Construction equipment market
Construction equipment is heavy machinery designed to perform construction operations such as paving, drilling, grading, excavating, and hauling. Construction equipment industries include public works, manufacturing, military, oil and gas, forestry, and others.
The market had been showing sluggish growth due to poor economic conditions, but due to recent, stable economic conditions, there is expected to be growth in the market in the next few years (2016-2024). This will be driven by growth in industrial, residential and commercial construction activities, as well as growth in public private partnerships for developing infrastructure and increasing government financial assistance for infrastructure development.
Companies are focusing on a range of growth strategies to gain market share, including mergers and acquisitions, new innovations, collaboration, new product launches, new technology launches and so on, and this may fuel market growth.
However, stringent government regulations regarding carbon emissions and volatile oil prices may hinder growth.
The market is categorised based on application, type, industry, and solutions.
Applications include:
- lifting & material handling,
- transportation,
- excavation & mining,
- earthmoving,
- others.
Types include:
- dozers,
- loaders,
- forklifts,
- cranes,
- excavators,
- others.
Of these, loaders are the dominating segment, along with earthmoving equipment.
Industries include:
- forestry and agriculture,
- oil and gas,
- mining,
- public works and rail,
- military,
- manufacturing.
Of these, public works and rail is the leading segment in the global market.
Solutions include:
- services, further sub-segmented as maintenance and rental.
- products.
Geographically, the market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific has the highest market share. This region is expected to grow at the fastest rate due to rising industrialisation and urbanisation. Investment in infrastructure in North America will also propel the global market.
The main players in the market are Hitachi Construction Machinery Co. Ltd., Liebherr Group, Caterpillar Inc., Kobe Steel Ltd., and Doosan Heavy Industries & Construction Co. Ltd. Other players include Atlas Copco AB, Komatsu Ltd., AB Volvo, and J.C. Bamford Excavators Limited.
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