COVID19 Impact on Construction Equipment Market Size, Share and Upcoming Trends 2020-2027

According to a recent report published by Allied Market Research, titled, "Construction Equipment Market by Solution Type, Equipment Type, Type, Application, and Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027"

The global construction equipment market accounted for $184,500 million in 2019 and is expected to reach $261,047 million by 2027, registering a CAGR of 4.3% from 2020 to 2027. In 2019, Asia-Pacific dominated the global construction equipment market, in terms of revenue, accounting about 44.0% share of the global construction industry, followed by Europe, North America, and LAMEA.

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Compact construction equipment segment to manifest fastest CAGR through 2027

The compact construction equipment segment is projected to portray the fastest CAGR of 5.9% from 2020 to 2027, as it offers versatile benefits in various industrial tasks, owing to their compact design as well as greater maneuverability capability. However, the heavy construction equipment dominated the global construction equipment market in 2019, accounting for more than 90% of the total revenue. This is due to growth in the demand for infrastructure development.

Products segment dominated the market

The product segment held the largest share in 2019, accounting for nearly four-fifths of the global construction equipment market. This is due to rapid launch of advanced equipment to keep pace with technological advancement.

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Asia-Pacific to become lucrative region, followed by LAMEA and North America

The market across the Asia-Pacific region held the largest share in 2019, contributing to more than two-fifths of the market. Moreover, the region would manifest the fastest CAGR of 5.4% of the market, owing to rapid technological advancements in developing countries such as China and India.

Major market players
o AB Volvo
o CNH Industrial N.V.
o Caterpillar Inc.
o Doosan Infracore Co. Ltd.
o Deere & Company
o J C Bamford Excavators Ltd.
o Hitachi Ltd.
o Liebherr-International AG
o Komatsu Ltd.
o Xuzhou Construction Machinery Group Co., Ltd. (XCMG)

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