Market Research Report
Construction Equipment Market Size, Share & Trends Analysis Report By Product Type (Earth Moving, Material Handling, Concrete & Road Construction), By Region, And Segment Forecasts, 2018 - 2025
|Published by||Grand View Research, Inc.||Product code||682153|
|Published||Content info||133 Pages
Delivery time: 2-3 business days
|Construction Equipment Market Size, Share & Trends Analysis Report By Product Type (Earth Moving, Material Handling, Concrete & Road Construction), By Region, And Segment Forecasts, 2018 - 2025|
|Published: July 16, 2018||Content info: 133 Pages||
The global construction equipment market size is expected to reach USD 112.52 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.8% over the forecast period. Increasing government spending on developing public infrastructure has been a major factor driving market growth. In addition, growing trend of renting used construction equipment has led to rise in demand for construction equipment.
Earth moving machinery accounted for the highest market share in 2017. Increasing demand for large and mini excavators, backhoe loaders, and such other heavy construction equipment from developing countries is driving the market growth. Although China is considered as a market leader for these equipment, the country has faced a steep decline in sales over the last few years. The concrete and road construction machinery segment is anticipated to grow at the highest CAGR of 7.0% over the forecast period.
Concrete and road machinery include equipment such as asphalt pavers, rollers, and transit mixers used in road development of roads and transportation of concrete material. Road construction projects are anticipated to be a key driver for this product segment. For instance, in U.S., investment in roadways construction is expected to increase from nearly USD 91.0 billion in 2016 to USD 99.0 billion by 2020.
Among excavators, loaders, and other such earth moving machinery segments, excavator is anticipated to capture highest market share by 2025. Rapid technological advancements, better capacity, and increased productivity are key drivers for growth. Demand for loaders is expected to boost owing to increased requirement from Chinese market. Other earth moving equipment such as dozers are anticipated to grow at very high pace, owing to high demand from mining sector.
Truck mounted cranes dominated the material handling machinery market in 2017, owing to better product design and transportability. These all terrain cranes are useful in almost all working conditions especially for small construction projects. The crawler crane segment is anticipated reach USD 3.67 billion market by 2025. These cranes are highly powerful and sturdy in nature, thus, useful for large operations and moving large weights.
The concrete mixer and paver segment accounted for over 56% market share in 2017. Increasing mega construction projects in cities and rapid pace of urbanization boosted demand for the segment.
North America emerged as the global leader for heavy construction equipment in 2016. China slowdown helped North American companies to capture greater market share worldwide. For instance, North America accounted for greater than 75% demand for skid steer loaders in 2016. However, falling commodity prices has slowed down growth of construction and mining industry in 2017. Demand for earth digging equipment such as mini excavators has jumped in Middle East and Africa owing to growing mining activities.
Key players including Caterpillar Inc.; Komatsu; Hitachi Construction Machinery; Liebherr and Volvo Construction Equipment dominated the global market in 2017.