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Construction Equipment Market 2020| Industry Size, Trends, and Growth by 2026

Author : Rahul Varpe | Published Date : 2020-08-18 

The construction equipment market is likely to witness tremendous growth given to increasing industrialization and urbanization activities worldwide. The market is observing a substantial rise in the adoption of high-performance construction equipment across mining, forestry, industrial and agricultural applications. 

Shifting trend towards the deployment of modern equipment to lower heavy reliance on labor in construction activities could enhance product demand. The construction equipment market may cross USD 160 billion by the year 2026.

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However, rapid spread of COVID-19 has dampened the growth of construction equipment market. Construction activities around the world have come to a temporary halt due to a shortage in raw materials and labor. Additionally, the crisis has triggered a sense of financial insecurity among consumers, affecting sales of new residential spaces. Nonetheless, analysts predict that the market may be up and running by 2021, as the world steps into a post-COVID-19 era.

Mentioned below are some of the ongoing trends stimulating construction equipment demand:

  1. Proliferating demand for concrete equipment -

Increasing number of road and highway expansion projects could massively benefit the concrete equipment segment growth. Needless to mention that concrete is a key raw material required for building roads and other infrastructures. Countries are recognizing the importance of concrete in highway development projects, which may boost the demand of concrete equipment.

Speaking on highway projects, in March 2019, the Government of India launched new National Highway projects that were worth USD 15.9 billion. Projects like this will require concrete equipment like pavers and mixers to massively aid in timely and quick completion of the road construction.

  1. Lucrative growth opportunities across Europe-

Europe is regarded as a prominent region for construction equipment companies owing to surging number of residential infrastructure and construction projects across countries like Russia and the UK. According to a report published by EIB Investment, in 2018, the European Union dedicates almost 1.8% of its GDP towards investment in infrastructure.

The region is also slowly moving towards autonomous and electric construction equipment as consumers adopt more technologically advanced devices for their industrial applications. In addition to this, growing prevalence of renting construction equipment could broaden the business horizon for European service provider companies, allowing them to employ high-quality equipment for their projects.

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  1. Adoption of strategic business plans -

Companies operating in the construction equipment industry are concentrating on forming strategic alliances with technology providers and other industry players to strengthen their product lineup. Taking July 2020 for instance, Hyundai Robotics partnered with Hyundai Engineering & Construction (HEC) to build advanced products for the construction industry. The two divisions of Hyundai Heavy Industries inked a memorandum of understanding to join forces on research and development of construction robotics. 

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. [email protected] | https://twitter.com/varperahul

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