According to a report by Grand View Research, Inc., global construction equipment market is anticipated to value USD 112.52 billion by 2025. Growing need for advanced machines for development of public infrastructure is predicted to impel demand for construction equipment.
Increasing investments from governments across various nations to develop public infrastructure can fuel growth of market. Increasing use of advanced machines to execute construction activities in developing countries can stimulate market growth. Growing adoption of various construction equipment acquired on rental basis to perform construction activities with ease can spur growth of market in coming years. Rising demand for residential space attributed to urbanization can stimulate market growth. Continual technological advancements in construction equipment in terms of productivity and capacity can fuel market growth during the forecast period (2015 to 2025).
The construction equipment market can be segregated on the basis of product type and region.
Based on product type, the market can be categorized into material handling machinery, earth handling machinery, and concrete & road construction machinery. In 2017, earth moving machinery segment dominated the market and accounted for market share equivalent to USD 50.83 billion. Growing need for such machines attributed to growth of mining sector can fuel segment growth in coming years. In addition, these earth moving machines are expected to increase productivity. This, in turn can stimulate growth of segment in coming years.
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Earth moving machines can be segmented further into loaders, excavators, and others. Excavators dominated the market and accounted for 70% market share in 2017. Countries including India, China, and United States are expected to have demand for mini excavators and other similar machines. Increasing number of mining projects coupled with construction activities can fuel demand. In addition, loader segment is likely to grow well by 2025.
On the contrary, concrete and road construction machinery segment is anticipated to witness CAGR of 7% from 2018 to 2025.
Moreover, material handling machinery segment is predicted to witness significant growth in developed countries during the forecast period. Increasing number of construction activities including commercial buildings and skyscrapers can boost demand for such machines in coming years. These machines can include trailer mounted cranes, crawler cranes, and truck mounted cranes. In 2017, truck mounted cranes accounted for highest market share.
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Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2017, North America dominated the market and accounted for market share equivalent to USD 27.88 billion. Increasing use of steer skid loaders can fuel growth of market. The region is predicted to account for 75% market share in coming years. In addition, rising demand for backhoe loaders in the region can further stimulate growth of market. Moreover, growing adoption of large equipment including loaders and motor graders in the region can augment market growth over next few years.
On the contrary, Asia Pacific is predicted to witness decline in demand for heavy construction equipment in 2016. Devaluation of Chinese currency is expected to impact demand for these equipment in particular year. However, increasing number of manufacturing companies offering heavy construction equipment in China can fuel market growth in coming years. In addition, low labor and production cost in China can gain traction among global companies to outsource their manufacturing functions to China. This, in turn can fuel growth of market in the region during the forecast period. Moreover, China is predicted to witness highest CAGR during the forecast period. Other Asia countries including Indonesia and India are estimated to be promising regional markets. Increasing investments from governments of these countries towards development of public infrastructure can further influence market growth.
Some of the leading companies offering construction equipment are Caterpillar Inc.; Hitachi Construction Machinery Co., Ltd.; Komatsu Ltd.; Liebherr; and AB Volvo. Growing awareness regarding safety at workplaces can push these manufacturing companies to focus on advanced construction equipment. In addition, stringent government regulations towards use of off-highway vehicles can further push manufacturing companies to increase safety features in construction equipment. Most companies are expected to adopt business strategies including mergers and acquisitions to maintain competitive advantage over others.
Grand View Research has segmented the global construction equipment market on the basis of product, sub-product, and region:
Construction Equipment Product Type Outlook (Revenue, USD Billion, 2015 – 2025)
Earth Moving Machinery
Material Handling Machinery
Concrete & Road Construction Machinery
Earth Moving Machinery Type Outlook (Revenue, USD Billion, 2015 – 2025)
Material Handling Machinery Outlook (Revenue, USD Billion, 2015 – 2025)
Trailer Mounted Cranes
Truck Mounted Cranes
Concrete and Road Construction Machinery Outlook (Revenue, USD Billion, 2015 – 2025)
Concrete Mixer & Pavers
Construction Equipment Regional Outlook (Revenue, USD Billion, 2015 – 2025)
Middle East & Africa
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