The Construction Equipment Market is projected to reach USD 250.4 Billion by 2026 from USD 208.3 Billion in 2021, at a CAGR of 3.8% during the forecast period. Asia-Pacific is estimated to lead the market during the forecast. The construction equipment market has experienced growth in terms of the number of projects such as dams, airports, and hydroelectric projects, because of which many international companies have started their manufacturing plants in this region. Some of the man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. The region is estimated to be the most populated in the world, which creates immense opportunity for the construction equipment market to grow.
Some of the major projects driving the construction equipment market of this region are the SongdoInternational Business District in South Korea and China–Pakistan Economic Corridor. These mega projects have led to an increase in investments and construction activities, thereby driving the region’s construction equipment market.
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China accounts for the largest share of the construction equipment market in Asia. According to the Global Construction Perspectives (GCP), China is focusing on shifting to a consumer and services-driven economy and developing new infrastructures. Therefore, such a transition is likely to create opportunities for construction equipment manufacturers in the country. The country is moving toward sustainable growth in the construction equipment market with the help of major investments and product innovation, which makes it more competitive. Domestic construction equipment manufacturers are investing in R&D activities to develop new products and penetrate the mid-to-high end markets. For example, Sany has announced an expanded product portfolio. Heavy investments in the construction sector also create opportunities for construction equipment OEMs. According to the China Electronic Information Industry Development (CCID), the government investment associated with new infrastructure projects is expected to reach USD 1.43 trillion to USD 2.51 trillion by 2025. This will create huge opportunities for OEMs in the country.
North America region is expected to dominate the global market after Asia. According to the Global Construction Perspectives (GCP), the US construction market is expected to grow faster than China over the next 15 years, at a rate of an average of 5% per annum. The US is estimated to be the largest market for construction equipment in the North American region. The presence of companies such as Caterpillar Inc. and developments undertaken by them drive the market in the country. Companies are adopting strategies such as collaborations, joint ventures, supply contracts, and mergers & acquisitions to strengthen their position, widen product portfolio, and cater to the end-use industries. With the upcoming stringent emission norms for the fuel economy in the country, companies are also focusing on manufacturing fuel-efficient construction equipment for the domestic market.
The construction industry in the US is expected to grow at a decent rate against federal spending cutbacks. However, low-interest rate loans to procure construction equipment will encourage investments by the construction companies.
Key Market Players:
The global construction equipment market is dominated by global players such as Caterpillar Inc. (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Sany Heavy Industries (China), and Zoomlion (China). These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the construction equipment market.
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