Growth Prospects of Global Construction Equipment Market During 2020 to 2030
The global construction equipment market is projected to expand at a 4% CAGR through 2030. With a temporary halt in construction activities due to the COVID-19 pandemic, prominent manufacturers are foreseeing demand fluctuations with changes in market trends.
“Increased regulatory norms and changes in customer behavior are encouraging manufacturers to make a rapid transition to electromobility. Moreover, growing consumer awareness and the rising prominence of next-gen technologies are projected to fuel industry focus toward the electrification of construction equipment,” says a Fact.MR analyst.
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- By ownership, rental operators are gaining traction among other categories primarily due to the increasing cost of purchasing equipment.
- The construction end-use segment will grow a substantial CAGR of 5% over the assessment period.
- Excavator equipment will be witnessing higher sales in contrast to cranes over the forecast period.
- South Asia and East Asia to gain market share of over 45% due to increasing infrastructure activities, together with increasing agricultural activities.
- Government efforts to build roads, railways, dams, and highways for developing smart cities will drive sales of construction equipment in the upcoming years.
- Growing infrastructural development projects by governments in both developing and developed nations will boost the demand for construction equipment.
- Increasing the placement of smart construction machines with sensor and IoT technologies for enhanced operational efficiency will augment the market growth.
Construction Equipment Market – Constraints
- The expensive nature of construction equipment can restrict sales during the forecast period.
- High maintenance and repair expenses of the equipment will act as a restraint in the market.
Anticipated Market Impact by COVID-19 Outbreak
With restrictions imposed on construction activities, absence of labor, and unstable demand for construction equipment, the COVID-19 adversely affected construction equipment manufacturers.
However, Fact.MR in its latest study estimates that while the market will remain stagnant by 2020 end, the market will regain its original growth trajectory slowly once the crisis status quo is contained.
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Construction Equipment Market – Competition Landscape
Key players identified in the global construction equipment market are CNH Industrial N.V., Caterpillar Inc., Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd, and Komatsu Limited. Players are focusing on increasing their product lines and market footprints to gain a competitive advantage.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the Construction Equipment market. The market is scrutinized on the basis of equipment (excavators [crawler excavators, wheeled excavators, and mini excavators], loaders, asphalt pavers, dozers, dump trucks, compaction machine [rollers], concrete mixers, motor graders, cranes [mobile cranes, crawler cranes, tower cranes, and others]), power output (below 100 HP, 100.1-200 HP, 200.1-400 HP, and above 400 HP), end use (construction, mining, agriculture & forestry, industrial, and others), and ownership (rental operators and industrial & commercial enterprises), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).