Construction Equipment Market Growing at a CAGR of 4.3% from 2020 to 2027 | Key Drivers, Restraints & Opportunity

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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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)

Construction equipment are specially designed machinery used for performing construction operations. This equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global construction equipment market covers different industries such as construction & infrastructure, manufacturing, and oil & gas.

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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. 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.

Competition Analysis

Competitive analysis and profiles of the major players in the construction equipment industry, such as AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) are provided in this report. The key strategies adopted by key players from 2017 to 2019 were product launches, acquisitions, and partnerships.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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