Press release
AT 4% CAGR, Construction Equipment Market To Exceed USD 170 Billion By 2024 | Top Players Volvo Construction Equipment, Caterpillar Inc., CNH Industrial, Terex Corporation, Liebherr Group.
Construction Equipment Market
Construction Equipment (Machinery) Market is anticipated to exceed USD 170 billion by 2024. The globally flourishing construction sector is surging the demand for high-performance machinery that aids in reducing human involvement in the construction process.
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Initiation of projects, such as South-North Water Transfer Project in China, will propel the industry demand in the region. The development of smart city projects in Singapore will surge the demand for high-performance machinery.
The rapid growth in the number of construction activities is exerting pressure on the existing human resources.
The demand for sophisticated construction equipment that reduces the overall capital investment will contribute to the construction equipment market growth.
Construction Equipment Market, By Product
• Earthmoving & Road Building Equipment
• Backhoes
• Excavators
• Loaders
• Compaction Equipment
• Others
• Material Handling & Cranes
• Storage & Handling Equipment
• Engineered Systems
• Industrial Trucks
• Bulk Material Handling Equipment
• Concrete Equipment
• Concrete Pumps
• Crushers
• Transit Mixers
• Asphalt Pavers
• Batching Plants
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The demand for automated storage and material handling equipment in warehouses will drive the construction equipment market growth. Furthermore, the rise in the number of tall buildings and skyscrapers across various regions will surge the demand for cranes over the forecast timespan.
For instance, in August 2017, Hapman, a material handling equipment manufacturer, announced an initiative with Dattus, an IIoT platform, to offer enhanced solutions to its customers. Industrial trucks that are sturdy enough to enable the smooth transfer of heavy materials will propel the construction equipment market growth.
The high initial and maintenance costs of the machinery discouraging the adoption of the equipment for small-scale construction projects will hinder the construction equipment market growth. Construction projects with limited monetary resources are still preferring traditional manual construction techniques over modern machinery.
Equipment incorporated with the latest technologies, such as GPS and IoT, is further increasing the overall equipment cost, thereby restricting the construction equipment market growth.
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The major players operating in the construction equipment market include Volvo Construction Equipment, Caterpillar, Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., CNH Industrial, Zoomlion Heavy Industry Science & Technology Co., Ltd., Kobelco Construction Machinery Co., Ltd., Terex Corporation, Liebherr, and Sany Group.
The industry is characterized by new product launches and expansion of product portfolio to enhance its market presence. Competitive pressure in the industry is compelling the industry participants to invest in new technologies, which will favor the construction equipment market growth.
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