Construction Equipment Market is Expected to Reach $240.97 Billion, Globally, by 2020 – Allied Market Research
According to a new report by Allied Market Research titled, “Global Construction Equipment Market – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014–2020“, the global construction equipment market is expected to reach $240.97 billion by 2020, registering a CAGR of 8.9% during 2015-2020.
The construction equipment market includes heavy machinery such as loaders, cranes, forklifts, excavators, and dozers, used for earthmoving, material handling, excavation and other applications across different industry verticals. Among the different types of construction equipment, loader and cranes would continue to remain the most preferred type, due to their numerous applications in construction, mining and public works. Loader segment would drive the market significantly by 2020, contributing more than 44% of the total market revenue, due to increased application in earth moving operations. Crane market is growing at a steady rate owing to the growing demand for lifting and material handling from different industries.
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From industries’ perspective, public works and rail road sector would significantly drive the market due to the increasing number of infrastructural projects worldwide. Other prominent end-user industries include oil & gas, mining and manufacturing.
The construction equipment find maximum usage in earth moving and lifting & material handling applications. The two applications collectively accounted for around 50% of the total market in 2014. Between the two, earth moving application would grow at a faster rate during the forecast period, due to the upsurge in construction for commercial and residential infrastructure setup. Market is further segmented into solution type, comprising of product and services. The market shares of products and services would hover in the ratio of 80:20 throughout the analysis period.
Asia-Pacific region would dominate the global construction equipment market throughout the analysis period due to the increased industrial and residential construction activities in this region, whereas North American market is expected to witness moderate growth.
Key findings of the study
- Lifting & material handling application would grow at a relatively faster CAGR of 12.4% during 2015-2020, in comparison to all the other applications
- Public work activities would continue to drive the global construction equipment market over the analysis period
- Excavation & mining application involving the use of construction equipment would grow notably at a CAGR of 9.5% during 2015-2020
- The market in Asia Pacific region is expected to grow at a CAGR of 10.2% during 2015-2020
The market growth is attributed to innovation in construction equipment products along with the rising demand from public works, mining, manufacturing and oil and gas industries. Many prominent players operating in the construction equipment market have adopted product launch and acquisition as their key growth strategies. In 2011, Caterpillar acquired Bucyrus to expand the mining segment of the company and improve their mining equipment product line. Prominent companies profiled in the report include Caterpillar, Volvo, Hitachi, JCB and Komatsu.