Construction Equipment Market is Set to Garner Staggering Revenues Of $173.0 Billion By 2027 “The global construction equipment market is anticipated to attain USD 173.0 billion, by the end of 2027, and is anticipated to grow at compound annual growth rate of 4.3% during the forecast period, 2020 to 2027”
Global Construction Equipment Market study offers detail overview of industry with all the requisite data to support tactical business decisions and come up with strategic growth plans. This study also proposes a comprehensive insight into the development policies and plans in addition to manufacturing processes and cost structures. Key Reasons to Purchase: • To gain insightful analyses of the market and have a comprehensive understanding of the global Construction Equipment market and its commercial landscape. • Assess the production processes, major issues, and solutions to mitigate the development risk. • To understand the most affecting driving and restraining forces in the Construction Equipment market and their impact in the global market. • Learn about the Construction Equipment market strategies that are being adopted by leading respective organizations. • To understand the outlook and prospects for the market. • Besides the standard structure reports, we also provide custom research according to specific requirements. The global construction equipment market is anticipated to attain USD 173.0 billion, by the end of 2027, and is anticipated to grow at compound annual growth rate of 4.3% during the forecast period, 2020 to 2027, according to the new report by Million Insights. Growing construction activities, technological automation, and development with importance on safety measures is projected to spur market growth. Key manufacturers focus on new product development for market growth. For example, Hitachi Construction Machinery has introduced a battery-powered excavator to eliminate fuel consumption.
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Construction industry is expected to grow at a substantial rate in the next few years. Rising public-private partnerships and growing industrial, residential construction are anticipated to bolster market growth. Contractors, builders prefer to rent service instead of buying equipment. Thus, various companies offer rental services to consumers. However, in large scale construction projects machinery purchase proves to be more beneficial. In 2019, the earthmoving machinery type segment dominated the construction equipment market with the highest share of over 64.0% in the overall market. China leads the earthmoving machineries market. Government is implementing tax cuts have boosted infrastructural activities. However, the COVID-19 outbreak expected to restrain the market growth due to slowdown manufacturing, and production activities. The North America market is estimated to expand at a significant rate in the forecast period. Moreover, supportive government initiative in transportation infrastructure in the U.S. is contributing to market growth. According to the Road & Transportation Builder Association of America (ARTBA) construction of highways, bridges, and parking lots activity is predicted to reach USD 72.0 billion in 2020.
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Further key findings from the report suggest: • Earthmoving machinery segment is anticipated to account for USD 104.0 billion by end of 2027. • Concrete & road construction machinery type segment is projected to expand at the CAGR of 6.2% from 2020 to 2027. • Asia Pacific is projected to grow at the CAGR of more than 4.9% over the forecasted period. • The market is heavily competitive with the key players leading the market with majority share. • Key players include Hitachi Construction Machinery, Komatsu, Volvo construction, Caterpillar Inc., and Liebharr.
Million Insights has segmented the global construction equipment market based on 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) • Excavators • Loaders • Others
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 • Others Construction Equipment Regional Outlook (Revenue, USD Billion, 2016 - 2027) • North America • U.S. • Canada • Europe • Germany • U.K. • Asia Pacific • China • India • Japan
• Latin America • Brazil • Mexico • Middle East & Africa
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