Why the Construction Equipment Market is set to explode? Top Companies : Caterpillar Inc., Komatsu America Corp., Hitachi Construction Machinery Australia, Liebherr Group, CNH Industrial, Hyundai Heavy Industries Co., and Terex Corporation Ltd.
Volvo Construction Kicks-off an Exciting Line-up of Upcoming Products
The global construction equipment (CE) market has benefited from several product launches in recent years. The contribution from renowned companies will aid the growth of the global market. In 2018, Volvo Construction Equipment (Volvo CE) made its debut in the CE market in China. Volvo CE highlighted its newest products and aimed to highlight some of the standout concepts that were in practice for the first time. Volvo announced that it plans to bring 11 new products in the market. The company boasts an impressive portfolio and the addition of new products, along with its expansion in China will add to the commercial success. This, in turn, will lead to the growth of the global construction equipment market in the forthcoming years.
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According to a report published by Fortune Business Insights, titled “Construction Equipment Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 128.46 Bn in 2018. Fortune Business Insights states that the market will be valued at US$ 186.42 Bn by the end of 2026, thereby exhibiting a CAGR of 4.8%.
Demand for Improved Road Infrastructure to Fuel Demand
Construction equipment manufacturers have been encouraged by the high demand for CE.
Fortune Business Insights states that the increase in demand will result mainly from the outcry over improved road infrastructure from end users, around the world. Given the fact that road conditions in developing or undeveloped nation cannot necessarily meet the standards, demand for construction equipment can be inclined towards these nations. Besides road infrastructures, the global construction equipment market also derives growth from the demand in mining and irrigation projects.
Innovations in CE will Bolster Product Sales
Construction equipment vary from compact sizes to large machinery and equipment. Due to this, the scope for potential in innovations is more. The incorporation of embedded technologies in machinery and equipment will lead to a subsequent rise in demand. The report signifies the impact of innovations in construction equipment on the global market. In April 2019, Carraro introduced e-mobility service in compact construction equipment.
The products would be integrated with electric energy to ensure optimized efficiency. Carraro plans to extend its application knowledge of electric Powertrain or simple E-powertrain to the construction and equipment segment. The integration of e-mobility will add flexibility to its construction equipment services. The electric mobility was aimed at increasing performance reducing time constraint for compact equipment. Carraro’s latest product offering will not only help expand its own business but will also aid the growth of the global construction equipment market and will continue to boost the market during the forecast period.
Fortune Business Insights gives insights into some of the leading companies and their product offerings in the global construction equipment market, in this report. In addition to products, Fortune Business Insights gives a brief overview of the global market and gauges the impact of these companies on the global construction equipment market.
Some of the leading companies that are operating in the global construction equipment market are
AB Volvo, Caterpillar Inc., Komatsu America Corp., Doosan Infracore, Hitachi Construction Machinery Australia, J.C. Bamford Excavators Limited, Liebherr Group, CNH Industrial, Hyundai Heavy Industries Co., Ltd, and Terex Corporation
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