Rising global population, thus constantly increasing demand for residential space across the world is boosting the Construction Equipment Market for performing tasks like hoisting, excavating, hauling, paving, grading, and drilling. Building and Realty Sector is the leading application field for the usage of the equipment like excavators, loaders, construction tractors, graders, rollers, scrapers, conveyors, cranes, compactors, and pavers. Basically, growth in high-rise building constructions is acting as the top end market driver globally.
According to a recent market study, it is projected that the Global Construction EquipmentMarket will grow at 12% CAGR during the forecast period 2016-2020.
This market research includes a detailed segmentation of the global construction equipment market by product type (earthmoving equipment, material handling equipment, and road & concrete equipment) in detail.
The ability to meet changing customer demands and expectations is acting as a current barrier for the market but is expected to change soon with passing time and improving market statistics.
Market Growth Trends:
Increased demand for energy-efficient construction equipment is the one of the leading trends in the global industry which is expected to drive the overall sales and revenue of the market in the coming decade. With growing investments and advancements in technology, the market is sure set to rise to healthy heights.
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.
Americas, APAC, Europe, the Middle East, and Africa (EMEA) are the regions included in this market report for detailed analysis.
Key Market Vendors:
Caterpillar, Deere, Komatsu, Terex and Volvo are noted to be the top 5 market players for the global Construction Equipment Industry. Some other prominent competitors of the market which are also included in this report are CNH Industrial, Doosan Infracore, Manitou Americas, Guangxi Liugong, JCB, Guangxi Liugong Machinery, Lonking Holdings, Sany Heavy Industry, Shantui Construction Machinery, Sumitomo Heavy Industries, XCMG and Xiamen XGMA Machinery.
The global report on Construction Equipment covers the present scenario and the growth prospects of the global construction equipment market for 2016-2020. To calculate the market size, industry experts have considered the revenue generated by the sale of construction equipment worldwide. Also, as part of the scope for the report, the end uses of construction equipment in the infrastructure and residential construction sectors have been considered.
Overall, this report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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