As stated in our extensive report; the Global Construction Equipment Market accounted forUSD 179.5 Billionin 2021.
The Construction Equipment can efficiently carry out heavy-duty work essential in the construction industry, boosting and increasing the market’s demand.
The shifting focus of construction manufacturers and building contractors on speeding up construction operations without compromising safety & security will likely enhance the development of the market.
Key participants operating in the market are investing in research and development activities for advancements in equipment for efficient equipment for industries and end-users, along with mining, forestry, municipal equipment, material handling, agriculture, and waste management.
Factors Influencing Global Construction Equipment Market Growth
The growth of the Global Construction Equipment Market can be attributable to the following:
- Massive construction projects worldwide drive the global crane and construction machines market.
- Another aspect driving this market's expansion is the rising urbanization & industrialization, growing technologically advanced construction machinery, and supportive government initiatives in emerging economies.
- Intensification in worldwide commercial constructions such as government buildings, IT parks, shopping malls, and so on boosts the market growth.
- Rapidly growing investments in mining projects and the rise in focus on electric and automated Construction Equipment will generate massive demand for the Construction Equipment Market during the forecast period.
- A growing number of favorable government policies intended to support the Public-Private Partnership (PPP) model will likely fuel the market demand for Construction Equipment in the next few years.
- Germany, Italy, and France are expected to record the maximum CAGR owing to construction projects in the region. Europe is operating on numerous construction projects. This includes multiple projects such as railway tunnels, port extensions, and the underwater tunnel linking the most important European nations, counting the usage of several cranes type, propelling the overall crane market.
However, high ownership and maintenance expenses and the lack of availability of trained and eligible equipment operators might impede the market’s development.
Asia Pacific region Dominates the Global Market
Geographically,Asia Pacificholds the biggest market share in theConstruction Equipment Market and is expected to continue this trend in the coming years. This regional market is driven by the economic development of countries like China, Japan, and India, coupled with significant government investment in the construction industry. For instance, the Parliament approved a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) for funding infrastructure development projects in India in March 2021.
Moreover, in November 2021, the US, Israel, India, and the UAE established a new quadrilateral economic forum to focus more on infrastructure projects in the regions, strengthening bilateral cooperation. The initiative ‘Infrastructure for Resilient Island States’ launched in November 2021 will offer a massive opportunity for India to contribute to the betterment of other vulnerable countries worldwide.
As per our research journal, the surging investments in the construction and infrastructure sector have positively impacted the overall Construction Equipment Market.
The well-known players of the Global Construction Equipment Market include 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, XCMG GROUP and others.