Construction Equipment Market to Touch USD 160.84 billion by 2027; Rising Demand for Efficient Material Handling Equipment to Fuel Market Growth

The global construction equipment market size is projected to reach USD 160.84 billion by 2027 on account of speedy enlargement of urban spaces worldwide, observes Fortune Business Insights™ in its new report, titled “Construction Equipment Market Size, Share and COVID-19 Impact Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, Road Building Equipment, Civil Engineering Equipment, Crushing and Screening Equipment and Other Equipment), By Application (Residential, Commercial & Industrial) and Regional Forecast, 2020-2027”. The report states that the market value stood at USD 129.32 billion in 2019 and is expected to register a CAGR of 2.8% from 2020 to 2027.

Outbreak of the COVID-19 pandemic is set to hinder the construction equipment market growth throughout 2020 as construction activities have come to a standstill owing to prolonged absence of workers at sites. However, the construction industry is expected to recommence its growth trajectory by 2021 as the effects of the current pandemic subside worldwide.

Liebherr Delivers 100^th Mobile Harbor Crane in Spain

The German manufacturer, Liebherr Group, in November 2019, delivered its 100^th mobile harbor crane to Maritima del Principado, a shipping company in Gijón, Spain. The company supplied the LHM 600 crane under the Generation 5 stage of its Liebherr Mobile Harbour Crane program. Spain, along with Russia and India, now becomes the third country in the world to which Liebherr has delivered its flagship mobile cranes in the past couple of decades. This development marks a milestone achievement for the company and strengthens its presence in the construction industry as a manufacturer and supplier of durable and cost-effective construction equipment.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/construction-equipment-market-100521

Introduction of Automation in Construction to Open New Growth Channels

Automation technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) are being extensively applied across industries and have penetrated the construction industry as well. Their rising adoption in this industry is based on the physically challenging tasks that workers have to perform at construction sites, which frequently lead to injuries and deaths. As a result, equipment manufacturers are increasingly embedding their products with smart software to eliminate the risks posed by these tasks on construction workers. For instance, San Francisco-based Built Robotics has developed an autonomous system which can operate on skid steers, excavators, and bulldozers, removing the need for human intervention in the equipment’s working. Thus, automated machinery can substantially enhance the productivity and efficiency at construction sites. 

Key Players to Focus on Maximizing Gains through Innovation

Construction is a critical industry and plays an instrumental role in the development of a nation. Emerging economies are heavily dependent on construction equipment as infrastructural development in these countries is surging. To meet this demand, companies operating in this market are constantly innovating and launching novel solutions to accelerate economic progress of these nations. In the developed nations, these players are focused on introducing advanced equipment, augmenting their movement towards automation.

Industry Development:

• June 2019: UK-based construction major, JCB, released its revolutionary Hydraload rotating telescopic handler. The company will introduce the Hydraload 555-210R, featuring a 5.5 tons maximum lift capacity and a maximum working height of 20 meters, to meet the growing popularity of heavy rotating machines in Europe.

List of Key Players Covered in the Market Report:

• Hyundai Construction Equipment Co., Ltd. (Seoul, South Korea)


• Liebherr Group (Bulle, Switzerland)


• Hitachi Construction Machinery Co., Ltd. (Tokyo, Japan)


• Komatsu Ltd. (Tokyo, Japan)


• AB Volvo (Gothenburg, Sweden)


• SANY Group (Beijing, China)


• CNH Industrial N.V. (London, U.K.)


• J.C. Bamford Excavators Ltd. (Rocester, U.K.)


• Doosan Infracore Co. Ltd. (Seoul, South Korea)


• Caterpillar Inc. (Illinois, U.S.)

Further Report Findings:

• Increasing investments in commercial construction projects is expected to fuel the growth of the earthmoving equipment segment in the coming years. In 2019, the segment’s share in the market stood at 53.4%.


• Asia Pacific is slated to dominate the construction equipment market share during the forecast period on account of massive investments by China in public infrastructure and renewable energy. The region’s market size stood at USD 51.60 billion in 2019.


• Large-scale, long-term investments for infrastructure projects are expected to be the key factor driving the market growth in the Middle East & Africa region.

Table of Segmentation: