How Construction Equipment Market Growing Rapidly…? Top Manufacturers: Terex Corporation, Caterpillar Inc., Liebherr Group, Molson Equipment, CNH Industrial, XCMG Group
The rise in the sales of construction equipment across European countries has been encouraging leading product manufacturers to invest in research and development activities to launch new product portfolios. In addition, many construction and earthmoving equipment manufacturers have been focusing on expanding their regional footprints with mergers and acquisitions as well as with new facility establishments. These initiatives incidentally, are also being supported by many regional finance companies, pushing the growth of the construction equipment market further.
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The changing focus of construction equipment suppliers toward establishing long-term relationships with customers and renowned OEMs is poised to boost industry growth over the years ahead. The adoption of frequent facility and dealer network expansion strategies is also deemed to emerge highly beneficial for the players in construction equipment industry. Driven by the growing demand for construction machinery along with the rapidly propelling infrastructural development activities, construction equipment market will surpass a revenue collection of USD 170 billion by the end of 2024.
Validating the aforementioned fact, a few days before, Molson, one of UK’s construction equipment specialists, secured a £6.3 million investment from UK’s most active investment company, BGF. With the help of this investment, it is planning to expand its sales and aftersales services of construction equipment across UK. Additionally, it is looking forward to constructing a new parts center and extra depots as well.
In addition to capacity expansion, Molson and BGF plan to work on further acquisitions. Incidentally, Molson has already secured the distribution rights of the Terex Finlay machinery for Wales, England, and the Channel Islands. The combined approach of service providers and financial companies to invest in the market of existing infrastructure is certain to influence Europe construction equipment market trends.
Construction Equipment Market, by Product:
1. Earthmoving & Road Building Equipment
2. Material Handling & Cranes
3. Concrete Equipment
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Over the last few years, construction equipment market, on the grounds of surging investments in infrastructural development, has been witnessing a rather appreciable growth rate. The rising trends in industrialization and urbanization across the globe have also been majorly propelling the need for construction equipment. Taking into account the rapid growth of the construction industry, construction equipment market giants have been expanding their regional reach via renewed dealerships across myriad geographies. In addition, many equipment providers have been investing in new machinery as well as advanced technologies such as smart equipment to augment construction equipment industry trends.
The major players operating in the construction equipment market include:
1. Volvo Construction Equipment
2. Caterpillar Inc.
3. Komatsu Ltd.
4. Hitachi Construction Machinery Co. Ltd.
5. CNH Industrial
6. Zoomlion Heavy Industry Science & Technology Co. Ltd.
7. Kobelco Construction Machinery Co. Ltd.
8. Terex Corporation
10. 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.
Citing a recent instance about the expansion of dealership programs, on August 15, 2018, Hyundai Construction Equipment expanded its North American authorized construction equipment dealership network by adding one of the leading agricultural equipment dealers, Farm Depot Ltd., to its portfolio. Through this new dealership program, Hyundai Construction Equipment reached across more than 150 locations with more than 70 dealers who have been supplying wheel loaders, compaction rollers, excavators, and other construction equipment.
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