Growth at a CAGR of 7.21% in the Construction Machinery Market during the forecast period (2018-2023)| Dominant Vendors –CNH Global NV, Hitachi Construction Machinery Co. Ltd, JCB, John Deere & Co., Kobelco Construction Machinery Co. Ltd., Komatsu Ltd.,

Market Analysis:

Increasing Demand in Asia-Pacific
Asia-Pacific ranks first in the construction equipment market with major market share held by China, India and Japan. The increasing number of dam construction, real-estate business, commercial and residential complexes, and expansion of rail and road infrastructure in the APAC region are few drivers for the construction machinery market.

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The increasing focus on infrastructure and development of automation in the construction and manufacturing processes had a significant impact on the market growth. Growing demand from irrigation industry, increasing number of upcoming highway construction projects and advanced vehicles equipped with emission control systems are some of the factors expected to drive the construction machinery market, during 2017-2022 (the forecast period). The demand for machines that are cost effective, along with regulatory pressures for lower emissions, is pressurizing construction-equipment manufacturers to opt for electric and hybrid vehicles over the traditional hydraulic and mechanical ones.

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Market Segments:
Construction Machinery Market is segmented by:
1. Vehicle: Cranes, Telescopic Handlers, Excavators, Loaders, Backhoe, Motor Graders, Others
2. Drive: IC engine, Hybrid drive
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market:
• December 2017: Volvo Construction Equipment launched new EC200D excavator in India to strengthen its earthmoving product line in 20 ton machinery category.
• December 2017: Kobelco Construction Machinery Co., Ltd, launched three new models in the hydraulic crawler cranes segment namely CK3300G-2 (North American model), CKE3000G ( European model) and CKS3000 (Standard model).

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