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Construction equipment market for earthmoving & road buildings machinery is projected to grow at 4% CAGR from 2018 to 2024

Author : Rahul Varpe | Published Date : 2019-04-11 

Global Market Insights provides a detailed overview of construction equipment (machinery) market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of construction equipment (machinery) market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

The Asia Pacific construction equipment (machinery) market will witness a strong growth owing to the growing government focus toward the construction sector. Initiatives, such as Make in India and Made in China 2025, supporting the infrastructure sector will favor the industry growth.

Construction Equipment (Machinery) Market is anticipated to exceed USD 170 billion by 2024. The globally flourishing construction sector is surging the demand for high-performance machinery that aids in reducing human involvement in the construction process.

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Initiation of projects, such as South-North Water Transfer Project in China, will propel the industry demand in the region. The development of smart city projects in Singapore will surge the demand for high-performance machinery.

The rapid growth in the number of construction activities is exerting pressure on the existing human resources. The demand for sophisticated construction equipment(machinery) that reduces the overall capital investment will contribute to the construction equipment (machinery) market growth

The demand for automated storage and material handling equipment in warehouses will drive the construction equipment market (machinery) growth. Furthermore, the rise in the number of tall buildings and skyscrapers across various regions will surge the demand for cranes over the forecast timespan.

For instance, in August 2017, Hapman, a material handling equipment manufacturer, announced an initiative with Dattus, an IIoT platform, to offer enhanced solutions to its customers. Industrial trucks that are sturdy enough to enable the smooth transfer of heavy materials will propel the construction equipment market (machinery) growth.

Construction Equipment (Machinery) Market, By Product

  • Earthmoving & Road Building Equipment
  • Backhoes
  • Excavators
  • Loaders
  • Compaction Equipment
  • Others
  • Material Handling & Cranes
  • Storage & Handling Equipment
  • Engineered Systems
  • Industrial Trucks
  • Bulk Material Handling Equipment

  • Concrete Equipment (machinery)
    • Concrete Pumps
    • Crushers
    • Transit Mixers
    • Asphalt Pavers
    • Batching Plants

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The high initial and maintenance costs of the machinery discouraging the adoption of the equipment for small-scale construction projects will hinder the construction equipment market growth.

Construction projects with limited monetary resources are still preferring traditional manual construction techniques over modern machinery. Equipment incorporated with the latest technologies, such as GPS and IoT, is further increasing the overall equipment cost, thereby restricting the construction equipment market growth.

The major players operating in the construction equipment market include Volvo Construction Equipment - Volvo CE, CNH Industrial N.V., Caterpillar, Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., 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.

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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