Global Construction Equipment Market - Segmented by Type, Application and Geography - Market growth, size and forecast 2015-2020
The global Construction Equipment Market is expected to show a Compound Annual Growth Rate (CAGR) of 7.7% during 2014 – 2020. The market size is currently valued at $142.1 billion USD and is expected to reach a value of $221.7 billion USD by the end of the forecast period. The global market is witnessing decent growth based on heavy investments done in the infrastructure recreation to accommodate smart residential and commercial buildings. The emerging markets of South America and Asia-Pacific are witnessing strong demand for heavy construction equipment and are witnessing large investments in these regions. Heavy construction equipment is critical for any construction project. Construction equipment is used extensively to reduce labor cost and time; they are used extensively in capital-intensive projects. Therefore, the trend in fixed investment is an extremely salient determinant for demand in such products. Credit to modernization and technological advancement, the need for construction equipment has migrated from traditional purposes such as agriculture to more disciplined fields, including railways and military. Growing infrastructure development across residential as well as commercial sectors is expected to be the key driving force for the market over the next six years. The emphasis on developing infrastructure for a sustainable economy has led Asia-Pacific to be the largest market for construction equipment. This region has seen growth in numbers of airports, dams, hydroelectric projects, etc., to sustain high-level industrial activities and growing energy demand. As a result, many international players have invested and started their manufacturing facilities and distribution centers in the region. Earth Moving Equipment (EME) has the largest market share in the construction equipment market across the world. They (EME) are extensively used for excavation purpose across the world. Excavators, loaders, backhoes, motor graders, and other equipment are categorized under EME. BRIC nations drive the growth of this market. Companies profiled in the construction equipment market report include - Caterpillar, Doosan Infracore Ltd., Hitachi Construction Machinery Co. Ltd., Cnh Global NV, Hyundai Heavy Industries Ltd., JCB and Volvo Construction Equipment among others. Drivers: The construction equipment market, especially in developing countries, is driven by factors such as growth in construction and mining activities. The market in Russia is set for a transformation; this transformation is due to the nation winning the big for hosting the FIFA 2018 world cup. In addition, demand by companies in infrastructure and real estate supports the growth of the construction equipment market. Restraints: The major restraints of the construction equipment market are the initial high costs and maintenance of the equipment. In addition, the differences in import duties prove to be hurdles to this market. What the report contains? The report elucidates the construction equipment market across the world. This report was created after an extensive study of the market based on the types of equipment. The following are the three major classifications of types of equipment: Material Handling Equipment Earthmoving Equipment Heavy Construction Vehicles The report is further divided by location – North America, Europe, Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where in the market share of each region is analyzed and estimates are provided for the next 5 years. Apart from this, various applications of construction equipment have been discussed in detail in addition to a comprehensive overview of the market.