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.
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.
Asia Pacific construction equipment market, by product,
2012-2020, (USD Billion)
Browse full research report on Construction Equipment Market
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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