Zion Market Research, the market research group announced the analysis report titled ‘Construction Equipment Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
Global Construction Equipment Market: Overview
Construction equipment is heavy machinery designed to perform construction operations. These types of machinery are used to perform functions such as paving, drilling, grading, excavating, and hauling. Construction equipment industries include public works, manufacturing, military, oil & gas, forestry, and others. However, the public work projects comprise schools, dams, government buildings, hospitals, bridges, and much more.
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Global Construction Equipment Market: Growth Factors
Previously, the market was showing sluggish growth in construction activities owing to poor economic conditions, but now due to stable economic conditions, growth in the market is expected to enhance in the next few years. Increasing global economic growth and industrial, residential, & commercial construction activities may foster the global construction equipment market in the near future. In addition, growth in the public–private partnerships for developing infrastructural development is anticipated to drive the global market in future. Moreover, increasing government financial assistance for infrastructure development is expected to boost the global construction equipment market growth and open up lucrative growth opportunities in the market. Many companies are focusing on various growth strategies to gain highest market share in the global market are opting for mergers and acquisitions, new innovations, agreements, collaboration, new product launches, new technology launches; this may fuel the global market growth. Conversely, stringent government regulations regarding carbon emissions and volatile oil prices may hinder the global market growth in coming years.
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Global Construction Equipment Market: Segmentation
The global construction equipment market is categorized based on application, type, industry, and solution. The application segment includes lifting & material handling, transportation, excavation & mining, earthmoving, and others. The type segment comprises dozers, loaders, forklifts, cranes, excavators, and others. Of these, loaders are the dominating segment in the global construction equipment market as it is earthmoving equipment. The industry segment consists of forestry & agriculture, oil & gas, mining, public works & railroad, military, and manufacturing. Of these, public works & railroad is the leading segment in the global market. Furthermore, the solution segment includes service and product. The service segment is further sub-segmented as maintenance and rental.
Global Construction Equipment Market: Regional Analysis
The geography segment of the global construction equipment market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific accommodated for the highest market share in the global market. This region is expected to grow at fastest rate owing to rising industrialization and urbanization. Huge investments for the improvement of infrastructure in North America also propel the global market.
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Global Construction Equipment Market: Competitive Players
Major players in the global construction equipment market are Hitachi Construction Machinery Co. Ltd., Liebherr Group, Caterpillar Inc., Kobe Steel Ltd., and Doosan Heavy Industries & Construction Co. Ltd. Other players include Atlas Copco AB, Komatsu Ltd., AB Volvo, and J.C. Bamford Excavators Limited.
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