The construction equipment market has been a vital part of the global economy. These equipments decreases the time involved in the process as well as increases the efficiency of the process with less human intervention. Undoubtedly, these equipments are the most capital-intensive investments by the company. Yet, the construction companies are investing heavily in these equipments, in order to control the indirect cost in the long run. The overall global construction market was recorded at USD 110.67 Billion in the year 2014, owing to the increasing demand for infrastructural construction worldwide.
According to the recently published report by Bonafide Research, a report titled ‘Global Construction Equipment Market Outlook, 2025’, the need for immediate and flawless constructions has propelled the demand in the construction equipment market across the world. The report throws a light on various trends and the technological advancement in the market of construction machinery, which has influenced the sales of the equipment over the years. Customers look for the construction equipments, which can get higher productivity with optimum fuel usage because the investments behind such purchases are very high. The dominating earthmoving machinery sector is expected to show a decline in the market share by the forecasted period, while the road construction equipment is expected to show a growth of more than 7%. The demand for material handling machinery is getting higher in the developed countries, but the economically backward countries are concentrating on the development of road transportation in order to make a strong backbone for the economy. The pandemic effect on the construction and real estate industry is shocking, and the demand for construction equipments is likely to be shaken. Moreover, the industry has been facing a shortage of skilled laborers over the past few years. On top of that, existing labor force is retiring due to the age factor; the industry is in the struggle for the replacement of the labor force. Even though these machines are designed to meet the labor shortage, the operators still need to be technically skilled to handle them.
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In terms of regions, Asia has been the undefeated lead, with more than 35% of the market share. Historically, North America held the second position, which is likely to show a decrease in the share up to the extent of creating the possibility of Europe taking over the position post the forecasted period. The smaller regions of Latin America, and the Middle East & African countries are likely to show an increase in the market share. Understanding the fact that an efficient road transport system is a pre-requisite for sustained economic development, the governments have taken into consideration about mending the poor quality roads, giving more scope for the segment of road development equipments to grow. On the other hand, the vertical expansion in constructions is to let the material handling machinery segment cover a market of more than 20%.
We provide 10% free customization with this report, we have considered the covid-19 effect for the year 2020 and in the forecast period.
Major Companies Present in the market
The key players of the Global Construction Equipment Market are Caterpillar, Doosan, Epiroc, Hitachi Constructions, JCB, John Deere, Kobelco, Komatsu, Kubota, Liebherr, Metso, Sandvik Mining And Rock Technology, Sany, Terex, Volvo Construction Equipment, Zoomlion.
Considered in this report
Countries Covered in the report: USA, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, Australia, Brazil, Argentina, Colombia, UAE, Saudi Arabia, Qatar, Africa.
The following aspects are covered in the report “Global Construction Equipment Market Outlook, 2025“
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