Construction Equipment Market Seeing Growth, Drivers, New Trends | AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd

Allied Market Research recently published a report, titled, "Construction Equipment Market by Solution Type (Products and Services), Equipment Type (Heavy Construction Equipment and Compact Construction Equipment), Type (Loader, Cranes, Forklift, Excavator, Dozers, and Others), Application (Excavation & Mining, Lifting & Material Handling, Earth moving, Transportation, and Others), and Industry (Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027".

According to the report, the global construction equipment industry accounted for $184.50 billion in 2019, and is expected to reach $261.05 billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027.

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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. The global construction equipment market across North America held more than one-fifth of the market.

One of the reasons for the growth of the construction equipment market is rise in popularity of robust and compact equipment. The adoption of compact construction equipment has gained popularity in recent years, due to their easier maintenance, movability, and similar performance as heavy construction machinery.

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Moreover, unlike heavy machinery, compact construction equipment does not necessitate certified & skilled workers and are considerably easier to operate. Further, lower costs of the compact equipment boost their adoption in end-user industries.

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)

The products segment secured the highest share of 79.8% in the global construction equipment market in 2019 and is expected to grow at a CAGR of 4.0% during the forecast period.

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In terms of type, the loader segment is expected to contribute the highest construction equipment market share in the coming years, as expansion in the construction industry is estimated to fuel its growth. The forklift segment is expected to grow at the highest CAGR during the forecast period.

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