The Global Market for Construction Equipment is Forecast to Exceed 1.3 Million Units by 2024

Resurgence in Construction Activity and Ambitious Mega Projects Drive Demand for Construction Equipment, According to a New Report by Global Industry Analysts, Inc.
                                                                                                
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share, and demand forecasts on the global Construction Equipment market. The global market for Construction Equipment is forecast to exceed 1.3 million units by 2024, driven by rapid urbanization, resurgence in housing, non-residential and infrastructure construction activity in global markets, and development of machines with greater performance and efficiency capabilities.
                                                                                             
Construction equipment is a highly capital-intensive industry in addition to being cyclical. Growth in the sector is shaped by public infrastructure spending, liquidity, new residential and non-residential construction; and capital spending in major industries such as oil and gas. Demand for heavy equipment industry is linked to GDP growth and generally follows macroeconomic cyclicality. Sales of light construction equipment are influenced by the level of residential and commercial construction, building renovations and construction of smaller infrastructure facilities. Renovation of old buildings and structures, and the strong government push to build green residential and non-residential structures is expected to propel sales of construction equipment in advanced economies. Replacement demand is also expected to remain a significant driving force owing to the need among contractors and equipment rental companies to replace ageing fleets.

Product innovations in the construction equipment industry are centered on improving productivity, flexibility and ergonomics and product quality of the machinery. Future progress is expected to stem from manufacturer investments in digital technologies and automation aimed at improving the efficiency of machines and engines. Companies are devoting considerable R&D resources towards development of advanced technologies such as automation, connectivity and alternative drivelines and fuels. Advances in technology including telematics have allowed modern construction equipment to be monitored remotely, allowing for smoother operations and faster error detection. Data-driven solutions including predictive analytics are also being embraced to identify issues, avoid major failures and reduce costs associated with loss of power, lost productivity, replacement equipment, and additional man-hours. Autonomous and semi-autonomous construction equipment are heralded to be the future of construction equipment industry. Autonomous technology for construction has the potential to offer safer working environment, lower costs due to optimized fuel consumption and operations. With emission control norms becoming more stringent, construction equipment companies gearing up with various technologies including the development of electric-powered construction equipment to comply with the standards.

As stated by the new market research report on Construction Equipment, Asia-Pacific represents the largest market worldwide, supported by rapid urbanization and construction of smart cities; increase in construction projects based on public-private partnerships (PPP); strong government focus on the development of public infrastructure; expanding manufacturing base and a parallel increase in new construction and renovation of industrial plants and warehousing facilities; surging foreign direct investments in the services sector and a parallel increase in commercial real estate investments.   

Major players in the market include Caterpillar Inc., CNH Global NV, Deere & Co., Dingsheng Tiangong Construction Machinery Co. Ltd., Doosan Infracore Co. Ltd., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., JLG Industries Inc., Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Kubota Corporation, Liebherr Group, Lonking Holdings Limited, Manitou Group, Sandvik AB, SANY Group Co. Ltd., Shantui Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Terex Corporation, Volvo, Xuzhou Construction Machinery Group Co. Ltd., Xuzhou Heavy Machinery Co. Ltd., and Zoomlion Heavy Industry Science & Technology Development Co. Ltd., among others.

The research report titled “Construction Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections across all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. Product segments analyzed include Wheeled Loaders, Mini Excavators, Crawler Excavators, Skid Steer Loaders, Backhoe Loaders, Rough Terrain Lift Trucks, Crawler Dozers, Articulated Dump Trucks, Motor Graders, and Others, based on consumption patterns in each regional market.

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