Construction Equipment Global Market Flourishes Relentlessly; Asserts MRFR Unleashing Industry Forecast Up To 2028

Global Construction Equipment Market - OverviewThe global construction equipment market size is projected to reach USD 225 Billion with a CAGR of 7% during the forecast period of 2021 to 2028Construction equipment is a critical tool for all construction projects. They are used at construction sites for reducing time and labor cost. The market is expected to continue with the moderate growth trend during the forecast period. There have been few factors driving the market such as increased demand from BRIC countries supporting the growth for construction equipment, construction development in Russia as it hosts the 2018 FIFA world cup, and high demand from Brazil. Huge investments in infrastructural projects in BRIC countries have spurred the demand for heavy construction equipment for commercial and residential purpose. Asia-Pacific region has given a tough competition to well established European and U.S. markets when it comes to heavy machinery. With the confirmation of 2018 FIFA World Cup in Russia, huge investment is being done on the infrastructural projects throughout different cities of Russia including St. Petersburg, Moscow and Sochi. Lots of investment is also being done for improving transport facilities. Around USD 4.2 billion is expected to be invested for development of communications, energy supply, transport, safety infrastructure, and utilities before the event. Furthermore, around USD 3.9 billion is expected to be spent on renovation of sport facilities. The construction sector in Brazil has witnessed a good growth with the development in Brazilian economy. Infrastructural projects in the region have been steadily rising. Consequently, there is a high demand for construction equipment, which is attracting big market players to enter the region for business expansion. Recently, Hyundai Heavy Industries opened its first construction equipment factory in Brazil.

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Key Players: AB Volvo (Sweden), Caterpillar Inc. (U.S.), Komatsu Ltd. (Japan), Doosan Heavy Industries & Construction Co. Ltd. (South Korea), Hitachi Construction Machinery Co. Ltd. (Japan), J.C. Bamford Excavators Limited (U.K.), Kobe Steel Ltd. (Japan), Liebherr Group (Switzerland), Atlas Copco AB (Sweden), and Hyundai Heavy Industries Co., Ltd. (South Korea) are some of the prominent players at the forefront of competition in the global Construction Equipment market and are profiled in MRFR Analysis. Global Construction Equipment Market - Competitive Analysis Construction equipment manufacturers have been more focused on launching new products in the market due to technical advancement, increasing demand for heavy equipment, and to have a competitive advantage. North American heavy equipment manufacturers introduced many new products in the market especially in the Asia-Pacific region due to high growth in construction activities in those regions. In order to strengthen their market position outside Asia-Pacific, many Asia-Pacific companies focused on growing in Europe and North America through Mergers & Acquisitions, and by signing various agreements for technical collaborations.European companies were more focused on strengthening their current markets and expanding into the South American and Asia-Pacific markets. Companies such as Caterpillar (U.S.), Manitowoc (U.S.), and John Deere (U.S.) have been the most active North American companies. XCMG (China), Hyundai Heavy Industries (South Korea), Doosan Infracore (South Korea) in Asia-Pacific and Liebherr (Switzerland), Volvo (Sweden) in Europe have been the most active companies in Europe.With the emergence of new technologies, the original equipment manufacturers have been launching sophisticated products and machinery. For instance, Komatsu began the launch of its Intelligent Hydraulic Excavator. It has begun in Europe and Japan and is expected to be followed by United States. The idea is to tap the regions which lead the ICT-based construction. Also, Komatsu has acquired 100% ownership of Joy Global Inc. (U.S.). The process got closed in the mid of 2017. This acquisition is expected to strengthen the core equipment business to achieve company’s sustainable growth.Caterpillar (U.S.) introduced its Cat utility vehicles – the gasoline-powered Cat CUV82 and diesel-powered CUV102D. The company gathered extensive customer and dealer input to build a UTV that delivers the combination of durability, comfort and maintenance simplicity. Features such as easy acceleration, clear sightlines and engine braking capability make the Cat UTV well suited for hauling and towing.Global Construction Equipment Market - SegmentsGlobal Construction Equipment Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.Segmentation By Equipment : Comprises – Earth moving, Material handling, Concrete, and others. Segmentation By End-use : Comprises – Lifting & material handling, Earth moving, Excavation, Transportation, and othersSegmentation By Application : Comprises – Oil & Gas, Infrastructure, Construction, Agriculture, Mining and othersSegmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the WorldGlobal Construction Equipment Market -

Regional Analysis

Geographically, Asia-Pacific and Latin America were the fastest growing regions by a wide margin. China continues to be the largest construction equipment market in 2016. Asia-Pacific is expected to continue showcasing robust construction spending growth. The construction spending in China standouts followed by India, Indonesia and Vietnam. All sectors are likely to witness significant growth, largely led by non-residential construction. Additionally, China not only exhibits significant levels of growth but is also the largest market in the world. Construction spending in China is shifting from the coastal cities to the interior and western provinces that will lead to the higher use of construction machinery. India, on the other hand, is seeking increase in private funding solutions in the provision of much of the new infrastructure needed. However, the reconstruction is only expected to provide a short-term boost to construction activity that is likely to return to trend later in the decade. In Southeast Asia relatively strong construction spending growth is also expected in Indonesia and Vietnam, as both countries upgrade infrastructure to support their growing populations.