Registering a CAGR of 3.9% over the forecast period, the construction equipment market is anticipated to reach the market value of US$ 250.4 billion in the year 2027 from US$ 208.3 billion in the year 2027.
Consumers across the globe are demanding more fuel-efficient, technologically upgraded equipment for augmenting constructing activities. Embracing of upgraded equipment reduces labor costs, tracking of work done in every stage of the process, and also brings down operational costs. Companies are working on expanding their business domain by providing products, services, or solutions, along with new values which take full advantage of ICT and IoT technologies. Moreover, they are engaged in introducing advanced equipment that can not only cater to customers’ requirements but also overcome social and environmental problems. Thus, the end-users are more attracted to these machines.
A important market trend observed is the ongoing shift from traditional equipment to automated equipment as consumers are retrofitting and renovating the old knowledge. In order to increase efficiency across the construction industry, the prominent and strong players are well trying to tighten up the construction equipment supply chain and achieve higher competences.
05/26/2021: Liebherr extended its product portfolio of T 274 haul trucks by introducing a new 305t/336 tons haul trucks, that bridges the gap between T 284 (363 t / 400 tons) and the upgraded T 264 (240 t / 265 tons).
Top Key players in the Construction Equipment Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Construction Equipment Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes Caterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Machinery, Deere, Doosan, JCB, SANY Group Company Ltd., Kobelco, CNH Global, Hyundai Construction Equipment Company, Liebherr Group, Kubota, XCMG, Zoomlion and others.
By Type, Construction Equipment Market has been segmented into
The Application, industry application in Construction Equipment Market is,
By Power Output, Construction Equipment Market has been segmented into
The Asia Pacific is anticipated to emerge dominant in the market holding the largest share during the forecast period. Growth witnessed in the region is likely to be driven by the emergence of online retail facilities, availability of machinery on a rental basis, rising government investments in infrastructure development, enhancement in capital investments. Similarly, the Chinese government is investing in public infrastructure and renewable energy, and also in residential construction projects, which in return is resulting in the increased demand for construction machinery.
China is estimated to hold the highest market share as a result of numerous emerging market players that are manufacturing technology-driven construction machines. The Chinese government has been investing profoundly in rural construction activities for rapid urbanization, with emerging public-private partnerships, hence expected to drive the demand for construction machinery. In 2017, the Chinese government aimed to deliver the One Belt One Road project and the 21st century Maritime Silk Road that would cost around USD 4 trillion in order to improve the land and waterway connectivity.
Europe generated substantial revenue in 2019 and is expected to witness growth owing to increasing demand for new housing units, improving employment levels, etc. Also, as Germany is considered the home to Europe’s best-performing machine and equipment sector, Europe is expected to have a significant opportunity to grow over the forecast period.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 3.9% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies | Caterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Machinery, Deere, Doosan, JCB, SANY Group Company Ltd. |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages |
121
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Customization Available | Yes, the report can be customized as per your needs |
All our reports are customizable to your company's needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
What is the growth rate of Construction Equipment Market?
The Construction Equipment Market is growing at a CAGR of 3.9 over the next 5 years.
What are the key market drivers?
Acceptance of progressive equipment to drive growth and cumulative construction & substructure investments worldwide will drive the growth of the market.
Which segment reported for the largest construction equipment market share?
The Asia Pacific dominated the construction equipment market with a share of 47.42% in 2021. This is attributable to rising administration funding for the growth of advanced public infrastructure in the region.
Who are the key players in Construction Equipment Market?
Caterpillar Inc., Kobelco Construction Machinery Co., Ltd, CNH Industrial NV, Liebherr-International Deutschland GmbH, Komatsu Ltd are the major companies operating in Construction Equipment Market.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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