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.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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