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2019 – 2024 | Construction Equipment Market to register $170 billion revenue

Author : Rahul Varpe | Published Date : 2019-08-07 

The changing focus of construction equipment suppliers toward establishing long-term relationships with customers and renowned OEMs is poised to boost Construction Equipment Market growth over the years ahead. The adoption of frequent facility and dealer network expansion strategies is also deemed to emerge highly beneficial for the players in construction equipment industry. Driven by the growing demand for construction machinery along with the rapidly propelling infrastructural development activities, construction equipment industry will surpass a revenue collection of USD 170 billion by the end of 2024.

In European countries, the increasing involvement of the regional governments in infrastructure development has been generating lucrative opportunities for the construction equipment market contenders. More precisely, the shifting focus of governments and regulatory bodies toward the deployment of renewable energy facilities along with the implementation of smart city development programs have been tremendously pushing the need for construction equipment. In line with the rapidly growing number of construction activities, the sales of construction and earthmoving equipment across UK grew considerably in the second quarter of 2018 as compared to the same period in 2017.

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The rise in the sales of construction equipment across European countries has been encouraging leading product manufacturers to invest in research and development activities to launch new product portfolios. In addition, many construction and earthmoving equipment manufacturers have been focusing on expanding their regional footprints with mergers and acquisitions as well as with new facility establishments. These initiatives incidentally, are also being supported by many regional finance companies, pushing the growth of the construction equipment market further.

Validating the aforementioned fact, a few days before, Molson, one of UK’s construction equipment specialists, secured a £6.3 million investment from UK’s most active investment company, BGF. With the help of this investment, it is planning to expand its sales and aftersales services of construction equipment across UK. Additionally, it is looking forward to constructing a new parts center and extra depots as well.

 Construction Equipment Market, By Product

  • Earthmoving & Road Building Equipment
  • Material Handling & Cranes
  • Concrete Equipment

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The major players operating in the construction equipment market include:

  • Volvo Construction Equipment
  • Caterpillar Inc.
  • Komatsu Ltd.
  • Hitachi Construction Machinery Co. Ltd.
  • CNH Industrial
  • Zoomlion Heavy Industry Science & Technology Co. Ltd.
  • Kobelco Construction Machinery Co. Ltd.
  • Terex Corporation
  • Liebherr
  • Sany Group

The industry is characterized by new product launches and expansion of product portfolio to enhance its market presence. Competitive pressure in the industry is compelling the industry participants to invest in new technologies, which will favor the construction equipment market growth.

Relayed News: https://medium.com/@vinayak.dxp/steel-rebar-market-study-by-industry-growth-regional-forecast-2019-2024-top-players-13c8d7a4de99

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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