The global Construction Equipment Market size is expected to reach USD 173.0 billion by 2027, expanding at a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Rising construction activities, technological development, automation, and increased importance for incorporating safety features are expected to drive the market. The prominent manufacturers have an increased focus on product development and have identified it as the key strategy to achieve sustainable market progress. The companies have recognized the market shift toward electric mobility and a sustainable future. For instance, in December 2019, Hitachi Construction Machinery Co., Ltd. announced the development of a battery-powered mini excavator.
The demand had earlier witnessed a slowdown owing to sluggish growth of the construction industry and economic conditions. However, the market is expected to grow at a steady growth rate in the upcoming years. The prominent factors contributing to the market growth are growing residential, commercial, and industrial construction activities and increasing private-public partnerships. Customers now prefer renting the equipment rather than spending money on buying them, thus helping them save investments on procurement and maintenance of the equipment. Many companies are entering in the equipment rental business owing to its high profitability. However, in terms of large-scale projects that are time-intensive, the purchase of machinery proves beneficial.
The earthmoving machinery segment accounted for the highest market share of around 64% in 2019. Increasing demand for this equipment from developing countries is driving the growth of this segment. China is considered as a leader in the earthmoving machinery segment. The country faced weak economic conditions in 2019, thus the government actively implemented measures such as tax cuts and boosted the funding for infrastructure activities. These factors acted favorably in securing the market demand for various types of equipment. However, the recent coronavirus outbreak is projected to hamper the growth prospects owing to slow down in production and supply chain problems.
The North American construction equipment market is anticipated to perform positively in 2020, owing to the U.S. government’s keen focus on enhancing the transportation infrastructure. According to the American Road & Transportation Builders Association (ARTBA), the construction activity for parking lots, private highways, driveways, and bridges is estimated to reach a value of approximately USD 72 billion in 2020 and is projected to grow over the next five years. Thus, the development in construction activities is anticipated to drive the market growth in U.S. over the forecast period.
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Further key findings from the report suggest:
- Earth moving machinery emerged as the largest product segment in 2019 and is anticipated to reach more than USD 104.0 billion by 2027
- The concrete and road construction machinery segment is expected to register a CAGR of 6.2% over the forecast period
- The Asia Pacific region dominated the market in 2019 and is anticipated to expand at a CAGR of 4.9% over the forecast period.
- The market is highly competitive and relatively concentrated, with the top five companies dominating the market share
- The top five key players in the construction equipment market are Caterpillar Inc.; Komatsu; Hitachi Construction Machinery; Liebherr; and Volvo construction equipment.
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Grand View Research has segmented the global construction equipment market on the basis of product and region:
Construction Equipment Product Outlook (Revenue, USD Billion, 2016 – 2027)
- Earth Moving Machinery
- Material Handling Machinery
- Concrete & Road Construction Machinery
Earth Moving Machinery Outlook (Revenue, USD Billion, 2016 – 2027)
Material Handling Machinery Outlook (Revenue, USD Billion, 2016 – 2027)
- Crawler Cranes
- Trailer Mounted Cranes
- Truck Mounted Cranes
Concrete and Road Construction Machinery Outlook (Revenue, USD Billion, 2016 – 2027)
- Concrete Mixer & Pavers
- Construction Pumps
Construction Equipment Regional Outlook (Revenue, USD Billion, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Construction Equipment Rental Market: https://www.grandviewresearch.com/industry-analysis/construction-equipment-rental-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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