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.
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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.
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
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-construction-equipment-market
About Grand View Research
Grand View Research, Inc. is a
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