The global construction equipment market size is projected to
reach USD 208.36 billion by 2020, growing at a CAGR of over 5% from 2014 to
2020. Rapid infrastructural growth along with urbanization is expected to drive
industry growth over the forecast period. Further, increasing investments from government
in the infrastructural sector and growing application of the advanced
technology in operations including material handling, excavation, and earth
moving are expected to drive demand.
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Manufacturers need to consider several factors for
maintaining profitability in the price-sensitive industry including cost and
energy-efficiency. Several advancements across residential and non-residential
sectors are estimated to fuel the construction equipment market.
Growing impetus for developing infrastructure has triggered
the demand for rental products combined with cost-competitive OEMs in
developing markets of Asia Pacific is estimated to offer prominent
opportunities for industry growth over the forecast period. However, unstable
economic conditions and high initial costs are expected to hinder revenue by
2020.
The industry can be classified by products into concrete and
road construction equipment, material handling machinery, and earth moving
machinery. The material handling segment is projected to grow at the fastest
CAGR of 5.7% by 2020. This surge in demand can be attributed to growth in
application areas and rise in the automation industry.
Earth moving products comprise loaders and excavators,
whereas material handling machinery comprises trailer mounted, truck mounted,
and crawler cranes. Truck mounted cranes segment accounted for the largest
market share of over 60% in 2013 and is expected to decline over the forecast
period.
The concrete and road construction equipment market can be
sub-segmented into construction pumps, concrete mixers and pavers, etc. These
machineries have their application in bridges, power plants, residential, and
industrial structures. Growing number of highway construction projects combined
with increasing demand from mining industry are anticipated to further augment
industry demand.
Asia Pacific construction equipment market accounted for
over 50% of the overall share in 2013 and is expected to grow at a CAGR of 5.8%
from 2014 to 2020. Varied favorable government policies along with
infrastructural developments in service sector and IT industry have triggered
equipment usage in countries such as India.
Growing penetration of Chinese machinery in the premium
products industry is projected to challenge key existing vendors including
Caterpillar and Komatsu. Growing urban population in regions such as North
America and Europe is expected to offer considerable growth opportunities for
the industry.
Notable players in the construction equipment market are
Komatsu, Volvo, Hitachi, Doosan, Caterpillar, and John Deere. Various vendors
in Europe and North America are increasing investment in R&D activities for
lowering production costs along with meeting regulation emission for
strengthening their global presence. Mergers & acquisitions and strategic
expansions for bridging the gap in product offerings and end-market
requirements, remain to be the notable growth strategy for players to excel in
the industry.
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Grand View Research has segmented the construction equipment
market on the basis of product and region:
Construction Equipment Product Outlook (Revenue, USD
Billion, 2012 - 2020)
- Earth Moving
Machinery
- Excavators
- Loaders
- Others
- Material
Handling Machinery
- Crawler
Cranes
- Trailer
Mounted Cranes
- Truck
Mounted Cranes
- Others
- Concrete
& Road Construction Equipment
- Concrete
Mixers & Pavers
- Construction
Pumps
- Others
- Others
Construction Equipment
Construction Equipment Regional Outlook (Revenue, USD
Billion, 2012 - 2020)
- North
America
- Europe
- Asia
Pacific
- China
- RoW
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Grand View Research, Inc
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