The construction equipment market is capital-intensive. Since small construction firms find it difficult to afford construction equipment due to their high prices, vendors also provide equipment for rent. This is expected to lead to increased adoption of construction equipment during the forecast period. The analysts forecast global construction equipment market to grow at a CAGR of 12% during the period 2016-2020.
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Urbanization has led to the increased demand for infrastructure development projects like the construction of roads, sewage facilities, transit systems, and mega cities. This augmented need for better infrastructure facilities will spur growth in the construction equipment market during the predicted period.
An increase in urban population and living standards is leading to a rise in the construction of high-rise buildings. As of May 2015, around 460 high-rise buildings were under construction globally. APAC had the highest number of high-rise buildings under construction in 2015, accounting for around 74% of the total number of high-rise buildings.
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Product-type Segmentation of the Construction Equipment Market – Earthmoving equipment, Material handling equipment and Road and concrete equipment
The earthmoving equipment segment currently accounts for the largest market share and is expected to continue its dominance over the market until 2020.
Segmentation by Geography and Analysis of the Construction Equipment Market
The APAC region currently accounts for around 60% of the total market share and is expected to grow steadily at a CAGR of around 17% during the forecast period. Augmented investments in infrastructure development across all regions in APAC are expected to propel growth in the construction equipment market during the predicted period. Furthermore, factors like the growing urban population and rapid urbanization are resulting in the increased demand for new transport and utility infrastructures. This increase in the demand for new transport and utility infrastructures will result in the strong growth of this market in APAC until 2020.
The global construction equipment market is characterized by the presence of several prominent vendors in the market. In this market, the vendors compete on the basis of price, quality, innovation, after-sales service, and distribution to gain maximum market traction during the predicted period.
The top vendors analyzed in construction equipment market are Caterpillar, Deere, Komatsu, Terex, and Volvo.
Other prominent vendors in the market include CNH Industrial, Doosan Infracore, Manitou Americas, Guangxi Liugong Machinery, Hidromek, JCB, Guangxi Liugong Machinery, Lonking Holdings, Sany Heavy Industry, Shantui Construction Machinery, Sumitomo Heavy Industries, XCMG, and Xiamen XGMA Machinery.
Further, the construction equipment market report states that adherence to industry regulations is a major challenge faced by the market.
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