(MENAFN- GlobeNewsWire - Nasdaq) Tokyo, Nov. 08, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global construction equipment market size was reached at US$ 136.3 billion in 2020. The construction equipment is used extensively in the construction of roads, highways, commercial buildings, residential buildings, excavating, digging, and many more activities. The construction equipment market is primarily driven by rising government investments in building infrastructure, rapid urbanization, and rapid industrialization. The increased demand for the latest and advanced construction equipment that are eco-friendly, fuel-efficient, and offers improved productivity at less cost, is driving the growth of the global construction equipment market.
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The rising demand for the construction equipment rental services is a trending factor. The increased rate of urbanization and industrialization in the developing economies is expected to drive the growth of the construction equipment rental industry, which in turn will drive the demand for the construction equipment across the globe. The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Crucial factors accountable for market growth are:
- Rising government expenditure on the development of infrastructure
- Introduction of IoT and ICT in the construction equipment
- Rapid urbanization and industrialization
- Rising number of construction of commercial spaces in developed and developing nations
- Development of eco-friendly and battery operated construction equipment
- Extensive usage of excavators for digging
- Rising number of residential complexes in developing regions
Report Scope of the Construction Equipment Market
| Report Coverage || Details |
| Market Size in 2020 || USD 136.3 Billion |
| Growth Rate From 2021 to 2030 || CAGR of 5.9% |
| Base Year || 2021 |
| Segments Covered || Application Type, Equipment Type, Regional Type |
| Companies Mentioned || Hitachi Construction Machinery, Caterpillar Inc., Komatsu, Liebherr, Bamford Excavators Ltd., Volvo Construction Equipment, Doosan Infracore Co. Ltd., J.C. CNH Industrial NV, SANY Group, Hyundai Construction Equipment Co. |
Asia Pacific dominated the global construction equipment market in 2020. This is attributed to the increased government expenditure on infrastructural development and increased rate of urbanization. According to the Asian Development Bank, Asia is rapidly being urbanized as compared to rest of the world. East Asia is developing (Urbanizing) at a CAGR of 3.7%, followed by South-East Asia at 3.6%, South Asia at 3.3%, and Central Asia at1.6%. The Pacific region is urbanizing at a CAGR of 2.9%. Further, the recent announcement of Indian government to invest INR 15 trillion for the development of highways in the country is a mere example of government expenditure and contribution towards the growth of the construction equipment industry.
On the other hand, Europe is expected to be the fastest-growing market during the forecast period. Europe has an increased demand for the construction of residential units, commercial space, and skyscraper buildings that is expected to fuel the demand for the construction equipment. Further, the latest technological advancements in the construction equipment is expected to drive the adoption of the equipment in the European market during the forecast period.
- Based on the equipment type, the earthmoving segment dominated the market owing to the extensive use of excavators for digging the complex places during the construction. Further the rapid investment in the development of commercial and industrial spaces is expected to further drive the growth of this segment.
- Based on the application, the industrial segment is expected to be the fastest-growing segment during the forecast period. This is attributable to the rapid industrialization in developing nation and increased government initiatives and policies to drive the industrial development in the country.
Driver - The global construction equipment market is driven by the growth of the building and construction industry. The rapid industrialization and rapid urbanization in the underdeveloped and developing countries is expected to foster the growth of the market. Moreover, latest technological advancement in the construction equipment helps to save cost and improve operational efficiency. This factor is anticipated to drive the growth of the market during the forecast period.
Restraints - Environmental imbalance owing to the extensive use of the construction equipment may hamper the growth of the market. The construction equipment is a source of ozone emission that hampers the air quality. The rising government restrictions to reduce carbon footprint may hamper the growth of the market in the forthcoming years.
Opportunities - The rising popularity of the construction equipment rental services is the latest trend in the market. The rental services allows the builders to keep enough working capital in hands that can be utilized efficiently in the daily operations. The rising urbanization in the developing nations like India and China is expected to foster the rental services in the upcoming future.
Challenges - The rising government initiatives and strict regulation regarding CO2 emissions is a major challenge that needs to be tackled. For instance, The European Commission has the toughest regulations regarding the emission standards that strictly need to be followed by the construct equipment users.
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Segments Covered in the Report
By Equipment Type
- Material Handling
- Road Building
- Civil Engineering
- Crushing & Screening
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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