Growth in Infrastructure investment to drive the market for Construction Equipment. Asia-Pacific to dominate the market!
- Himanshu Patni
- December 23, 2021
- BUILDING MATERIAL AND CONSTRUCTION, NEWS
- Construction Equipment Market, Construction Equipment Market growth, Construction Equipment Market share, Construction Equipment Market size, Construction Equipment Market trends
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Construction Equipment accounted for more than 1 million unit’s sales in 2019 and 2020 both. Growing public private partnerships in countries such as India, China and other developing regions are expected to boot the growth of construction equipment sales. Growing urban population across the globe would propel the government to construct infrastructure such as residential and transportation system. As per the world bank data, currently, more than 55% of the world’s population or 4.2 billion inhabitants’ dwells in urban cities. The trend is expected to grow in coming years. By 2050, nearly 7 of 10 people in the world will live in cities, with the urban population more than doubling its current size.
With more than 80% of global GDP generated from cities, urbanization is expected to contribute to sustainable growth if managed well by increasing productivity, allowing innovation and new ideas to emerge. Factors such as strict government regulations and growing carbon emissions is anticipated to act as major restraining factor for the growth of the global construction equipment market. Furthermore, technological innovations are expected to offer profitable opportunities for players operating in the market. According to the Equipment Leasing and Finance Association’s (ELFA) 2021 Survey on Equipment Finance Activity. In 2020, construction equipment represented 13.6% of equipment financing new business volume, an increase of 13% compared to 2019. As an end-user of equipment finance the construction industry represented 8.6% of new business volume, an increase of 8.3% compared to 2019.
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Based on Equipment type, the Construction Equipment Market is segmented into Heavy construction equipment, Compact construction equipment. Currently, Heavy construction equipment segment dominates the market and is expected to maintain its dominance throughout the forecast period. As per the Wells Fargo 2021 Construction Industry Forecast in 2021, 39% of construction equipment distributors reported that they expect sales of new equipment to increase by 40% in 2020. Based on Product Type, the Construction Equipment Market is bifurcated into Cranes, Loader, Forklift, Excavator, Dozers, Others. Based on estimates Loader segment is expected to witness significant growth during the forecast period. Based on Application, the Construction Equipment Market is bifurcated into Earthmoving, Material Handling, Heavy Construction, Other Equipment. Based on analysis Earthmoving equipment dominates the market.
Based on Industry, the market is segmented into Oil & gas, Construction & Infrastructure, Manufacturing, Mining, Others. Currently, Construction & Infrastructure segment dominates the market for Construction Equipment. Growth in FDI inflow in the construction sector is further expected to drive the market for construction equipment market. Based on End-user, the Construction Equipment Market is bifurcated into Commercial, Residential, Industrial. Industrial segment owing to increased government spending on infrastructure development is expected to witness significant growth during the forecast period. Based on Sales channel, the Construction Equipment Market is bifurcated into OEMs and Aftermarket. OEMs segment dominated the market in 2020. Caterpillar dominates the market for construction equipment with more than 16% share.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and Rest of World. Asia-Pacific dominates the market in 2020 and is expected to maintain its dominance throughout the forecast period. Some of the major players operating in the market include Caterpillar Inc., Komatsu Ltd., AB Volvo, Xuzhou Construction Machinery Group Co., Ltd., Zoomlion, Deere & Company, The Liebherr Group, Doosan Heavy Industries Co., Ltd., Sandvik AB, J C Bamford Excavators Ltd. etc.
Construction Equipment Market Segmentation
Market Insight, by Equipment Type
- Heavy construction equipment
- Compact construction equipment
Market Insight, by Product Type
Market Insight, by Application
- Concrete Equipment
- Material Handling
- Material Processing
Market Insight, by Industry
- Oil & gas
- Construction & Infrastructure
Market Insight, by End-User
Market Insight, by Sales Channel
Market Insight, by Region
- North America Construction Equipment Market
- Rest of North America
- Europe Construction Equipment Market
- Rest of Europe
- Asia-Pacific Construction Equipment Market
- Rest of Asia-Pacific
- Rest of World Construction Equipment Market
Top Company Profiles
- Caterpillar Inc.
- Komatsu Ltd.
- AB Volvo
- Xuzhou Construction Machinery Group Co., Ltd.
- Deere & Company
- The Liebherr Group
- Doosan Heavy Industries Co., Ltd.
- Sandvik AB
- J C Bamford Excavators Ltd.