Construction Equipment Market – Analysis with Ongoing Trends & Market Revenue
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Asia is estimated to be the leading market, with more than 50% share of the overall market, in terms of volume, in 2020, owing to the rapid urban infrastructure developments in China, Japan, and India. The construction equipment market has experienced growth in terms of the number of projects such as dams, airports, and hydroelectric projects because of which many international companies have started their manufacturing plants in this region. Some of the man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. The region is estimated to be the most populated in the world, which creates immense opportunity for the construction equipment market to grow. Some of the major projects driving the construction equipment market of this region are the SongdoInternational Business District in South Korea and China–Pakistan Economic Corridor. These mega projects have led to an increase in investments and construction activities, thereby driving the construction equipment market in this region. China accounts for the largest share of the construction equipment market in Asia. According to the Global Construction Perspectives (GCP), China is focusing on shifting to a consumer and services-driven economy and developing new infrastructures. Therefore, such a transition is likely to create opportunities for construction equipment manufacturers in the country.
Based on equipment type, the construction equipment market is segmented into articulated dump truck, rigid dump truck, backhoe loader, crawler dozer, crawler excavator, asphalt finisher, motor grader, RTLT masted, RTLT telescopic, crawler loader, mini excavator, skid-steer loader, wheeled excavator, wheeled loader 80 HP, and road roller. The increasing infrastructure developments is expected to drive the demand for construction equipment across the globe. The construction equipment industry has witnessed substantial growth, particularly in emerging economies such as China and India. Rapid infrastructural development and government investments in construction activities are driving the construction equipment market in these countries.
Based on the equipment type, the electric construction equipment market is segmented into dump truck, dozer, excavator, motor grader, and loader. The current battery technology is not developed enough to operate the standard and large capacity off-highway vehicles. Hence, the electrification in construction equipment is limited to mini versions of construction vehicles like mini excavators and compact/skid loaders due to the limited battery capacity. Few companies offer cable-connected off-highway vehicles, where charging limitations are reduced. Thus, construction equipment that requires more power to operate uses hybrid-electric technology.
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Based on power output, the construction equipment market is segmented into 400 HP. Engines used in construction equipment vary on the basis of power requirements and applications. Equipment such as skid-steer loaders and crawler excavators require low-powered engines, whereas scrappers, crawler dozers, and wheeled loaders require high-powered engines. The construction equipment is designed to work in harsh conditions. Thus, equipment must be capable of executing complex tasks with heavy loads, and thus, the power requirement of these vehicles is larger than that of on-road vehicles.
Based on propulsion type, the construction equipment market is segmented into diesel and CNG/LNG/RNG. The use of different propulsion types was considered to estimate the construction equipment market size in terms of volume. Diesel engines are mostly preferred in construction equipment due to the requirement of heavy torque and reliability. However, the demand for CNG/LNG/RNG is rapidly growing, owing to the stringent emission standards across the globe. The diesel segment is estimated to lead the construction equipment market in 2020, by volume. Asia is the fastest-growing market for construction equipment because of the increasing infrastructure spending.
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