CHICAGO, Nov. 1, 2021 /PRNewswire/ -- According to the new market research report "Construction Equipment Market by Type (Excavator-Crawler & Mini, Loader-Backhoe, Skid-steer, Wheel, Dozer, Dump Truck), Electric Equipment, Propulsion, Power Output, Application, Rental, Aftertreatment Device, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Construction Equipment Market is projected to reach USD 250.4 Billion by 2026 from USD 208.3 billion in 2021, at a CAGR of 3.8% during the forecast period. The growth of this market is fueled by increase in infrastructure investments post-COVID-19 pandemic is likely to fuel the demand for construction equipment and increasing investments in urban infrastructure are expected to drive the construction sector, and thereby is expected to boost the Construction Equipment Market during the forecast period.
Wheeled Loader (>80 HP) to hold the largest share in the Construction Equipment Market, by equipment type
Wheeled loaders with more than 80 HP are considered standard machines. This equipment are used primarily for loading/unloading and bulk material movement in construction, quarry, and crushers. They are widely used in large scales infrastructure projects such as roads and highways, railways, dams, ports, and airports.
Diesel segment: A dominating market due to the significant global demand
Diesel engines are mostly preferred in construction equipment due to the requirement of heavy torque and reliability. However, the demand for CNG/LNG/RNG is rapidly growing, owing to the stringent emission standards across the globe. The diesel segment is estimated to lead the Construction Equipment Market in 2021, by volume. Asia is the fastest-growing market for construction equipment because of the increasing infrastructure spending.
Asia-Pacific: Largest market for the Construction Equipment Market
Asia Pacific is expected to have the largest market share in terms of value and volume. The Construction Equipment Market has experienced growth in terms of the number of projects such as dams, airports, and hydroelectric projects, because of which many international companies have started their manufacturing plants in this region. Some of the man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. The region is estimated to be the most populated in the world, which creates immense opportunity for the Construction Equipment Market to grow.
Some of the major projects driving the Construction Equipment Market of this region are the SongdoInternational Business District in South Korea and China–Pakistan Economic Corridor. These mega projects have led to an increase in investments and construction activities, thereby driving the regions Construction Equipment Market.
Key Market Players:
The global Construction Equipment Market is dominated by some of the major industry players from Asia are Komatsu (Japan), Hitachi Construction Machinery (Japan), and Zoomlion (China). These companies are involved in service providing as well as equipment manufacturing. Major players profiled in the report are Caterpillar Inc. (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Sany Heavy Industries (China), and Zoomlion (China).
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