Construction Equipment Market Expected to Reach $240.97B Globally by 2020
WASHINGTON, DC According to a new report by Allied Market Research titled "Global Construction Equipment Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020," the global construction equipment market is expected to reach $240.97 billion by 2020, registering a CAGR of 8.9 percent during 2015 through 2020.
The construction equipment market includes heavy machinery such as loaders, cranes, forklifts, excavators, and dozers, used for earthmoving, material handling, excavation, and other applications across different industry verticals. Among the different types of construction equipment, loader and cranes would continue to remain the most preferred type, due to their numerous applications in construction, mining, and public works. Loader segment would drive the market significantly by 2020, contributing more than 44 percent of the total market revenue due to increased application in earth moving operations. The crane market is growing at a steady rate owing to the growing demand for lifting and material handling from different industries.
From industries' perspective, public works and railroad sector would significantly drive the market due to the increasing number of infrastructural projects worldwide. Other prominent end-user industries include oil and gas, mining, and manufacturing.
The construction equipment will find maximum usage in earth moving and lifting and material handling applications. The two applications collectively accounted for around 50 percent of the total market in 2014. Between the two, earth-moving application would grow at a faster rate during the forecast period due to the upsurge in construction for commercial and residential infrastructure setup. Market is further segmented into solution type, comprising of product and services. The market shares of products and services would hover in the ratio of 80:20 throughout the analysis period.
The Asia-Pacific region would dominate the global construction equipment market throughout the analysis period due to the increased industrial and residential construction activities, whereas the North American market is expected to witness moderate growth.
The market growth is attributed to innovation in construction equipment products along with the rising demand from public works, mining, manufacturing, and oil and gas industries. Many prominent players operating in the construction equipment market have adopted product launch and acquisition as their key growth strategies. In 2011, Caterpillar acquired Bucyrus to expand the mining segment of the company and improve their mining equipment product line. Prominent companies profiled in the report include , , , , and .