Construction Equipment Market size is set to be over USD 200 billion by 2028, according to a new research report by Global Market Insights Inc.
Remarkable urbanization across the globe is fueling the construction of residential properties including row houses and buildings, propelling the construction equipment industry statistics. Manufacturers are participating in exhibitions to improve their brand identity.
Shifting various government focus toward building renovations and utility works including maintenance center construction & power grid servicing will accelerate the construction equipment sale considerably. Construction companies are adopting different business strategies to acquire high-valued government contracts.
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High customs duties and taxations on construction equipment are key factors impacting the construction equipment market growth. Industry players need to pay high taxes to obtain a license to use their construction machinery on-site, thereby restricting the business expansion. Manufactures strictly comply with various stringent regulations related to equipment emission, sound, engine filtration systems, hydraulic systems, and other safety protocols. Failing to adhere to such regulations, the equipment owner & manufacturer may face severe actions including license cancellation.
Analyst view: “Increasing construction activities owing to the rising population and government initiatives for infrastructure development will drive the market revenue at a significant pace.
The spread of COVID-19 adversely impacted the construction equipment market in 2020. Various governments enforced stringent lockdowns to mitigate virus transmission. Market demand significantly declined by the postponement of various construction & infrastructure projects and the shutdown of dealer & distributor offices. Market participants faced several challenges including raw material shortage, the unavailability of factory workers, and the ban on international transportation. The market is expected to observe steady growth from 2021 led by relaxations on government-imposed measures.
Browse key industry insights spread across 250 pages with 221 market data tables & 27 figures & charts from the report, “Construction Equipment Market Size By Product (Earth Moving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028”, in detail along with the table of contents:
<Increasing usage of earthmoving equipment for building foundation creation and landscaping activities
The earthmoving & road building segment is estimated to grow at over 5% CAGR through 2028. These equipment perform landscaping on hard rock surfaces and create a foundation base for skyscrapers in minimum time.
Industry participants are focusing on new product innovations to cater to the increasing demand for earthmoving & road building equipment. These companies are introducing new energy-efficient loaders with high payload capacity, which will provide a positive market outlook.
Supportive government initiatives and the presence of established players
The Asia Pacific construction equipment market is anticipated to hold more than 40% of the revenue share by 2028. The presence of established companies and various supportive government initiatives in the region will augment the regional industry statistics. Market leaders are focusing on launching region-specific construction equipment to improve their market representation. Key regional companies are focusing on improving their after-sales services to enhance their customer loyalty. Industry players are expanding their construction machinery parts distribution center in APAC to provide equipment maintenance service to their clients in minimum time.
Various manufacturers are adopting various business strategies, such as partnership & collaborations, merger & acquisitions, and marketing, to improve their market position. For instance, in December 2020, Palfinger signed a contract to acquire a 100% stake in Hinz Försäljnings AB, Sweden. Hinz Försäljnings has a wide distributor and dealer network in Northern Europe. The company has 45 service partners and a significant market share in the Northern European market.
Key players operating in the construction equipment market include Zoomlion Heavy Industry Science & Technology Co., Ltd., Caterpillar, Inc., XCMG Group, CNH Industrial, Wacker Neuson, Doosan Group, Volvo Construction Equipment, Guangxi LiuGong Machinery Co., Ltd., The Manitowoc Company, Inc., Hitachi Construction Machinery Co., Ltd., The Atlas Copco Group, J.C. Bamford Excavators Limited, Terex Corporation, Deere & Company, Tadano Ltd., Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries Ltd., Komatsu Ltd., SANY Group, Palfinger AG, and Liebherr Group.
Industry players are participating in various trade shows & exhibitions to advertise their construction equipment to potential business clients and improve their brand identity.