As per the report published by Fior Markets, the global construction equipment market is expected to grow from USD 151.46 Billion in 2017 to USD 227.32 Billion by 2025 at a CAGR of 5.2% during the forecast period from 2019-2025. The Asia Pacific region is dominating the market because of increasing population and urbanization, thus, leading to increase in the demand for infrastructure development, housing, and office space in this region.
Global Construction Equipment Market by Equipment Type (Crawler Excavator, Others), Equipment Category, Power Output, Emission Regulation Stage, Aftertreatment Device, Propulsion Type, Application, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2025.
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Prominent companies in the industry include AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Heavy Industries & Construction Co. Ltd., Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited among others. Leaders are providing better opportunities and continuously focused on new product developments and venture capital investments to capture market share. For instance, in 2017, Komatsu began the launch of its Intelligent Hydraulic Excavator, This acquisition is expected to strengthen the core equipment business to achieve company’s sustainable growth
Equipment category segment includes earthmoving equipment, material-handling equipment, heavy construction vehicles and other equipment. Earthmoving equipment is dominating the market with the highest share of 37.20% in 2017. The earthmoving equipment category are considered an important part of equipment as they are used to carry, dig, spread, or move earth or materials. Power output segment is divided into segments such as a Market for <100 HP Construction Equipment, Market for 101–200 HP Construction Equipment, Market for 201–400 HP Construction Equipment and Market for >400 HP Construction Equipment. The market for 201–400 HP Construction equipment is growing rapidly at a CAGR of 7.4% in the forecast period as the demand for infrastructure development in developing economies is too high. The emission regulation stage segment includes stages and tiers. The tiers segment held market share of 29.50% in 2017. Various countries are enforcing the tiers regulations for better environment sustainability. The aftertreatment device segment includes Diesel Oxidation Catalyst (DOC), Diesel Particulate Filter (DPF), Exhaust Gas Recirculation (EGR) and Selective Catalytic Reduction (SCR). The Selective Catalytic Reduction (SCR)segment is dominating the market and valued around USD 57.70 Billion in 2017. The growth in the SCR segment is registered due to the strict emission regulations that are speculated to be implemented by various countries. The propulsion type segment includes diesel, gasoline and CNG/LNG/RNG. The CNG/LNG/RNG segment is dominating the segment and valued around USD 68.45 Billion in 2017. CNG/LNG/RNG fuels helps to lessen up the emissions rate compared with diesel, thereby, increasing the demand in construction equipment. The application segment includes infrastructure, commercial buildings, residential buildings and industrial buildings. The infrastructure segment is dominating the segment and valued around USD 54.22 Billion in 2017. Due to expansion in number of infrastructure projects, the demand for these equipment has also increased.
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Increase in government expenditure on developing infrastructure is a major factor driving the market. In addition, newly formed emission regulations to initiate progress in OHV engine & exhaust technologies and increasing demand for smart city projects requires large amount of construction equipment are another two factors fuelling the growth of market. However, high cost of equipment may obstruct the growth of market. Nevertheless, renting or leasing out construction equipment may boost the market in forthcoming years.
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