Construction Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Construction Equipment Market Research Report, Equipment, End Use, Application and Region - Forecast till 2027” Construction Equipment Market is projected to be worth USD 182.4 billion by 2027, registering a CAGR of 6.4% during the forecast period (2021 - 2027).the market was valued at USD 125.27 billion in 2020.
The global construction equipment market is growing rapidly. The market growth attributes to the burgeoning construction industry and the vast advantages that equipment offer. With emerging trends, such as autonomous and zero-emission construction equipment, the market is projected to garner significant traction during the years to come. Besides, rising uses of heavy machinery equipment such as backhoes, forklifts, and excavators are major trends influencing the construction equipment market shares.
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Key Companies Profiled in the Construction Equipment Market Report are –
- Caterpillar Inc.
- Hitachi Construction Machinery Co. Ltd.
- AB Volvo
- Komatsu Ltd.
- Doosan Heavy Industries Construction Co. Ltd.
- Liebherr Group
- J.C. Bamford Excavators Limited
- Kobe Steel Ltd.
- Atlas Copco AB
- Hyundai Heavy Industries Co. Ltd., among others.
Rising Uses of Technologically Advanced Construction Equipment Drive the market growth
Growing demand for heavy machinery equipment and rapid economic growth worldwide increase the construction equipment market share. Moreover, an increase in smart city projects accelerates the market growth largely. Stronger growth in businesses and increased used equipment sales would further bode well for a recovery in construction activities later in 2021.
The increasing adoption of innovative technologically advanced construction equipment and population in urban areas create strong market demand. Over the last decade, construction companies have evolved vastly in terms of the adoption of advanced technologies. Innovations in construction equipment have been favoring the construction industry, reducing labor and time. Additionally, rising construction equipments used in large, medium, and small-scale industrial construction projects help the market grow further.
Browse In-depth Market Research Report (116 pages) on Construction Equipment
COVID 19 Impacts
The COVID-19 crisis severely hit the construction equipment industry. Lockdown mandates impacting production and sales, disrupting the manufacturing of construction equipment. Besides, the pandemic disrupted the global supply chain and halted import exports of key raw materials and components required for production, affecting the market size.
Moreover, the changing consumer purchasing pattern due to economic uncertainties affected the demand for construction equipment, halting mega construction activities. However, as various construction activities return to normalcy, the demand for construction equipment is picking up gradually. The gradual reopening of construction sites would further create vast market demand.
The construction equipment market outlook appears extremely promising. Major industry trends include growing mining and construction industries worldwide and huge RD investments made by manufacturers. Construction equipment market trends include favorable government policies and initiatives for product and infrastructure development projects.
Additionally, developing regions are expected to present many untapped opportunities for the construction equipment market. Furthermore, growing government mandates and updated policies in emerging countries offer significant opportunities to market players.
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The construction equipment market analysis is segmented into equipment types, applications, end-users, and regions. The equipment type segment is sub-segmented into earthmoving, material handling, concrete, and others. Among these, the earthmoving segment accounts for the largest market share.
The application segment is sub-segmented into oil gas, infrastructure, construction, agriculture, mining, and others. The end-users segment is sub-segmented into lifting material handling, earthmoving, excavation, mining, transport, and others. Based on the regions, the market is sub-segmented into Americas, Europe, Asia-Pacific, Middle East Africa, and the rest of the world.
The Asia Pacific region accounts for the largest construction equipment market share. Ample availability of raw materials cost-competitive workforces is major construction equipment market trends. Besides, the significant growth in the construction industry boosts the construction equipment market size in the region. Rising infrastructure development activities and increasing numbers of mega construction projects, such as dams canals construction, drive the construction equipment market growth. India and China, with their recent technological developments, contribute to the regional market growth exponentially.
The construction equipment market is about to witness several strategic initiatives, such as mergers acquisitions, collaboration, expansion, and product launches. Major industry players are also making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 22, 2021, Mahindra Construction Equipment (MCE - India) launched BSIV compliant construction equipment, including motor grader - Mahindra RoadMaster G9075 G9595 backhoe loader – and Mahindra EarthMaster SX, and VX. Also, the company announces entry into the lower HP BHL segment with EarthMaster SX Smart50.
With these disruptive equipment and services launches, the company reaffirms its commitment to superior performance, higher uptime, and lower operating and owning costs and thereby higher profits.
In another instance, on June 23, 2021, Caterpillar announced signing an agreement with Nouveau Monde Graphite, a Canadian mining company, to develop, test, and produce zero-emission machines for graphite mining projects. Nouveau Monde intends to field an all-electric fleet of mining equipment by 2028. Caterpillar would engage with Nouveau Monde’s team to test the zero-emission fleet and infrastructure before commercial production.
The collaboration signifies an important milestone in the mining industry. Through integrated technology, machines, services, the entire Caterpillar team would construct and establish their first zero-emission mines.
Segmentation of Market covered in the research:
Information by Equipment (Earth moving, Material handling, Concrete, and others), by Application (Oil Gas, Infrastructure, Construction, Agriculture, Mining and others) by End-use (Lifting material handling, Earth moving, Excavation, Transportation, and others), and Region
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