Rapid increase in infrastructure development projects, favorable government policies and technological advancements in construction industry are expected to drive the global construction equipment market through 2026.
According to TechSci Research report, “Global Construction Equipment Market By Product Type (Loader, Cranes, Forklift, Excavator, Dozers, and Others), By Power Output (<100 hp, 101-200 hp, 201-400 hp, and >400 hp), By Application (Material Handling, Excavation & Demolition, Recycling & Waste Management, Tunneling and Others), By End User Industry (Oil & Gas, Construction, Infrastructure, Manufacturing, Others), By Region, Competition, Forecast & Opportunities, 2026” the global construction equipment market stood at USD126.50 billion in terms of value in 2020 and is projected to grow at CAGR of 5.08% to reach USD177.50 billion by 2026. The basic operations involved in the construction of any project are excavation, digging of large quantities of ground and moving soil to fairly long distances, placement, compacting, levelling, dozing, grading, hauling, etc., where construction equipment is used.
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Based on end user industry, the market is segmented into Oil & Gas, Construction, Infrastructure, Manufacturing and Others. Construction is the leading end user industry in the construction equipment market with a share of 28.09% in 2020. This is due to some of the major economies of the world such as United States, China, Japan, Germany, Spain, India and Australia have invested in major construction projects such as affordable housing projects, megacity developments, hotel and hospital construction, and smart city projects, boosting the demand for construction equipment in this sector, globally. Additionally, mega construction projects like Jubail II industrial city project in Saudi Arabia, Qiddiya on the outskirts of Riyadh, and Dubailand in Dubai, etc., enhance the demand for construction equipment in the construction end user industry.
Based on type, the market is segmented into Loader, Cranes, Forklift, Excavator, Dozers, and Others. In 2020, the excavator segment is dominating with a share of 32.99% in the construction equipment market and is expected to grow at a CAGR of 4.44% from 2021-2026. Excavators are available in a variety of sizes and configurations and are specifically used for landscape grading, material handling, demolition, underground excavation, amphibious and underground operations, forestry, and debris removal, among others. Excavators are primarily used in construction projects for landscaping, digging holes and trenches, lifting and placing pipelines, etc.
In the year 2020, to prevent the spread of COVID-19, the whole world was under the lockdown which impacted the global construction equipment market. According to TechSci Research’s estimates, the market suffered a decline of 7.58% in terms of value. This decline left a remarkable depreciation in the market, but the market is currently reviving and is set to overcome the descent in 2021-2022, owing to the shift towards the focus of all the organizations this pandemic has adversely affected the construction sector and the demand for construction equipment decreased immensely worldwide.
Based on region, Asia-Pacific accounted for the largest share of 41.25% in the construction equipment market owing to aging transportation infrastructure and traffic congestion, which are augmenting infrastructure activities in the region, thereby creating ample demand for the construction equipment market in the upcoming years. Moreover, the Smart City Project, along with continued investments into India’s building construction sector and ongoing Colombo port construction is estimated to propel the demand for construction equipment market in the coming years.
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Some of the major players operating in the global construction equipment market are Volvo Construction Equipment AB, Komatsu Ltd., Liebherr Group, Zoomlion Heavy Industry Science And Technology Co., Ltd, Caterpillar Inc., Atlas Copco AB, Hitachi Ltd., CNH INDUSTRIAL N.V., TEREX CORPORATION, Hyundai Doosan Infracore (Doosan Infracore Co., Ltd.), Deere & Company (John Deere), and Xuzhou Construction Machinery Group Co., Ltd. (XCMG), among others. Companies operating in the market are using organic strategies such as service advancements through addition of new features, partnerships, and mergers & collaborations to boost their share in the global construction equipment market.
“With rising technological advancements in industries, adopting new versatile methods for project execution is in high demand. The requirement of construction equipment is not only limited to constructing infrastructure or buildings, rather they are used in diverse fields like mining, agriculture, prefabricated houses, etc. Hence, the demand for construction equipment would arise in several multi-functional areas.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Construction Equipment Market ByProduct Type (Loader, Cranes, Forklift, Excavator, Dozers, and Others), By Power Output (<100 hp, 101-200 hp, 201-400 hp, and >400 hp), By Application (Material Handling, Excavation & Demolition, Recycling & Waste Management, Tunneling and Others), By End User Industry (Oil & Gas, Construction, Infrastructure, Manufacturing, Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global construction equipment market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global construction equipment market.
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