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Market Overview
Construction equipment is the specially designed heavy machinery used to perform high-level construction operations such as excavating, drilling, hauling, etc. and helps in making the task easier to manage.
According to the MarkNtel Advisors’ research report, “Global Construction Equipment Market Analysis, 2021”, the market is expected to grow at a CAGR of around 5% during 2021-26. Revived Government budgets to fuel the growth of the economy in the emerging world coupled with conservative investment policies of the United States and massive investments in regional connectivity by China are a few of the major reasons contributing toward the soaring demand for construction equipment. Additionally, the surge in technological development and their adaptation is expected to provide lucrative opportunity for the growth of the construction equipment market across the globe.
| Report Coverage | Details |
| Study Period | Historical Data: 2016-20 |
| Base Year: 2020 | |
| Forecast Period: 2020-25 | |
| Regions Covered | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa | |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
Due to the outbreak of the COVID-19 pandemic the construction industry has witnessed a negative impact. This was due to the imposition of lockdown leading to put a halt on all the construction activities. The production unit of various companies producing steel and cement were shut down leading to cause a shortage of construction material in the market. Thereby, slowing down the ongoing construction projects. However, as the lockdown is lifted up, the construction projects which were put on hold will resume, thus, increasing the demand for construction equipment in the near future.
Market Segmentation
Earthmoving Equipment Accounted for the Largest Market Share
Based on the Type of Equipment, Earthmoving Equipment has acquired the largest market share in 2019 owing to large construction activities across the world. Earthmoving equipment includes Excavator, Loaders, Bulldozers, Skid Steer Loaders, Motor Graders, Crawler Loader, Trenchers and Dump trucks. The demand for earthmoving equipment is rising due to rapid urbanization leading to a surge in the need for residential space. Thus, augmenting the use of earthmoving equipment for infrastructural construction as revealed by the MarkNtel Advisors’ research report “Global Construction Equipment Market Analysis, 2021”.
101-200HP Segment Holds the Maximum Market Share
Based on Power Output, the 101-200HP segment acquired the largest market share in the global construction equipment market in 2019 as construction equipment having this power output exhibits better machine capability and downsize the engine to lower displacement. Thus, leading to reduce the maintenance cost and increase fuel efficiency.
Regional Landscape
Europe Shows the Positive Outlook
The European region is anticipated to be the fastest-growing region in the global construction equipment market during the forecasted period owing to the high demand for the construction of new residential units. Germany is considered to be the best-performing country in the machine and equipment sector. However, due to the spread of COVID-19 Spain and Italy has witnessed a huge downfall in the growth of the construction equipment market owing to the imposition of lockdown which has slowed down the construction activities.
Market Driver
Burgeoning Adoption of Advanced Equipment to Spur the Market Growth
Owing to technological advancements, the demand for more fuel-efficient and technologically upgraded equipment has increased. Further, the adoption of technologically advanced equipment reduces the labour and operation cost and helps in managing the task efficiently.
Competitive Landscape
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).
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on Global Construction Equipment Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million and thousand units.
Q. What would be the growth rate or CAGR of Global Construction Equipment Market during 2021-26?
A. The Global Construction Equipment Market is forecast to grow at a CAGR of 5% during 2021-26.
Q. Who are the key competitors or players operating in Global Construction Equipment Market?
A. Volvo Construction Equipment (Sweden), CNH Industrial (the Netherlands), Komatsu (Japan), Caterpillar (US), John Deere (US), Hitachi Construction Equipment (Japan) and Liebherr (Switzerland) are few of the leading players in the Global Construction Equipment Market.
Q. Which end-user segment would emerge as an opportunity area for players in Global Construction Equipment Market?
A. The Construction Industry grabbed the highest market share in the Global Construction Equipment Market.
Q. Which region would emerge as an opportunity area for players in Global Construction Equipment Market?
A. It is forecast that North America region will dominate the market with majority market share, with market size registering considerably higher CAGR.
