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The global construction equipment market size which was valued at US$ 128.46 Bn in 2018 and is projected to reach US$ 186.42 Bn by 2026, exhibiting a CAGR of 4.8% during the forecast period (2019 – 2026)
The global market growth is observed, with the rise in public-private partnerships, increasing industrial, residential, and commercial construction activities, rising government investments in infrastructure development. The major players catering to market are investing in research & development activities for up-gradation in construction equipment, in order to provide efficient mining equipment, agricultural equipment, forestry equipment, material handling (e.g., ports, warehouses), waste management equipment, and municipal equipment (e.g., tool carriers, street sweeping).
A significant construction equipment market trend observed is the ongoing shift from traditional construction equipment to automated construction equipment. Therefore, the consumer is retrofitting and renovating old technology. In order to increase productivity across the construction industry, the prominent and strong players are effectively trying to tighten up the construction equipment supply chain and achieve efficiencies.
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"Adoption of advanced construction equipment is driving the market"
Consumers across the globe are demanding more fuel-efficient, technologically upgraded equipment for improvising the constructing activities. Adoption of upgraded equipment reduces labor costs, tracking of work done in every stage of the process, reduction in operational costs. Also, it is being projected there will be a heavy growth of the construction equipment market revenue during the forecast 2018 – 2026.
"Increasing investment by the government is supplementing the revenue growth of the Asia Pacific, whereas Europe is estimated to have a significant growth"
Asia Pacific was valued at US$ 49.68 Bn in 2018 and is anticipated to emerge dominant in the global construction equipment market 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, reduction in capital investments. Similarly, Chinese government is investing in public infrastructure and renewable energy, and also in residential construction projects, which in return is resulting in the increased market demand. In 2017, Chinese government aimed to deliver the One Belt One Road project and the 21st century Maritime Silk Road that would cost around US$ 4 Tn in order to improve the land and waterway connectivity.
Asia Pacific Construction Equipment Market, 2018
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Europe generated a revenue of US$ 36.27 Bn in 2018 and is expected to witness growth owing to increasing demand for new housing units, improving employment level, etc. Also, as Germany is called the home to Europe’s best-performing machine and equipment sector, Europe is expected to have significant opportunity to grow over the forecast period.
"The increasing focus on infrastructure and development of automation in the construction and manufacturing processes had a significant impact on market growth."
The report provides qualitative and quantitative insights on the global market and detailed analysis of market size & growth rate for all possible segments in the market. The market has been segmented by equipment type, application, and geography. By equipment type, the global construction equipment market is categorized into earthmoving equipment, material handling equipment & cranes, concrete equipment, road building equipment, civil engineering equipment, crushing and screening equipment, other equipment. Based on the application, the global market is segmented into residential, commercial, industrial. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of the global market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments in the global construction equipment market, such as mergers & acquisitions, the regulatory scenario in key countries, SWOT analysis, and key industry trends.
By Equipment Type
As per our (Fortune Business Insights) study, the global Construction Equipment market is estimated at USD 128.46 Bn for the year 2018.
By 2026, the Construction Equipment Market is predicted to be valued at USD 186.42 Bn.
The Global Construction Equipment market projected to grow at a CAGR of 4.8%, the market will exhibit moderate growth during the forecast period (2019-2026)
Asia Pacific is expected to hold significant market share in the Construction Equipment Market. The region is valued at USD 49.68 Bn in 2018.
Within the type segment earthmoving equipment Construction Equipment is expected to be the leading segment in market during the forecast period.
Adoption of advance construction equipment is expected to propel the Construction Equipment market scenario. The adoption of upgraded equipment reduce labor costs, tracking of work done in every stage of process, reduction in operational costs which will fuel the growth of the market.
AB Volvo, Caterpillar Inc., Komatsu Ltd, Doosan Infracore Co. Ltd, Hyundai Heavy Industries Co. Ltd, & Terex Corporation are the major players in Construction Equipment Market.
Commercial applications of the construction equipment is expected to drive the market because of its multipurpose use.
The major players in the market constitutes ~45% - 55% of the market which is majorly owed to their brand name and presence in multiple regions.