According to a recent report published by Allied Market Research, titled, “Construction Equipment Market by Solution Type, Equipment Type, Type, Application, and Industry: Global Opportunity Analysis and Industry Forecast, 2020–2027,” The global construction equipment market accounted for $184,500 million in 2019 and is expected to reach $261,047 million by 2027, registering a CAGR of 4.3% from 2020 to 2027. In 2019, Asia-Pacific dominated the global construction equipment market, in terms of revenue, accounting for about 44.0% share of the global construction industry, followed by Europe, North America, and LAMEA.
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Construction equipment are specially designed machinery used to perform construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global construction equipment market covers different industries such as construction & infrastructure, manufacturing, and oil & gas.
Although the construction sector is facing a slow-down, which is affecting new construction equipment sales, the market is expected to recover during the forecast period. One of the reasons for the growth is anticipated to be the growing focus on public–private partnerships (PPP). These partnerships are characterized as joint ventures between government and private sector companies for the construction of public infrastructure systems. In this type of partnership, a private company handles a project and lends technical and operational expertise to government projects.
The growing public-private partnerships in different countries such as India, Africa, and China are expected to fuel the growth of the construction equipment industry. Further, the rise in urbanization across the world is increasing the demand to build infrastructure such as residential and transportation. By 2040, the global population is estimated to grow approximately by two billion with the urban population growing by over 40%. However, factors such as strict government regulations and carbon emissions are anticipated to restrain the construction equipment market growth. Moreover, technology innovations are expected to provide lucrative opportunities for players operating in the market.
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The construction equipment market is segmented on the basis of solution type, equipment type, type, application, industry, and region.
By solution type, it is divided into products and services.
By equipment, the construction equipment it is classified into heavy construction equipment and compact construction equipment.
By type, it is categorized into loader, cranes, forklift, excavators, dozers, and others.
By application, it is divided into excavation & mining, lifting & material handling, earth moving, transportation, and others.
By end-user, it is divided into oil & gas, construction & infrastructure, manufacturing, mining, and others.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive analysis and profiles of the major players in the construction equipment industry, such as AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) are provided in this report.
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Key Benefits for Stakeholders:
- The report provides an extensive analysis of the current and emerging construction equipment market trends and dynamics. The report also provides construction equipment market size from 2019 to 2027.
- In-depth construction equipment market analysis is conducted by constructing estimations for the key segments between 2019 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the construction equipment market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- Construction equipment market forecast analysis from 2019 to 2026 is included in the report.
- Key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the construction equipment industry.
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