Construction Equipment Market to Reach USD 222.14 Billion by 2028 | The construction equipment industry shows a CAGR of 6.6% during the period 2021-2028

Leading companies in the global construction equipment market are AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Infracore Co. Ltd., Hitachi Construction Machinery Co., Ltd., C. Bamford Excavators Ltd., Liebherr Group, CNH Industrial NV, Hyundai Construction Equipment Co., Ltd., SANY Group

The Globalconstruction equipment market sizewas USD 133.37 billion in 2020. The market is expected to grow from USD 141.99 billion in 2021 to222.14 billion USD in 2028to6.6% CAGRover the period 2021-2028. This information is published by Fortune Business Insights™, in its report titled “Construction Equipment Market Analysis Research Report, 2021-2028”. According to our researchers, the growth of the global market is evidenced by the upsurge in public-private partnerships (PPPs), the increase in industrial, residential and commercial construction events, and the increase in government funding in infrastructure expansion.

Additionally, the major players operating in the market are funding research and development acts for the improvement of equipments to provide proficient equipments to industries and end users comprising mining, agriculture, forestry, material handling , waste control and municipal equipment. This is expected to support the construction equipment market growth over the forecast period.

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industry development

May 2021:Liebherr’s new dump wagon, the TA 230, won the Red Dot Award for best structural superiority.

Impact of COVID-19

COVID-19 to prevent partial or total shutdown of construction activities

The building and construction industry is one of the sectors most affected by the global COVID-19 pandemic. The coronavirus pandemic has crippled several business enterprises around the world.

According to the European Construction Equipment Committee (CECE), the COVID-19 pandemic has largely affected around 60% of the European construction equipment industry. The negative influence is mainly on original equipment manufacturers (OEMs). Also, according to the Association General Contractors of America (AGC) report, approximately $160 billion in US construction projects are negatively impacted due to the unfortunate event of the pandemic.

Global Players Included in the Construction Equipment Market Report

  • AB Volvo (Gothenburg, Sweden)
  • Caterpillar Inc. (Illinois, USA)
  • Komatsu Ltd. (Tokyo, Japan)
  • Doosan Infracore Co. Ltd. (Seoul, South Korea)
  • Hitachi Construction Machinery Co., Ltd. (Tokyo, Japan)
  • JC Bamford Excavators Ltd. (Rochester, UK)
  • Liebherr Group (Bulle, Switzerland)
  • CNH Industrial NV (London, UK)
  • Hyundai Construction Equipment Co., Ltd. (Seoul, South Korea)
  • SANY Group (Beijing, China)

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In addition, the partial or complete closure of construction sites has therefore severely affected the equipment rental industry. In addition, major players have taken the decision to temporarily halt their industrial activities around the world in the first quarter of 2020.

For example, in April 2020, Hitachi Construction Machinery Co. Ltd. clarified that the company is set to gradually regulate the manufacture, assembly line and painting of medium and large excavators, hydraulic machines and medium wheel loaders at its four Japan-based plants within months. of April and May.

Report cover

The report provides a methodical study of the Construction Equipment market fragments and in-depth analysis of the market overview. A thoughtful assessment of recent market trends as well as future prospects is offered in the report. It further shares an exhaustive analysis of regional insights and their role in shaping the growth of the Construction Equipment market. The impacts of COVID-19 were recently mentioned in the report to help financiers and professionals better recognize the risks. It focuses on the essential players and their important strategies to stay in the leading position.

Segmentation

On the basis of equipment type, this market is segmented into earthmoving equipment, material handling equipment & cranes, concrete equipment, road construction equipment, civil engineering equipment, crushing & screening equipment, and others. In terms of region, the market is branched across North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

By application, the construction equipment market is categorized into residential, commercial, and industrial. The industrial application segment is expected to witness gradual growth in the near future due to increasing industrialization and foreign direct investment (FDI) for many international manufacturing units in emerging economies.

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Drivers and Restrictions

Implementing Innovative Construction Equipment to Navigate Market Growth

Customers around the world are demanding more fuel efficient and technologically advanced equipment to boost construction activities. The implementation of elevated equipment decreases labor costs, the traceability of the work carried out at each development phase and further decreases operating costs.

Key companies are working tirelessly to expand their area of ​​activity by offering products, services or solutions, associated with new values ​​that take full advantage of information and communication technologies and IoT technologies (Internet of objects).

Moreover, they participate in the presentation of advanced equipment which can not only meet the requirements of customers, but also meet the public and ecological problems. Therefore, end users are naturally fascinated by these devices. Lately, Black Cat Civil, an Australian company, has found Cat Next Gen earthmoving machinery to be a strong counterpart for its technology-based business model.

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Regional outlook

Asia-Pacific is expected to dominate the market and hold the largest construction equipment market share during the forecast period. The growth seen in the region is likely driven by the emergence of online retail equipment, accessibility of machines on a rental basis, increase in public funds in infrastructure development, increase in capital investments.

Europe generated considerable revenue in 2019 and is expected to see growth due to growing demand for new housing projects, improving engagement levels and many more. Likewise, as Germany is considered the home of Europe’s most successful machinery and equipment sector, it is expected to have significant development prospects during the forecast period.

The solid existence of key companies such as Caterpillar and Sany America is contributing to the growth of the construction equipment market in North America. Moreover, the obvious determinations of these companies regarding technological advancements, planned associations, purchases and emphasis on after-sales services are also estimated to influence the latent market in North America.

Competitive landscape

Key players opt for next-gen construction equipment to expand their product collection

Major market leaders such as JCB, Caterpillar Inc., Komatsu, Liebherr and AB Volvo control the global market, ruling around 40% of the market share. Their authority is due to the strong customer base of these companies around the world, as well as the rising investment for product expansion. Additionally, Caterpillar Inc. holds the maximum share of the global construction equipment market, owing to its years of solid existence in the market and huge pool of customers.

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To see the original version on The Express Wire, visit Construction Equipment Market to Reach USD 222.14 Billion by 2028 | The construction equipment industry shows a CAGR of 6.6% during the period 2021-2028


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