Construction Equipment Market to Grow at 5.08% CAGR By 2026
Rapid increase in infrastructure development
projects, favorable government policies and technological advancements in
construction industry are expected to drive the global construction equipment
market through 2026.
According
to TechSci Research report, “Global Construction
Equipment Market By Product Type (Loader, Cranes, Forklift,
Excavator, Dozers, and Others), By Power
Output (<100 hp, 101-200 hp, 201-400 hp, and >400
hp), By
Application (Material
Handling, Excavation & Demolition, Recycling & Waste Management, Tunneling
and Others), By End
User Industry (Oil & Gas, Construction,
Infrastructure, Manufacturing, Others), By Region, Competition, Forecast &
Opportunities, 2026” the global
construction equipment market stood at USD126.50 billion in terms of value in 2020 and is
projected to grow at CAGR of 5.08% to reach USD177.50 billion by 2026. The basic operations involved in the
construction of any project are excavation, digging of large quantities of ground
and moving soil to fairly long distances, placement, compacting, levelling,
dozing, grading, hauling, etc., where construction equipment is used.
Browse 143 market data Figures spread through 189 Pages and an in-depth TOC on " Global Construction Equipment Market”
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Based on end user
industry, the market is segmented into Oil & Gas, Construction,
Infrastructure, Manufacturing and Others. Construction is the leading end user
industry in the construction equipment market with a share of 28.09% in 2020. This
is due to some of the major economies of the world such as United States,
China, Japan, Germany, Spain, India and Australia have invested in major
construction projects such as affordable housing projects, megacity developments,
hotel and hospital construction, and smart city projects, boosting the demand
for construction equipment in this sector, globally. Additionally, mega construction
projects like Jubail II industrial city project in Saudi Arabia, Qiddiya on the
outskirts of Riyadh, and Dubailand in Dubai, etc., enhance the demand for
construction equipment in the construction end user industry.
Based on type, the market is segmented
into Loader, Cranes, Forklift, Excavator, Dozers, and Others. In 2020, the excavator
segment is dominating with a share of 32.99% in the construction equipment
market and is expected to grow at a CAGR of 4.44% from 2021-2026. Excavators
are available in a variety of sizes and configurations and are specifically
used for landscape grading, material handling, demolition, underground
excavation, amphibious and underground operations, forestry, and debris
removal, among others. Excavators are primarily used in construction projects
for landscaping, digging holes and trenches, lifting and placing pipelines,
etc.
In the year 2020, to prevent the spread
of COVID-19, the whole world was under the lockdown which impacted the global
construction equipment market.
According to TechSci Research’s estimates, the market suffered a decline of 7.58%
in terms of value. This decline left a remarkable depreciation in the market,
but the market is currently reviving and is set to overcome the descent in
2021-2022, owing to the shift towards the focus of all the organizations this pandemic has adversely affected the
construction sector and the demand for construction equipment decreased
immensely worldwide.
Based on region, Asia-Pacific accounted
for the largest share of 41.25% in the construction equipment market owing to
aging transportation infrastructure and traffic congestion, which are
augmenting infrastructure activities in the region, thereby creating ample
demand for the construction equipment market in the upcoming years. Moreover, the
Smart City Project, along with continued investments into India’s building
construction sector and ongoing Colombo port construction is estimated to
propel the demand for construction equipment market in the coming years.
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Some of the major players operating in
the global construction equipment market are Volvo Construction Equipment
AB, Komatsu Ltd., Liebherr Group, Zoomlion Heavy Industry Science And
Technology Co., Ltd, Caterpillar
Inc., Atlas
Copco AB, Hitachi Ltd., CNH
INDUSTRIAL N.V., TEREX
CORPORATION, Hyundai Doosan Infracore (Doosan Infracore Co., Ltd.), Deere & Company (John Deere), and Xuzhou
Construction Machinery Group Co., Ltd. (XCMG), among others. Companies operating in the market are using
organic strategies such as service advancements through addition of new
features, partnerships, and mergers & collaborations to boost their share
in the global
construction equipment market.
“With rising technological advancements in
industries, adopting new versatile methods for project execution is in high
demand. The requirement of construction equipment is not only limited to
constructing infrastructure or buildings, rather they are used in diverse
fields like mining, agriculture, prefabricated houses, etc. Hence, the demand
for construction equipment would arise in several multi-functional areas.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Global
Construction Equipment Market By Product
Type (Loader, Cranes, Forklift, Excavator, Dozers, and Others), By Power Output (<100 hp, 101-200 hp,
201-400 hp, and >400 hp), By
Application (Material
Handling, Excavation & Demolition, Recycling & Waste Management, Tunneling
and Others), By End
User Industry (Oil & Gas, Construction,
Infrastructure, Manufacturing, Others), By Region, Competition, Forecast
& Opportunities, 2026” has evaluated
the future growth potential of the global construction equipment market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global construction equipment market.
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