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 likely to grow at a CAGR of around 5% during 2021-26. The revived government budget to fuel the economic growth in the emerging world, conservative investment policies of the United States, and massive investments in regional connectivity by China are a few primary reasons contributing to the soaring demand for construction equipment. Additionally, the surging technological developments and their adaptation are also likely to provide lucrative opportunities 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 witnessed a negative impact due to the lockdown imposition, which halted all construction activities. The production units of various companies producing steel and cement got shut down, leading to cause a shortage of construction materials in the market, thereby slowing down the ongoing construction projects. However, as the lockdown has uplifted, the construction projects, which were on hold, will resume and increase the demand for construction equipment in the years to come.
Market Segmentation
Earthmoving Equipment Accounted for the Largest Market Share
Based on the Type, Earthmoving Equipment acquired the largest market share in the previous few years due to surging construction activities across the world. Earthmoving equipment includes Excavator, Loaders, Bulldozers, Skid Steer Loaders, Motor Graders, Crawler Loader, Trenchers, and Dump trucks.
The rising demand for earthmoving equipment is primarily due to rapid urbanization leading to a surging need for residential space. The factor cited above augments the use of earthmoving equipment in infrastructural construction, reveals MarkNtel Advisors in their 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 the previous few years as construction equipment with this power output exhibits better machine capability and downsizes the engine to lower displacement. Hence, this segment helps reduce maintenance costs and increase fuel efficiency.
Regional Landscape
Europe Shows the Positive Outlook
Europe is likely to be the fastest-growing region in the global construction equipment market during the forecast period due to the soaring demand for constructing new residential units. On the other front, Germany tops as the best-performing country in the machine & equipment sector. However, due to the spread of COVID-19, Spain & Italy witnessed a significant downfall in the growth of the construction equipment market owing to lockdown imposition, which has slowed down most 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 labor & operation costs 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 are historical, base, and forecast years considered in the research report on Global Construction Equipment Market?
The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
The measuring units of market size/industry size and market value are USD Million and thousand units.
Q. What would be the growth rate or CAGR of the Global Construction Equipment Market during 2021-26?
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 the Global Construction Equipment Market?
Volvo Construction Equipment (Sweden), CNH Industrial (the Netherlands), Komatsu (Japan), Caterpillar (US), John Deere (US), Hitachi Construction Equipment (Japan), and Liebherr (Switzerland) are a 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?
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?
North America is likely to dominate the market with the majority share, thereby registering the highest CAGR.
