The Global Construction Equipment Market is anticipated to grow at a CAGR of around 5% during 2021-26. With the rapid expansion of cities, urbanization, migration, and economic diversification, construction activities across the globe are snowballing at an astronomical pace. The developing economies have been focused on the creation of new infrastructure to meet the skyrocketing demand for better housing, work opportunities, and improving the overall stature of the country on the global platform. While the developed economies are supplanting their ageing infrastructure according to the evolving geopolitical imperatives. Therefore, these all aspects have catalyzed the spending on construction activities across the globe. It is expected that the global spending in the construction industry would exceed USD35.93 trillion by 2030, rising from USD24.11 trillion in 2019.
Key questions answered in the study
Mining Segment Exhibits Fastest Growth
Based on Application, the Mining segment is anticipated to witness the fastest growth in the global construction equipment market during the forecasted period owing to the high demand for earthmoving equipment for mining purposes. Along with this, the availability of various technologically advanced equipment helps in easy management of the task. The surge in usage of excavators and demolition crews for the mining of precious minerals and stones would drive the growth of the construction equipment market.
“Global Construction Equipment Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots and opportunities available for Construction Equipment providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Dominates the Market
The Asia-Pacific market has acquired the largest share in the Global Construction Equipment market during 2019. China has dominated the market in 2019 owing to its flourishing infrastructural industry. China has ample OEMs and excellent manufacturing facilities coupled with low labour cost and production cost. Thereby, the region is projected to contribute to the growth of the Global Construction Equipment market in the forecast period as revealed by MarkNtel Advisors’ research report “Global Construction Equipment Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the global Construction Equipment market are Volvo Construction Equipment (Sweden), CNH Industrial (the Netherlands), Komatsu (Japan), Caterpillar (US), John Deere (US), Hitachi Construction Equipment (Japan) and Liebherr (Switzerland), etc.