Global Construction Equipment Market is Expected to Reach $261,047 Million | Allied Market Research

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.
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.

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. 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. Forklifts are generally used in warehouses and distribution centers for lifting and moving raw materials and goods, it is also known as fork truck or lifting truck. It is an important component of warehouse to perform different operations such as moving between storage to carry, place, and retrieve the goods as per the requirement.

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Key Findings of the Study:
• On the basis of solution type, the products segment generated the highest revenue in 2019.
• On the basis of equipment type, the heavy construction equipment segment was the highest revenue contributor in 2019.
• On the basis of type, the loader segment was the highest revenue contributor in 2019.
• On the basis of application, the earth moving segment was the highest revenue contributor in 2019.
• On the basis of industries, the construction & infrastructure segment was the highest revenue contributor in 2019.
• Based on region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
• Based on region, Asia-Pacific contributed the highest construction equipment market revenue in 2019, followed by Europe, North America, and LAMEA.

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