World Construction Equipment Market is forecasted to achieve 200 billion USD as Market Size | Broadcast MRFR

Global Construction Equipment Market - Overview
Construction equipment is a critical tool for all construction projects. They are used at construction sites for reducing time and labor cost. The market is expected to continue with the moderate growth trend during the forecast period. There have been few factors driving the market such as increased demand from BRIC countries supporting the growth for construction equipment, construction development in Russia as it hosts 2018 FIFA world cup, and high demand from Brazil.

Huge investments in infrastructural projects in BRIC countries have spurred the demand for heavy construction equipment for commercial and residential purpose. Asia-Pacific region has given a tough competition to well established European and U.S. markets when it comes to heavy machinery.

With the confirmation of 2018 FIFA World Cup in Russia, huge investment is being done on the infrastructural projects throughout different cities of Russia including St. Petersburg, Moscow and Sochi. Lots of investment is also being done for improving transport facilities. Around USD 4.2 billion is expected to be invested for development of communications, energy supply, transport, safety infrastructure, and utilities before the event. Furthermore, around USD 3.9 billion is expected to be spent on renovation of sport facilities.

Regional Analysis of Construction Equipment Market
The regional analysis of construction equipment market is being studied for areas such as Asia pacific, North America, Europe and rest of the world. APAC would be the largest growing market in terms of revenue generation because of rapid industrialization and urbanization.

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Key Players
The key players of global Construction Equipment market report include- AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Heavy Industries & Construction Co. Ltd., Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Kobe Steel Ltd., Liebherr Group, Atlas Copco AB, and Hyundai Heavy Industries Co., Ltd.

Global Construction Equipment Market - Competitive Analysis
Construction equipment manufacturers have been more focused on launching new products in the market due to technical advancement, increasing demand for heavy equipment, and to have a competitive advantage. North American heavy equipment manufacturers introduced many new products in the market especially in the Asia-Pacific region due to high growth in construction activities in those regions. In order to strengthen their market position outside Asia-Pacific, many Asia-Pacific companies focused on growing in Europe and North America through Mergers & Acquisitions, and by signing various agreements for technical collaborations.

European companies were more focused on strengthening their current markets and expanding into the South American and Asia-Pacific markets. Companies such as Caterpillar (U.S.), Manitowoc (U.S.), and John Deere (U.S.) have been the most active North American companies. XCMG (China), Hyundai Heavy Industries (South Korea), Doosan Infracore (South Korea) in Asia-Pacific and Liebherr (Switzerland), Volvo (Sweden) in Europe have been the most active companies in Europe.

With the emergence of new technologies, the original equipment manufacturers have been launching sophisticated products and machinery. For instance, Komatsu began the launch of its Intelligent Hydraulic Excavator. It has begun in Europe and Japan and is expected to be followed by United States. The idea is to tap the regions which lead the ICT-based construction. Also, Komatsu has acquired 100% ownership of Joy Global Inc. (U.S.). The process got closed in the mid of 2017. This acquisition is expected to strengthen the core equipment business to achieve company’s sustainable growth.

Caterpillar (U.S.) introduced its Cat utility vehicles – the gasoline-powered Cat CUV82 and diesel-powered CUV102D. The company gathered extensive customer and dealer input to build a UTV that delivers the combination of durability, comfort and maintenance simplicity. Features such as easy acceleration, clear sightlines and engine braking capability make the Cat UTV well suited for hauling and towing.

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