According to a new market report published by Acute Market Reports Inc “Construction Equipment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2021 - 2029,” the construction equipment market is expected to reach US$ 230.5 Bn by 2029, the market for construction equipment is expected grow with rising investments in construction sectors supported by improving economic conditions across the world. In addition, flexible credit policies to purchase construction equipment are also expected to fuel the demand for construction equipment. Growing construction rental sector represents a positive outlook for the construction equipment industry.
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Earth moving equipment accounted for the largest revenue share compared to other type of construction equipment in 2020. The earth moving equipment segment includes loaders, excavators, bulldozers and other equipment used for trench digging, foundation building, loading and other earth moving applications. The demand for earth moving equipment is expected to grow with increasing urbanization across the world. Loader is the most selling earth moving equipment type in terms of volume. Material handling equipment segment is expected to see the fastest growth through the forecast period. Rising investment in energy sector and construction of bridges to improve transportation network is expected to fuel the demand for material handling equipment.
Asia Pacific is the largest regional market for construction equipment and accounted for more than half revenue share in the global construction equipment market. Rising investment in construction sector in India and China to support their economic developments is the primary factor expected to influence the demand for construction equipment. In North America and Europe demand for construction equipment is expected to increase steadily with replacement of old equipment with advanced equipment. China is the largest individual market for construction followed by the U.S. The significant demand for construction equipment is also expected from emerging economies such as Brazil, South Africa and Russia.
The global construction equipment market is dominated by Caterpillar. Some other recognized players in this industry include Komatsu (Japan), Hitachi (Japan), Volvo (Sweden), Liebherr (Switzerland), Zoomlion (China), Sany (China), Doosan (South Korea), Terex (U.S.), and John Deere (U.S.). Global manufacturers are facing challenge from low cost Chinese manufacturers particularly in emerging and price sensitive markets.
