The outbreak of COVID-19 has interrupted the growth construction, mining, and other industrial activities. Demand for construction equipment is contingent on the growth of these end-use industries, and with declining investments in these sectors, the construction equipment market is poised to experience a downward trend across the globe, in the near term.
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Demand for construction equipment is set to regain traction with an increase in investments made by governments in both, developed and developing countries, for infrastructure development projects. In addition, efforts made by governments to build highways, dams, railways, and roads as part of developing smart cities in the areas of energy, mobility, and government are projected to drive the sales of construction equipment in the foreseeable future.
The global construction equipment market is poised to expand at a value CAGR of close to 4%, and is expected to create an absolute dollar opportunity of US$ 61 Bn over the forecast duration 2020-2030.
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Key Takeaways from Construction Equipment Market Study
- Under the impact of COVID-19, the global construction equipment market is expected to reach a market valuation of US$ 180 Bn by the end of 2030.
- By equipment, demand for excavators is foreseen to grow 2.6X than cranes in 2020. On the other hand, cranes will account for 1/5 of the overall absolute dollar opportunity created during the forecast period.
- By power output, 200.1-400 HP construction equipment is projected to create an absolute $ opportunity of US$ 18 Bn from 2020 and 2030.
- By end use, the construction industry is projected to account for 42% of the total sales in 2020, and is anticipated to create an absolute $ opportunity of more than US$ 32 Bn during the forecast period 2020-2030.
- By region, East Asia is estimated to be the prominent construction equipment market, and is projected to surpass a market valuation of US$ 52 Bn by the end of 2030.
“The COVID-19 pandemic has adversely hit the construction equipment market on the demand side, causing a decline in sales. Post COVID-19, increase in government spending on new projects coupled with increasing rental and leasing services offered by equipment manufacturers is foreseen to open new growth avenues for the construction equipment market,” says a Fact.MR analyst.
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Industry Players Focusing on Product Launches to Stimulate Growth
Key players in the construction equipment market are Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, CNH Industrial N.V, Hitachi Construction Machinery, Liebherr Group, XCMG Co., and Terex Corporation, among others. Prominent manufacturers are focusing on introducing new products in order to broaden their customer base and gain a competitive edge over other players. For instance,
- In 2020, Caterpillar launched its new D7 Dozer, which offers high drive undercarriage design, increased performance, and broadest choice of easy-to-use technology features. D7 moves up to 8 percent more material per hour than D7E, with around 6 percent more weight and 12 percent more horsepower.
- In 2020, Volvo introduced its two new asphalt paver models – P5110B tracked and P5170B wheeled pavers, for its North American market. These models of asphalt pavers give contractors a new heavy eight-foot size class option, and are built for both, heavy commercial and light highway tasks.
Find More Valuable Insights on Construction Equipment Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global construction equipment market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the construction equipment market based on equipment (excavators [crawler excavators, wheeled excavators, and mini excavators], loaders, asphalt pavers, dozers, dump trucks, compaction machine [rollers], concrete mixers, motor graders, cranes [mobile cranes, crawler cranes, tower cranes, and others]), power output (below 100 HP, 100.1-200 HP, 200.1-400 HP, and above 400 HP), end use (construction, mining, agriculture & forestry, industrial, and others), and ownership (rental operators and industrial & commercial enterprises), across six major regions.
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