According to a recent report published by Allied Market Research, titled, "Construction Equipment Market by Solution Type, Equipment Type, Type, Application, and Industry: Global Opportunity Analysis and Industry Forecast, 2020–2027," The global construction equipment market accounted for $184,500 million in 2019 and is expected to reach $261,047 million by 2027, registering a CAGR of 4.3% from 2020 to 2027. In 2019, Asia-Pacific dominated the global construction equipment market, in terms of revenue, accounting about 44.0% share of the global construction industry, followed by Europe, North America, and LAMEA.
Construction equipment are specially designed machinery used for performing construction operations. This equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global construction equipment market covers different industries such as construction & infrastructure, manufacturing, and oil & gas.
One of the reasons for the growth of the construction equipment market is rise in popularity of robust and compact equipment. The adoption of compact construction equipment has gained popularity in recent years, due to their easier maintenance, movability, and similar performance as heavy construction machinery. Moreover, unlike heavy machinery, compact construction equipment does not necessitate certified & skilled workers and are considerably easier to operate. Further, lower costs of the compact equipment boost their adoption in end-user industries.
The products segment secured the highest share of 79.8% in the global construction equipment market in 2019 and is expected to grow at a CAGR of 4.0% during the forecast period. In terms of type, the loader segment is expected to contribute the highest construction equipment market share in the coming years, as expansion in the construction industry is estimated to fuel its growth. The forklift segment is expected to grow at the highest CAGR during the forecast period. Forklifts are generally used in warehouses and distribution centers for lifting and moving raw materials and goods, it is also known as fork truck or lifting truck. It is an important component of warehouse to perform different operations such as moving between storage to carry, place, and retrieve the goods as per the requirement.
Key Findings of the Study:
- On the basis of solution type, the products segment generated the highest revenue in 2019.
- On the basis of equipment type, the heavy construction equipment segment was the highest revenue contributor in 2019.
- On the basis of type, the loader segment was the highest revenue contributor in 2019.
- On the basis of application, the earth moving segment was the highest revenue contributor in 2019.
- On the basis of industries, the construction & infrastructure segment was the highest revenue contributor in 2019.
- Based on region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- Based on region, Asia-Pacific contributed the highest construction equipment market revenue in 2019, followed by Europe, North America, and LAMEA.
The key players analyzed in global construction equipment market are AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG). Majority of the players have adopted strategies such as product launch & development and business expansion. For example, AB Volvo in January 2020, launched the 100-ton EC950F crawler excavator in North America. The EC950F crawler excavator is the largest excavator model offered by Volvo. The excavator features 450kW Volvo D16 Tier 4 Final engine, paired with the Volvo A60H articulated hauler. Similarly, Caterpillar Inc. launched 16 new Cat D3 series skid steer loader (SSL) and compact track loader (CTL) models. The new models support the line of new Smart Attachments which tailors the controls and operator information to match the task, and tool. The Cat 279D3 and 289D3 CTL offer 8.4 mph ground speed and the Cat 299D3 XE Land Management CTL delivers high performances for brush cutting, mulching, mowing, and vegetation control in August 2019.