The Global Construction Equipment Market is expected to witness around 5% CAGR during 2021-26, says MarkNtel Advisors in their research report. The market growth attributes primarily to the growing infrastructural developments worldwide. Moreover, the increasing number of smart city projects and snowballing construction of residential & commercial buildings are also boosting the construction equipment market globally.
In addition, the emerging economies are increasingly focusing on constructing new infrastructures to meet the burgeoning demand for residential spaces. On the other hand, developed economies are renovating their old infrastructure as per the evolving geopolitical requirements. Hence, the increasing expenditure on construction activities is driving the global market, further states the research report, “Global Construction Equipment Market Analysis, 2021.”
Substantially Growing Demand for Material Handling Equipment through 2026
Material handling equipment helps the movement & storage of products & materials. These types of equipment, used commonly in warehouses & manufacturing plants, are highly beneficial for logistics in manufacturing sites and help enhance overall productivity. The rising need for proper utilization of floor space, efficient supply chain, and reduced downtime at manufacturing plants are the major factors fueling the demand for material handling equipment.
Further, the growing trend of automation in the construction industry is another crucial aspect projected to provide lucrative opportunities for material handling equipment manufacturers in the coming years. Hence, considering this, major market players are focusing on developing technologically advanced equipment, which, in turn, is contributing to the overall market growth.
“Global Construction Equipment Market Analysis, 2021” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
Low Labor Costs in China to Drive the Demand for Construction Equipment across Asia-Pacific during 2021-26
Of all regions, Asia-Pacific is projected to acquire the largest market share during 2021-26, principally due to the burgeoning infrastructural developments across the region. China dominates the regional market due to the surge in construction activities, favorable manufacturing facilities, and low labor & production costs.
Further, the leading companies in the region are increasingly focusing on launching new construction equipment integrated with advanced technologies that could help enhance efficiency. Hence, the aspects cited above are expected to contribute to the overall market growth across Asia-Pacific during 2021-26, reveals MarkNtel Advisors in their research report, “Global Construction Equipment Market Analysis, 2021.”
According to MarkNtel Advisors, the 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).
Key questions answered in the study