The size of the global construction equipment market is expected to be $ 173.3 billion in 2021 and reach $ 244.44 billion in 2027, with a CAGR of 5.90% over the forecast period (2021-2027). Governments are investing heavily in building smart cities. These construction projects cost millions of dollars and are of great importance in development areas of the nation. To build the project successfully, players need strong and durable equipment to withstand the heavy load. This growing need is an important factor driving the growth of the global construction equipment market. In addition, the demand for high-altitude cranes and heavy lifting cranes are also some of the factors driving the growth of the global construction equipment market.
Factors affecting the construction machinery market during the forecast period
Increased public investment in the construction sector, supported by government initiatives to develop smart cities, which are expected to deliver growth to the construction machinery market around the world.
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Due to technological advances, there is a high cost of equipment to prevent construction equipment to increase the efficiency and productivity of farms to revolutionize agriculture around the world.
There is a lack of standardization, high production costs and different standards from the regulatory bodies of engine technology in different nations, which affects the import and export of construction machinery, which hinders the growth of the market.
Impact of COVID-19 on the construction machinery market
The COVID-19 outbreak led to the big drop in the construction industry. Due to the implementation of the blockade in countries hard hit by COVID-19, such as the UK, France, India and others, it has led to the postponement and cancellation of construction projects. This reduced the production of construction equipment; therefore, contractor equipment manufacturers are expected to see a significant decline in revenue in 2020.
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Scope of the report
The report outlines the study of global construction equipment based on the equipment industry, applications and end uses.
Based on the equipment, the construction equipment is divided into:
Based on the application, the market for earthmoving machines is divided into:
Lifting and handling materials
Based on the target industry, construction equipment is divided into:
Regional prospects for the construction machinery market
The construction equipment market has been segmented into five geographical areas: North America, Asia Pacific, South America, Europe, the Middle East and Africa. By 2020, Asia Pacific had the largest share of the global construction equipment market, followed by Europe. It is also estimated that Asia-Pacific will dominate the construction equipment market during the forecast period. In addition, Asia Pacific is expected to project the highest CAGR in the global market during the forecast period.
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Major competitors in the global construction equipment market include
The market for earthmoving machines is very fragmented with a large number of small players around the world. Major players in the global construction equipment market include –
Atlas Copco AB
Doosan Heavy Industries & Construction Co. Ltd.
Hitachi Construction Machinery Co. Ltd.
Hyundai Heavy Industries Co., Ltd.
JC Bamford Excavators Limited, Kobe Steel Ltd.
The market report for construction equipment provides an in-depth analysis of the macroeconomic factors and the attractiveness of the market for each segment. The report will contain an in-depth qualitative and quantitative assessment of the segmental / regional perspectives with the presence of market players in the respective segment and region / country. The information in the report includes input.
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