Global Construction Equipment Market by Product (Concrete & Road Construction Machinery, Material Handling Machinery, Earth Moving Machinery) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global construction equipment market was valued at USD 124.7 billion in 2019. It is expected to grow at a 4.3% CAGR between 2020 and 2027. The market for this equipment is driven by the increasing investments made by governments around the globe to develop public infrastructure. In India, for example, there has been an increase in residential and commercial construction. The market is expected to continue growing steadily during the forecast period.

These equipment have been in high demand due to the growing use of rental businesses and public-private partnerships for infrastructure projects. There are many types of construction machinery that can be used to perform specific tasks. They require special technical knowledge. Construction machinery is a costly commodity. Not everyone can afford it. There are many construction projects which require temporary construction machinery. Modern safety technology has led to machinery costs rising over the years. This has made it more attractive for end users to rent these machines. Rental providers recognized the opportunity to grow and started to improve their existing equipment, driving demand for construction equipment.

Small builders, contractors, or construction firms can rent machinery from rental service providers to cut down on costs and avoid the need for repairs and maintenance. Due to its high profitability, many companies are now entering the rental of construction equipment. Because construction equipment is extremely durable machinery that can last 7-10 years, many companies rent out their old machinery to make a profit. The market is experiencing significant growth due to the growing trend in equipment rental.

Due to rapid urbanization in India and China, the demand for construction equipment is very high. Urbanization not only triggers the need for residential space, but also for other infrastructures like roads, hospitals and schools. The government invests significant amounts in the construction sector to meet the growing demand for these public infrastructures. According to the India Brand Equity Foundation, India will spend USD 1.4 trillion in infrastructure over the next five years. India's government would invest heavily in infrastructure, particularly on urban transport infrastructures like the metro rail network and renewable energy.

Product Insights

On the basis of product, the construction equipment market can be divided into three segments: earthmoving machinery (material handling machinery), concrete and road construction machinery (concrete and road construction machinery). In 2019, the earthmoving segment was dominant, but the concrete and road construction machinery segments are expected to grow at a 6.2% CAGR from 2020 to 2027. The market was dominated by excavators in 2019, which is the most earthmoving machine type. Compact excavators were developed because of the need to dig in tight spaces or conduct excavations. Manufacturers have been forced to design eco-friendly machinery due to stricter emission standards and reduced noise emissions. For enhanced operational capabilities, the earthmoving machinery segment, particularly excavators, is being integrated with telematics, convenience and safety technology such as lift assist, touchscreen infotainment and touchscreen infotainment.

In developed countries, the demand for material handling machinery like cranes is increasing. These types of machinery will be in high demand due to the increasing construction of large infrastructures, skyscrapers and commercial buildings. Concrete mixers and concrete pavers are in high demand due to increased investment in road construction projects. In countries like India and China, governments are taking the initiative to improve road infrastructure. Recently, the Indian government announced that it would spend INR 15 trillion in the next five-years to improve its highway infrastructure. This will drive the demand for concrete and road construction machinery over the forecast period.

Regional Insights

With a market share of around USD 60 billion, the Asia Pacific region was the dominant market. It is expected to grow at a CAGR 4.9% during the forecast period. China saw a strong performance due to infrastructure investment. Due to the increasing number of construction projects, both the excavator and heavy commercial truck sales saw strong performances in 2019. China is a significant contributor to the manufacture of construction equipment due to its many OEMs, low production costs, low labor costs, and the availability of excellent manufacturing facilities. The recent Coronavirus epidemic in China has had a negative impact on both the supply chain as well as the manufacturing sector.

Eurostat reports that the European region has displayed a positive outlook on the construction sector which has increased demand for construction equipment. The North American market is prominent and plays an important role. The strong push by rental companies and the increasing demand for high-tech machinery can explain the region's growth.

Market Share Insights & Key Companies

The market is extremely competitive and concentrated with five of the largest companies controlling the majority of the market share. The global market was dominated by key players such as Caterpillar Inc., Komatsu, Hitachi Construction Machinery, Liebherr, and Volvo Construction Equipment. For this market to remain competitive, technological innovation, fuel-efficient machinery and improved design will be key factors. Volvo Construction Equipment launched a new excavator in January 2020. It features boom down motion, which reduces fuel consumption and improves operational efficiency. Hitachi Construction Machinery also announced in December 2019 the creation of a battery-powered mini excavator. The new product development will be a key strategy for achieving market dominance in the future.

Construction Equipment Market Report Scope

The Report Covers Certain Segments

This report provides forecasts for revenue growth at the global, regional and country level and analyzes the most recent industry trends in each sub-segment from 2016-2027. Grand View Research has divided the global construction equipment market report by product and region.

• 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

  • Other

• 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

  • Other

• Regional Outlook (Revenue USD Billion, 2016-2027)

  • North America

    • Canada

    • The U.S.

  • Europe

    • The U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

These are the most frequently asked questions about this report

b. Global construction equipment market was valued at USD 124.68 million in 2019, and is forecast to grow to USD 128.72 in 2020.

b. Global construction equipment market will grow at a compound annual rate of 4.3% between 2020 and 2027, reaching USD 173.03 billion in 2027.

b. With a 47.53% share in 2019, Asia Pacific was the market leader in construction equipment. This can be attributed to the increasing government funding for the construction of advanced infrastructure in the region.

b. Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Liebherr and AB Volvo are some of the key players in the construction equipment market.

Up Market Research published a new report titled “Construction Equipment Market research report which is segmented by Product (Concrete & Road Construction Machinery, Material Handling Machinery, Earth Moving Machinery), By Players/Companies Ltd; Liebherr; and AB Volvo, Caterpillar Inc; Komatsu Ltd; Hitachi Construction Machinery Co”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Construction Equipment Market Report Segments:

The market is segmented by Product (Concrete & Road Construction Machinery, Material Handling Machinery, Earth Moving Machinery).

Construction Equipment Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Construction Equipment Market

Overview of the regional outlook of the Construction Equipment Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Construction Equipment Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Construction Equipment Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Concrete & Road Construction Machinery

                2. Material Handling Machinery

                3. Earth Moving Machinery

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Construction Equipment Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
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Reasons to Purchase the Construction Equipment Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.