The construction equipment market size is projected to grow from USD 180.4 billion to USD 223.1 billion by 2027, at a CAGR of 4.3% for the same period. The market is expected to witness growth due to the development of public-private capital investments, increase in the number of the commercial projects, and restart of the infrastructure projects sanctioned by governments after the pandemic situation.
With the growing of construction activities, the crawler excavator construction equipment segment is expected to register the growth rate of 19.4% from 2022 to 2027. Post-COVID-19 scenario, the governments of the different countries resumed the work of the halted construction projects. This has positively impacted the growth of construction equipment market. Many major players in global market like as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and SANY Group (China) are focusing on developing the products for crawler excavator construction equipment segment due to the growing demand.
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According to MarketsandMarkets statistics, the <5L engine capacity construction equipment segment of construction equipment market is predicted to be the largest segment by 2027. Construction equipment with lower power usually has an engine capacity of <5L. Engine capacity with <5L is extensively used in low power backhoe loaders and excavators that are used in applications such as urban civil engineering, housing, snow removal, forestry, and landscaping due to its compact design, easy maneuverability, and ability to do tasks faster. Many major construction equipment players like Caterpillar (US), Komatsu ltd (Japan), Deere & Company (US), AB Volvo (Sweden), and others are focusing on developing the <5L engine compact construction equipment.
According to MarketsandMarkets statistics, the commercial application segment of construction equipment industry is estimated to be the largest growing segment during the forecast period. The growing commercial projects across the globe like the Beijing New International Airport (China), South to North Water Transfer Project (China), the construction of the Mall of Saudi, worth USD 3.2 billion in the city of Riyadh, which is due to be completed by 2022 and such others are projects are creating opportunity for the growth of the construction equipment market.
Asia is estimated to be the largest market due to significant growth in the construction activities in China, Japan, India, and Indonesia. The region is expected to lead the market by 2027. The Asia construction equipment market is witnessing impressive growth due to the growth in terms of the number of projects such as dams, airports, and hydroelectric projects, due to which many international companies have started their manufacturing plants in this region. Some of the major industry players from Asia are Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), SANY Group (China), and others.
Key Market Players:
The construction equipment companies are Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and SANY Group (China). These companies have strong distribution networks at the global level. These companies have adopted comprehensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market.
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