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Construction Equipment Market by Regional Growth Factors, Trends & Analysis of Leading Players by 2024

Author : Rahul Varpe | Published Date : 2019-09-11 

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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Driven by the growing demand for construction machinery along with the rapidly propelling infrastructural development activities, construction equipment market will surpass a revenue collection of USD 170 billion by the end of 2024. The changing focus of construction equipment suppliers toward establishing long-term relationships with customers and renowned OEMs is poised to boost industry 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 market.

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.

Construction Equipment Market, by Product:

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

Important pointers encompassed pertaining to the Product spectrum:

  • Major details about the product spectrum are provided in the report.
  • The study elaborates on the remuneration forecast of each of the product categories by the end of the anticipated duration.
  • The market share which each of the product segments account are mentioned in the study.
  • Also, the most proliferating trends that the product spectrum is characterized by are also entailed.

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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, and 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.

The U.S. based farm equipment supplier Bonnel collaborated with a leading manufacturer of multipurpose tractors, Multihog. With this partnership, Bonnell became an exclusive Multihog distributor across Indiana, Illinois, Iowa, and Wisconsin. The on-going development of sidewalks and small roadways across this region would propel the requirement of Multihog’s tractors, which could easily work in tight alleys, sidewalks, and small roadways. This incidence validates that frequent collaborations among distributors and product manufacturers will considerably enhance the construction equipment market size over the years ahead.

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In addition to capacity expansion, Molson and BGF plan to work on further acquisitions. Incidentally, Molson has already secured the distribution rights of the Terex Finlay machinery for Wales, England, and the Channel Islands. The combined approach of service providers and financial companies to invest in the improvement of existing infrastructure is certain to influence Europe construction equipment market trends.

Related News: https://www.marketwatch.com/press-release/positive-displacement-blowers-market-2019-24-regional-growth-forecast-by-leading-players-like-eurus-blowers-hitachi-aerzen-gardner-denver-busch-se-2019-09-11

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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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