, will enhance the growth of the market over the forecast period.
Market Coverage
- Market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Machinery Type and Industry
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- Caterpillar Inc., Deere & Co., Komatsu Ltd., Liebherr Group, CNH Industrial NV, Hitachi Construction Machinery Co. Ltd., Hyundai Heavy Industries Co. Ltd., Kobelco Construction Machinery Co. Ltd., and Volvo Group among others
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Key questions addressed by the report
- What is the market growth rate?
- Which segment/region dominates the market in base year?
- Which segment/region will project fastest growth in the market?
- How COVID-19 impacted the market?
Ø Recovery Timeline
Ø Deviation from pre-COVID forecast
Ø Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Construction Equipment Market – Segmentation
By Machinery Type
Earth Moving Equipment
- Cranes
- Loader & Backhoe
- Telescopic Handlers
- Excavators
- Motor Graders
- Others (Trencher)
Material Handling Equipment
- Hoists
- Conveyors
- Forklifts
- Others (Industrial Trucks)
- Other Construction Equipment
- Concrete Mixers
- Road Rollers
- Stone Crushers
- Dumpers
- Tippers & Trailers
- Others (Slurry Seal Machines)
By Industry
- Construction & Infrastructure
- Manufacturing
- Mining
- Others (Oil & Gas)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
