Global Construction Equipment Market is Estimated to Reach $385 Billion by 2025, Says Accurize Market Research
Global construction equipment market report published by Accurize Market Research forecast that the global market is expected to reach $385 billion by 2025; growing at a CAGR of 8.9% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing construction and mining events, remarkable growth in real estate sector and rapid urbanization and industrialization across the globe to drive the growth of the market
Increasing construction and mining events, remarkable growth in real estate sectorand rapid urbanization and industrializationfuels the demand for the global construction equipment market. Moreover,rising demand for advanced infrastructure in emerging economies also boosts the growth of the market.
The global construction equipment market has been bifurcated on the basis of solution type, the segment includes products, and services (rental, and maintenance). The type segment is bifurcated into loaders, cranes, forklift, excavators, dozers, and other types. By application, the segmentation offers excavation & mining, lifting & material handling, earth moving, transportation, and other applications. Furthermore, the industries segment is sub-segmented into oil & gas, public works & rail road, forestry & agricultural, manufacturing, military, and mining.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe consists of UK, Germany, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
“Products dominated with the largest market sharein the solution type segment", says Accurize
By solution type segment, products accounted for the majority of the market share in 2017 and are expected to continue its tendency during the forecast period 2017 – 2025. The high growth is attributed to the high demand and cost of the construction equipment. In terms of growth, services witnessed the fastest CAGR throughout the forecast period.
“Loaders dominated with the largest market share in the type segment", says Accurize
By type segment, loaders were the largest revenue generating segment accounting for more than 40% of the total market share in 2017, as they are simpler and easier to implement and execution speed is generally much superior to interpreted systems. Also, loaders are expected to achieve the fastest CAGR during the forecast period.
Earth moving occupied the majority of the share in the application segment in the year 2017, and is anticipated to achieve the fastest CAGR during 2017 - 2025.
“Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacific generated the maximum revenue accounting for 38.7% of the total market share and is likely to continue its dominance throughout the forecast period. The surging investment in infrastructure and rapid industrialization in China and India, due to growing population has supported the APAC region. Also, the region is anticipated to grow with fastest CAGR, owing to acceptance of innovative technologies in residential and non-residential organization.
Top players in the market
The key market players include Sandvik, Joy Global, Hitachi Co. Ltd., Atlas Copco, AB Volvo, Doosan Group,Caterpillar Inc., Komatsu Ltd., Metso, and Liebherr Group, among others.
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