Construction Equipment Market to Exhibit a Decent CAGR of 6.6% during 2021 to 2028; Liebherr Wins Red Dot Award for TA 230 Trash Truck: Fortune Business Insights™
Fortune Business Insights
9 min read
Leading Companies in the global Construction Equipment Market are AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Infracore Co. Ltd., Hitachi Construction Machinery Co., Ltd., C. Bamford Excavators Ltd., Liebherr Group, CNH Industrial N.V., Hyundai Construction Equipment Co., Ltd., SANY Group
Pune, India, July 13, 2021 (GLOBE NEWSWIRE) -- The global construction equipment market size was USD 133.37 billion in 2020. The market is projected to grow from USD 141.99 billion in 2021 to USD 222.14 billion in 2028 at a CAGR of 6.6% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Construction Equipment Market, 2021-2028.” According to our researchers, the global market growth is witnessed with the upsurge in public-private partnerships (PPP), surging industrial, residential, and commercial construction happenings, and escalating government funding in infrastructure expansion.
Moreover, key players functioning in the market are financing in research & development deeds for enhancement in equipment in order to deliver competent equipment for industries and end-users comprising mining, agriculture, forestry, material handling, waste controlling, and municipal equipment. This is expected to bolster the construction equipment market growth during the forecast period.
Click here to get the short-term and long-term impact of COVID-19 on this market.
COVID-19 to Hinder Fractional or Total Termination of Construction Activities
The building & construction industry is one of the most adversely impacted sectors owing to the COVID-19 global pandemic. Coronavirus pandemic has crippled several commercial undertakings across the globe.
According to the Committee for European Construction Equipment (CECE), the COVID-19 pandemic expansively affected roughly about 60% of the European construction equipment industry. The negative influence is primarily on original equipment manufacturers (OEMs). Furthermore, as per the report by Association General Contractors of America (AGC), the U.S. construction schemes of approximately USD 160 billion are impacted adversely due to the unfortunate event of pandemic.
Additionally, the fractional or comprehensive shutting of constructing places has accordingly harshly affected the equipment leasing industry. Also, major players have arrived on the decision to momentarily shut down their industrial activities across the world in the first quarter of 2020.
For example, in April 2020, Hitachi Construction Machinery Co. Ltd. specified that the company is on the threshold to gradually regulate the manufacturing, assembly line and painting of medium and large sized diggers, hydraulic machineries and medium wheeled loaders at its four plants based in Japan in the months of April and May.
Report Coverage
The report delivers a methodical study of the market fragments and extensive analysis of the market overview. A thoughtful assessment of the recent market trends as well as the future prospects is offered in the report. It further shares an exhaustive analysis of the regional insights and their role in shaping the market growth. The COVID-19 impacts have been recently mentioned in the report to aid financiers and business professionals to recognize the risks in a better manner. It focuses on the vital players and their significant strategies to remain in the principal position.
On the basis of equipment type, this market is segregated into earthmoving equipment, material handling equipment and cranes, concrete equipment, road building equipment, civil engineering equipment, crushing and screening equipment, and others. In terms of region, the market is branched into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By application, the market is classified into residential, commercial, and industrial. Industrial application segment is predicted to depict progressive growth in the near future owing to growing industrialization and foreign direct investments (FDI) for numerous international manufacturing units in emerging economies.
Drivers and Restraints
Implementation of Innovative Construction Equipment to Navigate Market Growth
Customers across the world are requesting for better fuel-efficient, technologically advanced equipment for boosting constructing activities. Implementation of elevated equipment decreases labour costs, tracing of work done in every phase of development, and further diminishes functioning costs.
Key companies are working relentlessly on extending their business domain by offering products, services or solutions, coupled with fresh values which take complete benefit of Information and Communication Technology and IoT (Internet of Things) technologies.
Furthermore, they are involved in presenting advanced equipment that can not only satisfy customer requirements, but also tackle public and ecological issues. Therefore, the end-users are naturally fascinated by these apparatuses. Lately, Black Cat Civil, an Australian company found the Cat Next Gen earthmovers to be a solid counterpart for their technology-based business model.
Asia Pacific is expected to appear dominant in the market and is likely to hold the largest construction equipment market share during the forecast period. Growth observed in the region is probable to be motivated by the occurrence of online retail amenities, accessibility of machinery on rental basis, increasing government funds in infrastructure development, augmentation in capital investments.
Europe produced a considerable revenue in 2019 and is anticipated to observe growth owing to rising demand for fresh housing projects, refining engagement level, and many more. Likewise, as Germany is measured as the home to Europe’s best-performing machine and equipment sector, it is anticipated to have substantial prospects to develop over the forecast period.
The robust existence of the key companies such as Caterpillar, and Sany America is assisting the growth of the market in North America. Moreover, the obvious determinations of these companies concerning technological advancements, planned associations, procurements, and emphasis on the aftermarket services are also estimated to sway the market latent in North America.
Competitive Landscape
Key Players Opt for Next-Gen Construction Equipment to Magnify their Product Collection
The prominent market frontrunners such as JCB, Caterpillar Inc., Komatsu, Liebherr and AB Volvo control the world market, by governing about 40% of the market share. Their authority is owing to the robust customer base of these companies globally, as well as the rising chart of investments for product enlargement. Furthermore, Caterpillar Inc. holds the maximum share in the global market, owing to its years of robust market existence and enormous customer pool.
Industry Development
May 2021: Liebherr’s newly pronounced junkyard wagon, TA 230 earned the Red Dot Award for best structure superiority.
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