Market Research Report
Global Construction Machinery Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||391674|
|Published||Content info||90 Pages
Delivery time: 1-2 business days
|Global Construction Machinery Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)|
|Published: March 18, 2018||Content info: 90 Pages||
The global construction machinery market is anticipated to record a CAGR of 7.21% during the forecast period, 2018-2023. The increasing focus on infrastructure and development of automation in the construction and manufacturing processes had a significant impact on the market growth.
Areas Where Scope of Construction Machinery Is Growing
The road construction machinery market has witnessed significant growth in the recent past, owing to the increased road development programs undertaken by the central and state governments, especially in the Asia-Pacific countries.
Growing demand from irrigation industry, increasing number of upcoming highway construction projects and advanced vehicles equipped with emission control systems are some of the factors expected to drive the construction machinery market, during 2017-2022 (the forecast period).
The demand for machines that are cost effective, along with regulatory pressures for lower emissions, is pressurizing construction-equipment manufacturers to opt for electric and hybrid vehicles over the traditional hydraulic and mechanical ones.
Great Man-Made River (GMR) project in Libya has been working since 1985, to irrigate more than 3, 50,000 acres of arable land, and is scheduled to complete by 2030. Dubai has undertaken a project to improve its economy by constructing Dubailand, which includes sports venue, theme parks, eco-tourism, health facilities, science attraction, and hotels, in 278 km2 by 2025. Moreover, this project is in the process of employing advanced automated construction machinery.
Increasing Demand in Asia-Pacific
The Asia-Pacific construction machinery market is projected to register a CAGR of 8.60% during the forecast period. Asia-Pacific ranks first in the construction equipment market with major market share held by China, India and Japan. The progress of South-North water transfer plant project in China, anticipated to complete by 2050, would deploy various construction machinery either by leasing or owning the machinery, thus growing the demand for construction machinery over next three decades.
The increasing number of dam construction, real-estate business, commercial and residential complexes, and expansion of rail and road infrastructure in the APAC region are few drivers for the construction machinery market.
Key Developments in the Market:
December 2017: Volvo Construction Equipment launched new EC200D excavator in India to strengthen its earthmoving product line in 20 ton machinery category.
December 2017: Kobelco Construction Machinery Co., Ltd, launched three new models in the hydraulic crawler cranes segment namely CK3300G-2 (North American model), CKE3000G ( European model) and CKS3000 (Standard model).
Major Players: CATERPILLAR INC., KOMATSU LTD., HITACHI CONSTRUCTION MACHINERY CO. LTD., amongst others
Reasons to Purchase this Report:
Latest technology trends adopted by the manufacturers in the construction machinery industry.
Analyzing various perspectives of the market with the help of Porter's five forces analysis.
Study on the machinery type that is expected to dominate the market.
Study on the region and country that are expected to dominate the market.
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate Sheet (in excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.