market is also witnessing significant growth. The equipment such as road roller machine, asphalt mixing machine, trucks, truck crane, and others are the main parts of building and construction site. As the civilization in the developing countries is growing, the need for buildings and roads is also growing due to which new technologies are developing for the equipment.
Infrastructure development in the developed countries enhanced the building and road construction equipment market. The government and private sectors focusing on developing the infrastructure to keep the GDP of the countries in a stable situation.
Market Scope and Structure Analysis
Description:
The growth factor is anticipated on public-private partnership, this is a partnership which characterized the joint venture between government and public sector, where the private entities handle the technological and operational aspect. The developing countries like India, Pakistan, Spain, Brazil are experiencing the joint venture growth which will led to market growth of building and construction equipment market.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down large number construction sites. This has hampered the growth of building and construction equipment market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of building and construction equipment in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for building and construction equipment was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for building and construction equipment.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Key players of building and construction equipment are expected to afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their service activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
Top Impacting Factors
The most important driving factor is the rise in urbanization across the world, demand of building roads and buildings is rising day by day.
The commercial and residential buildings are growing in a huge speed, huge led to the growth of building and construction equipment market. By 2040, the global population is estimated to grow approximately by two billion with urban population growing by over 40%.
The biggest restraints of the of building and construction equipment market is COVID-19, because of the pandemic the construction market is not growing faster, the workforce is not able to join the sites but in the recent times of 2021 the market is rising as the relaxation has been given for the reopening of the industries.
The carbon emission in construction sites which effects the environment is a big restraint to the growth of the construction market which links to the growth of building and construction equipment market.
Market Trends
- John Deere and Hitachi Construction Machinery celebrate 30 years of joint venture for providing construction equipment. They are providing are providing more value to customers by producing high-quality products backed by a robust dealer network.
- For instance, in March 2020, Komatsu, a Japan-based construction equipment manufacturer introduced hydraulic excavators*1 equipped with the KomVision Human Detection and Collision Mitigation System of the company.
Key Benefits of the Report
- This study presents the analytical depiction of the building and construction equipment market with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the building and construction equipment market share.
- The current market is quantitatively analyzed to high building and construction equipment market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides details building and construction equipment market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Product Type
- Motor Graders
- Road Roller
- Wheel Loaders
- Concrete Mixer
- Bulldozers
- Others
- By Application Type
- Building Construction
- Road Construction
- By Equipment Type
- Earthmoving Equipment
- Material-Handling Equipment
- Heavy Construction Vehicles
- Others
- By Region
- North America
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Komatsu Ltd
- Deere & Company
- The Atlas Copco Group
- Wacker Neuson
- Sany Group
- Caterpillar Inc
- Hitachi Construction Machinery Co. Ltd
- CNH Industrial NV.
- J.C. Bamford Excavators Ltd.
- AB Volvo
- Liebherr Group
- Terex Corporation