ID: MRFR/CO/1431-HCR | February 2021 | Region: Global | 116 pages
Construction Equipment Market is projected to be worth USD 182.4 billion by 2027, registering a CAGR of 6.4% during the forecast period (2021 - 2027).the market was valued at USD 125.27 billion in 2020.
Construction types of equipment are specially designed critical tools for executing construction tasks. It is highly used in earthwork operations to minimize the cost of labor and time. The major factor that is driving the growth of the market is an increase in residential, industrial, and commercial activities, and also the increasing government investments for the development of infrastructure are adding fuel to the growth of the market.
The increasing development in technology and their adaptation are other major driving factors for the growth of the global construction equipment market. Moreover, the rising infrastructure growth rate with rapid urbanization is adding fuel to the global construction equipment market growth. The use of construction equipment has a very large end-use market in infrastructure mostly in developing countries like India, Brazil, and china. The global construction equipment market is expected to witness decent growth due to the high demand for heavy construction tools in construction smart residential and commercial buildings. However, the emission generated by construction equipment is likely to affect the ozone layer and as a result, it can create an environmental imbalance in rural and urban areas, this can be considered as a major restraint for the global construction equipment market.
This report contains all the information on the global construction equipment market research and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global construction equipment market analysis and forecast to 2022 is also included in the report.
Covid 19 Analysis
The construction of the residential and commercial buildings is the most affected sector due to the global pandemic covid 19 as this pandemic has paralyzed almost all the economic activities around the world. According to the reports of the European Construction Equipment committee, this pandemic has affected extensively near about 60% of the European Construction Equipment industry. On the basis of the reports of The Association General Contractor America (AGC), the US construction projects got affected by about USD 160Billion due to the covid 19 pandemic.
The construction equipment is a major source of ozone emission which affects the quality of air. This equipment releases volatile organic compounds, carbon monoxide, and nitrogen oxides which immensely affect the environment by creating an environmental imbalance in rural and urban areas. This can be considered a major restraint factor for the global construction equipment market.
The maintenance of high safety standards and limiting over pollution or emission are the major challenges faced by the key manufacturers of the global construction equipment market. The involvement of high maintenance cost is another big challenge of the market and poor constructors are lacking funds for the expansion of equipment facilities which is another big challenge which is reducing the global construction equipment market value.
The key manufacturers of the construction equipment market are focused on reducing the independence of diesel and gasoline, owing to stringent regulation in Asia. According to regulation Asia has set goals to become carbon neutral by the end of the year 2040. In 2021, in January, Komatsu had announced its partnership with Proterra, which allows Komatsu’s to use battery packs in Komastsu’s electric hydraulic excavators. By the end of the year 2021, the company is likely to use Proterra’s battery system to generate a proof-of-concept electric excavator.
Value Chain Analysis
According to the latest report, the global construction equipment market outlook has been segmented on the basis of equipment, application, end-users, and regions. On the basis of equipment, the global construction equipment market is further segmented into earthmoving, material handling, concrete, and others. The earthmoving segment is likely to hold the maximum share in the global construction equipment market followed by concrete. On the basis of application, the global construction equipment market is divided into oil & gas, infrastructure, construction, agriculture, mining, and others. The construction segment is predicted to holds the maximum share in the global market
On the basis of end-users, the global construction equipment market is segmented into lifting & material handling, earthmoving, excavation, mining, transport, and others. The lifting & material handling segment is predicted to dominate the global market and it is estimated to remain to dominant by the end of the forecast period.
The major key players of the global construction equipment industry are investing more in development and research activities in order to upgrade the equipment to supply more efficient equipment for industries and end-users, which includes forestry, mining, waste management, material handling agriculture, and municipal equipment like carriers, street sweeping.
Major Key Players
The market is segmented on the basis of the equipment, application, end-users and regions. The global construction equipment market is expected to witness decent growth during the forecast period.
The market is segmented into oil & gas, infrastructure, construction, agriculture, mining, and others based on the application.
The market is segmented into lifting & material handling, earthmoving, excavation, mining, transport, and others based on the propulsion types.
According to the latest report, on the basis of regions, the global construction equipment market is segmented on the basis of Asia Pacific, North America, Europe, and the rest of the world. The Asia Pacific segment is predicted to hold the maximum construction equipment market share. It is considered the largest growing market in terms of revenue due to rapid urbanization and industrialization. The Asia Pacific holds the maximum share due to the rising demand for smart residential and commercial buildings in developing countries like India, Japan, and China. The water transfer plant in china is predicted to be completed by the end of 2050, and it requires different construction equipment either by owning the machinery or by lasing it, this ultimately raises the demand for the construction equipment market revenue in this region over the next few decades. The rising number of real-estate businesses, am construction, expansion of road infrastructure and rail are some other factors that is boosting the demand for the construction equipment market.
The following report comprises of –
Global Market, by environment Type
Global Market, by Application
Global Market, by End-Users
|Market Size||2027: USD 182.4 billion by 2027|
|CAGR||6.4% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Equipment, by Application, by End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Heavy Industries & Construction Co. Ltd., Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Kobe Steel Ltd., Liebherr Group, Atlas Copco AB, and Hyundai Heavy|
|Key Market Opportunities||Construction equipment|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global Construction equipment valuation market would be USD 182.4 billion by 2027.
The global Construction equipment market would have a growth rate of CAGR of 6.4% during the forecast period.