Construction Equipment Market 2016-2024 Industry Analysis and Future Insights
Construction Equipment Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Construction Equipment Market was valued at USD 130 Billion in 2016 and projected to reach USD 240 Billion by 2024 growing at a CAGR of 8% during the forecast period 2016 to 2024.
Strong growth in the construction sector stimulates demand of compact construction equipment. The backhoe loader, excavator, compact loader, telescopic loader, chain loader, etc. are the different types of compact equipment used in the construction. Of these, the backhoe is expected to dominate the global market throughout the period under review due to its wide scope. The end-users that have strong demand for this equipment include the metallurgical and mining industries, construction, agriculture and others. In 2016, the construction sector had the largest market share due to an increase in the number of infrastructure improvements. The global market is having various applications that supports its market demand such as loading, excavation, handling, lifting and forking, etc. In 2016, the supported applications segment had the highest market share due to the increase in construction activity.
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Construction Equipment Market Growth Drivers and Restraints:
The compact machines of construction are small, light, highly efficient and capable of performing multiple tasks in comparison with heavy equipment. The growth in the construction sector is the main factor driving the growing demand for compact construction equipment, as it is extremely versatile, easy to move and from one place to another. Population growth and rapid urbanization are also contributing to the development of the construction sector. This in turn stimulates the demand for compact construction equipment. Furthermore, the rising demand for smart cities and smart buildings around the world to control the energy wastage has been a determining factor for the market growth. The rising disposable income, support initiatives by the government and the growing demand from construction companies also accelerate the demand for these compact devices in construction.
However, the increase in production costs, the shortage of skilled labor and the fluctuations in fuel prices hamper market growth.
Geographical Analysis of Construction Equipment Market:
It is expected that the market for compact construction equipment for the Asia-Pacific region will grow significantly in the near future as a result of infrastructure development, population growth, GDP of its developing countries and construction activities.
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Key Players of Construction Equipment Market:
The key players of Construction Equipment Market are Caterpillar, Inc., JCB, Inc., John Deere, King Machinery, Komatsu, Mustang, Sany, Hyundai Heavy Industries Co. Ltd., Volvo, and XCMG.
Construction Equipment Market Segmentation:
By Product Type:
- Earthmoving Equipment
- Road and Concrete Equipment
- Material Handling Equipment
- Others ( Pavers, Boring Equipment, etc)
By Provider Type:
- New Equipment Providers
- Used Equipment Providers
- Equipment Service and Repair Providers
By End User:
- Building Construction
- Oil and Gas
- Mining
- Others (Agriculture, Military, Public Works etc)
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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