Construction Equipment Market is Projected to Reach Around USD 239.7 Billion by 2027
The Global Construction Equipment Market is projected to reach around USD 239.7 billion by 2027 at a CAGR of around 5.1%.
Construction equipment is heavy-duty vehicles which are specially designed for carrying out construction operation. There are various types of construction equipment such as earth moving equipment, material handling equipment, tunnelling, and rock drilling equipment, heavy construction vehicles, and others. Construction equipment is widely used for executing infrastructure tasks, construction of roads, buildings, institutes, and others.
Construction Equipment Market: Drivers & Restraints
Increasing Government Spending on Infrastructure
Modern infrastructure is essential for getting a change in the quality of life and economic development. Thus, the government is spending a huge amount on constructing major infrastructure projects. To execute these projects strong and durable equipment is required which is directly increasing the number of construction equipment needed. According to India Brand Equity Foundation (IBEF), the Indian Government announced to spend USD 1.4 trillion for the next five years on infrastructural development in Union Budget 2019–2020.
Thus, the increased government spending on infrastructure is expected to drive the construction equipment market growth during the forecast period.
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Rise in Construction Activities
The rise in per capita income has uplifted the purchasing power of consumers, ongoing urbanization, change in the standard of living, and others are the major reason for the rise in construction activities. Furthermore, the growing population will increase the demand for construction equipment to build commercial, residential, and industrial buildings, schools, institutes, roads, healthcare centers, and others. According to the United Nations, the world population is estimated to reach 8.5 billion in 2030 and by 2050 it will further increase by 9.7 billion.
Thus, the rise in construction activities is expected to boost market growth during the assessment period.
High Cost of Construction Equipment
The initial cost of construction equipment is high. In addition to this, the operational and frequent maintenance & repair cost and fuel needed by these vehicles increase the overall expenditure of this equipment which acts as a restraint to the market growth during the forecast period.
Construction Equipment Market: Key Segments
- By Equipment Type: Earth Moving Equipment, Construction Vehicles, Material Handling Equipment, Tunnelling Equipment, and Other Construction Equipment.
- By Propulsion: Gasoline, Diesel, and Others.
- By Application: Infrastructure, Residential, Commercial, Industrial, and Others.
- By Region Covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa with individual country-level analysis.
Construction Equipment Market: Report Scope
The report on the construction equipment market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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List of the leading companies operating in the Construction Equipment Market include:
- AB Volvo (Sweden) (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Caterpillar (US)
- CNH Industrial America LLC. (UK)
- Liebherr (Germany)
- Terex Corporation (US)
- Komatsu Ltd. (Japan)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- Doosan Heavy Industries & Construction (South Korea)
- KOBE STEEL, LTD. (Japan)
- Deere & Company (US)
- Other Key Companies
Construction Equipment Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Construction Equipment Market, by Equipment Type
Earth Moving Equipment
Material Handling Equipment
- Concrete Mixture
- Road Rollers
- Rock Drilling Equipment’s
- Jack Hammer
- Truck Mounted Drill
- Tunnel Boring Machines (TBM)
- Road Headers
Other Construction Equipment
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Construction Equipment Market, by Propulsion
Construction Equipment Market, by Application
Construction Equipment Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the world?
- How are the key players leveraging in the present market scenario globally?
Table of Content
- RESEARCH DESIGN & SCOPE
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
- INDUSTRY TRENDS — PORTERS FIVE FORCES ANALYSIS
- CONSTRUCTION EQUIPMENT MARKET BY EQUIPMENT TYPE, Market Size in USD Million and Units (2019–2027)
- CONSTRUCTION EQUIPMENT MARKET BY PROPULSION, Market Size in USD Million and Units (2019–2027)
- CONSTRUCTION EQUIPMENT MARKET BY APPLICATION, Market Size in USD Million and Units (2019–2027)
- CONSTRUCTION EQUIPMENT MARKET BY REGION, Market Size in USD Million and Units (2019–2027)
- COMPETITIVE LANDSCAPE
- COMPANY PROFILES
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