Global Construction Equipment market is expected to grow at a CAGR of 5% during 2021-26

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

1. What are the current and future trends in the Global Construction Equipment market?
2. How the industry has been evolving in terms of geography and services adoption?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Construction Equipment market?
5. What are the customer orientation, purchase behaviour, and expectations from the Global Construction Equipment market service provider across various regions?

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.

Market Segmentation:

1. By Type of Equipment (Earthmoving Equipment, Material Handling, Road Building & Concrete)
2. By Type of Product (Excavator, Loader, Grader, Bulldozer, Road roller, Tipper, Forklifts, Cranes, Diesel Generators, Concrete Pumps, Concrete Mixers, Others)
3. By Application (Power & Utilities, Mining, Hospitality, Residential, Healthcare & Residential Institutes, Manufacturing Units, Others)
4. By Geographic Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
5. By Countries (US, Canada, Mexico, Brazil, Chile, Argentina, Germany, France, UK, Russia & CIS South Africa, Nigeria, UAE, Saudi Arabia, Kuwait, Qatar, China, India, South East Asia, Japan, Others)
6. By Competitors (Volvo Construction Equipment (Sweden), CNH Industrial (the Netherlands), Komatsu (Japan), Caterpillar (US), John Deere (US), Hitachi Construction Equipment (Japan) and Liebherr (Switzerland))