Press release
Construction Equipment Market Trend 2024 Global Players CNH Industrial, Caterpillar Inc., Liebherr Group, SANY Group, Volvo Construction Equipment, Terex Corporation
Construction Equipment Market
During the period of 2018-2024, the Construction Equipment Market is anticipated to expand with a CAGR of 4%. The globally flourishing construction sector is surging the demand for high-performance machinery that aids in reducing human involvement in the construction process. 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.
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Infrastructure refurbishment and modernization being the most significant factors responsible for the overall development of an economy are compelling several government organizations to invest heavily in the construction sector. Increasing government investments in the construction sector will surge the demand for sturdy construction machinery. Large-scale road and rail construction projects undertaken by government organizations will further stress the demand for construction equipment market. Tight project completion schedules are throwing light on the significance of the use of the advanced construction machinery.
Construction Equipment Market, By Product
o Earthmoving & Road Building Equipment
1. Backhoes
2. Excavators
3. Loaders
4. Compaction Equipment
5. Others
o Material Handling & Cranes
1. Storage & Handling Equipment
2. Engineered Systems
3. Industrial Trucks
4. Bulk Material Handling Equipment
o Concrete Equipment
1. Concrete Pumps
2. Crushers
3. Transit Mixers
4. Asphalt Pavers
5. Batching Plants
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The Asia Pacific construction equipment market will witness a strong growth owing to the growing government focus toward the construction sector. Initiatives, such as Make in India and Made in China 2025, supporting the infrastructure sector will favor the industry growth. 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.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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