Pune, Dec. 03, 2020 (GLOBE NEWSWIRE) — The global construction equipment market size is projected to reach USD 160.84 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period. Surging demand for construction activities will be one of the primary growth drivers for this market, finds Fortune Business Insights™ in its recent report, titled “Construction Equipment Market Size, Share and COVID-19 Impact Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, Road Building Equipment, Civil Engineering Equipment, Crushing and Screening Equipment and Other Equipment), By Application (Residential, Commercial & Industrial) and Regional Forecast, 2020-2027”.
A collaborative study by Oxford Economics and Global Construction Perspectives revealed that in terms of the value of output, the construction industry will reach USD 15.5 trillion by 2030, registering a growth rate of 85%. Accounting for 57% of the total output, US, India, and China will lead the growth trajectory of the industry in the foreseeable future. The equipment, such as backhoe loaders and excavators, will be indispensable to carry out these activities, especially in developing countries where urbanization is accelerating at a furious pace. Bright prospects of the construction industry will, therefore, broaden the outlook of this market in the forthcoming period.
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COVID-19 Impact
The COVID-19 pandemic is expected to impact the construction equipment market growth negatively during 2020 as majority of workers are absent from construction sites for fear of contracting the infection. As a result, construction activities have come to a standstill, although they are anticipated to pick up pace in 2021. At Fortune Business Insights™, we offer comprehensive market research reports prepared by our expert and dedicated teams to equip your business with the necessary information to survive this on-going crisis.
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Market Restraint
High Pollution Levels Caused by Construction Activities to Impede Market Growth
Concerns stemming from pollution levels caused by the construction sector are likely to stall the adoption of traditional construction equipment. The World Green Building Council estimates that the bricks produced in kilns for constructing buildings account for roughly 20% of the global black carbon emissions. Moreover, an additional 11% of the total carbon emissions can be attributed to construction operations. According to UN Environment, global emissions from the building & construction sector rose by 2% in 2018 from 2017 levels. The utilization of obsolete and energy-inefficient construction equipment is the most prominent reason for surging pollution levels in this sector, especially in developing countries where investment in construction is inadequate. In response, governments are implementing stringent regulations in energy-heavy industries to curb emissions, which may hinder the growth of this market.
Regional Insights
Increasing Governmental Focus on Capital Investments to Propel Market in Asia Pacific
Asia Pacific, with a market size of USD 51.60 billion in 2019, is expected to command the construction equipment market share during the forecast period, since governments in the region are strategically raising capital investments in their countries. These investments are aimed at providing the necessary thrust to infrastructural development, prompted by rapid urbanization, industrialization, and population growth.
In Europe, the market growth is anticipated to be primarily determined by the soaring demand for new housing areas and technological advancements in construction machineries. On the other hand, the market in North America will be mainly characterized by the massive investments made to augment the move towards smart cities in the region.
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Competitive Landscape
Diversification of Operations to be the Key Feature of Market Competition
The market competition is dominated by the presence of a limited number of veterans in the construction industry such as Caterpillar and Komatsu. These well-established players are focused on diversifying their operational portfolio to expand their business horizons and secure their long-term prospects in the market.
Industry Developments:
- May 2020: Volvo Construction Equipment announced that it was now part of Florida’s ambitious Comprehensive Everglades Restoration Plan initiated 20 years ago. Volvo will be constructing the C-43 water reservoir of the hydrological restoration project, where the company has already deployed 42 of its machines.
- March 2020: The Japanese construction giant, Komatsu, introduced the SMART CONSTRUCTION Retrofit kit, its ICT-enabled construction kit. The kit features ICT tools such as 3D machine guidance and payload measurement, can be fitted onto conventional construction equipment and can be used on hydraulic excavators of companies other than Komatsu.
List of Companies Profiled in Construction Equipment Market Report:
- SANY Group (Beijing, China)
- CNH Industrial N.V. (London, U.K.)
- J.C. Bamford Excavators Ltd. (Rocester, U.K.)
- Doosan Infracore Co. Ltd. (Seoul, South Korea)
- Caterpillar Inc. (Illinois, U.S.)
- Hyundai Construction Equipment Co., Ltd. (Seoul, South Korea)
- Liebherr Group (Bulle, Switzerland)
- Hitachi Construction Machinery Co., Ltd. (Tokyo, Japan)
- Komatsu Ltd. (Tokyo, Japan)
- AB Volvo (Gothenburg, Sweden)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- COVID-19 Outbreak: Construction Equipment Industry Impact
- Global Construction Equipment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Equipment Type (Value)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other Equipment (Trailers, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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