The global market for
construction equipment is expected to reach USD 208.36 billion by 2020,
according to a new study by Grand View Research, Inc. Growing number of
infrastructure projects on a global scale is expected to be the key driving
force for the market over the next six years. Increasing mining activities
which require the use of construction equipment are also expected to positively
impact the industry over the forecast period.
Technological development has
led to the use of advanced machinery that offers considerable benefits over
traditional mechanical equipment. Availability of options such as leasing of
construction equipment to drive cost effectiveness is also expected to fuel
market growth over the forecast period. Safety and security issues such as
mishandling of equipment need to be handled in order to prevent heavy losses.
Since heavy construction equipment emits harmful gases such as nitrous oxide
and carbon dioxide, meeting stringent fuel emission standards set by regulatory
authorities is a challenge for industry participants.
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Further key findings from the study suggest:
- Earth moving machinery accounted for over 40% of the overall market in 2013, and is expected to remain the largest product segment over the forecast period. Material handling machinery includes crawler cranes, as well as truck mounted and trailer mounted cranes, and is expected to grow at the fastest rate of 5.7% from 2014 to 2020. Concrete mixers and pavers are expected to be the largest and fastest growing sub-segment of concrete and road construction equipment.
- Asia Pacific accounted for over 50% of the global market share in 2013, which can primarily be attributed to considerable revenue generation from China. Demand for equipment such as construction vehicles for infrastructure and mining activities are expected to give impetus to the regional market. RoW is expected to witness the fastest growth of 6.1% from 2014 to 2020, mainly due to construction activities in Brazil.
- Construction equipment market players include Caterpillar, John Deere, Hitachi Construction Machinery, Atlas Copco, Komatsu Ltd. And Doosan among others. Key strategies for market expansion include investment in R&D activities for product portfolio enhancement. Companies operating in the market also form strategic collaborations and long term agreements as part of their growth strategy.
For the purpose of this study, Grand View Research has
segmented the construction equipment market on the basis of product and region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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