NOIDA, India, Aug. 3, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights the Construction Equipment Market is expected to grow at a CAGR of around 8% from 2021-2027. The analysis has been segmented into Equipment Type (Heavy Construction Equipment, Compact Construction Equipment); Product Type (Cranes, Loader, Forklift, Excavator, Dozers, Others); Application (Earthmoving, Concrete Equipment, Material Handling, Material Processing); Industry (Oil & gas, Construction & Infrastructure, Manufacturing, Mining, Others); End-User (Commercial, Residential, Industrial); Sales Channel (OEMs and Aftermarket); Region/Country.
The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Construction Equipment Market. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Construction Equipment Market at the regional levels.
Although the construction industry is facing a slow-down in the recent past, eventually affecting the sale of new construction equipment, the market for construction equipment is predicted to recover during the forecast period, owing to the growth of public private partnerships (PPP), characterized as a joint venture between government and private companies for construction of public infrastructure systems in the country. Growing public private partnerships in countries such as India, China and other developing regions are expected to boot the growth of construction equipment sales. It is predicted that the construction ecosystem would witness dramatic shifts which would redistribute roughly 40% to 45% of the industry's value across different players, including contractors and machinery suppliers. China dominated the construction equipment sale in units accounting for almost 30% in 2019.
The global Construction Equipment market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on equipment type, Heavy construction equipment segment dominated the market, however, compact construction equipment market is expected to witness significant growth during the forecast period. Globally, 20% of construction contractors expect an increase in sales of used construction equipment, compared to 19% in 2020.
- Based on product type, Loader segment dominated the market and is expected to maintain its dominance throughout the analysis period. Loader is mainly used for earthmoving operations, including loading and moving materials such as dirt, demolition, recycled material, raw material, and sand.
- Based on application, Earthmoving equipment dominates the market. However, material handling segment is expected to witness highest CAGR growth during the forecast period. Backhoe loaders, comprising of tractors, front shovel/bucket backhoes and small backhoes, account for more than 65% of the earthmoving equipment and road construction equipment segment.
- Based on Industry, Construction & Infrastructure segment dominates the market. Private sector has emerged as a key player across various infrastructure segments, ranging from roads and communications to power and airports.
- Based on End-user, Industrial segment owing to increased government spending on infrastructure development is expected to witness significant growth during the forecast period. It is predicted that global infrastructure investment demand is expected to reach US$94 trillion between 2016 and 2040 an average of US$3.7 trillion every year till 2040.
- Based on Sales Channel, OEMs segment dominated the market in 2020. However, Aftermarket segment is expected to witness significant growth during the forecast period.
Construction Equipment Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
- Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, Asia-Pacific dominates the market in 2020. Growing infrastructure investment in countries such as China and India is expected to boost the overall demand for construction equipment's in the Asia-Pacific region over the analyzed period.
The major players targeting the market include
- 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
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Construction Equipment Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and advancements in the Construction Equipment Market?
- Which factors are influencing the Construction Equipment Market over the forecast period?
- What are the challenges, threats, and risks in the Construction Equipment Market?
- Which factors are propelling and restraining the Construction Equipment Market?
- What are the demanding regions of the Construction Equipment globally?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
SOURCE UnivDatos Market Insights Pvt. Ltd.