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The global Construction Equipment Market will benefit from uses of this equipment in diverse applications such as mining agriculture, forestry, waste management equipment, and municipal equipment. According to a report published by Fortune Business Insights, titled “Construction Equipment Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 128.46 Bn in 2018. Fortune Business Insights states that the market will be valued at US$ 186.42 Bn by the end of 2026, thereby exhibiting a CAGR of 4.8%.
In recent years, there has been a paradigm shift from traditional equipment to automated equipment. The demand for automated construction equipment has sparked several innovations. Technology has played a massive role in the growth of this market and the demand for automated equipment is sufficed y advancements in embedded systems. Altogether, technological advancements will lead to an increase in demand for the construction equipment products and will enable the growth of the market in the coming years.
Rising Uptake of Advanced Construction Equipment Will Drive the Market
As construction equipment consists of high power motors that consume more power, there is an increased consumption of fuel. Increasing consumption of fuel will lead to a demand for sustainable alternatives. Influenced by the aforementioned factor, companies are keen on developing environment-friendly and sustainable alternatives. The demand for fuel-efficient equipment will aid the growth of the global construction equipment market. The demand for less fuel consumption will lead to advanced construction equipment. The Rising uptake of advanced construction equipment will drive the global CE market in the forthcoming years.
Increasing Government Investment Will Boost the Market in the Asia Pacific
The emergence of online retail facilities has been a major growth contributor to the construction equipment market in the Asia Pacific. Furthermore, a huge population in this region has influenced equipment service providers to loan their products or services. Furthermore, increasing government investments towards the betterment of infrastructure and roads will boost the regional market. The government in China is emphasizing on improving public infrastructure as well as residential construction projects. In 2017, the Chinese government announced plans to make progress in its One Belt One Road Project and the Maritime Silk Road. The projects would cost a combined total of around US$ 4Tn and are aimed at the betterment of land and waterway connectivity. Fortune Business Insights states that the market in the Asia Pacific has valued at US$ 49.68 Bn. Having said that exceptional advancements made in construction equipment in Germany have led to the growth of the market in Europe. Therefore, market Europe is anticipated to witness significant growth in the coming years.
The report encompasses various companies that have made significant growth contributions to the global construction equipment market. Some of the leading companies that are operating in the global market are AB Volvo, Caterpillar Inc., Komatsu Ltd, Doosan Infracore Co. Ltd, Hitachi Construction Machinery Co. Ltd, J.C. Bamford Excavators Limited, Liebherr Group, CNH Industrial N.V, Hyundai Heavy Industries Co. Ltd, and Terex Corporation.
Browse Complete Related Reports: https://www.fortunebusinessinsights.com/industry-reports/construction-equipment-market-100521
The global construction equipment market is segmented based on:
By Equipment Type
· Earthmoving Equipment
· Material Handling Equipment & Cranes
· Concrete Equipment
· Road Building Equipment
· Civil Engineering Equipment
· Crushing and Screening Equipment
· Other Equipment
· North America (USA and Canada and Rest of North America)
· Europe (UK, Germany, France, Italy, Spain and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)