DUBLIN–( BUSINESS WIRE )–The “Global Construction Equipment Market by Type (Excavator-Crawler & Mini; Loader-Backhoe, Skid-steer, & Wheel; Dozer, Dump Truck, Compactor, Crane), Electric Equipment, Propulsion, Power Output, Rental, Aftertreatment Device, and Region — Forecast in order to 2027” report has been added to ResearchAndMarkets. com’s offering.
The global construction equipment market is projected to grow from USD 180. 4 billion to USD 223. 1 billion simply by 2027, at a CAGR of 4. 3%
The construction equipment market is led by established players such as Caterpillar (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co. Limited., Xuzhou Building Machinery Group (China), SANY Group (China), and AB Volvo.
Urban growth and development activities are increasing the demand for building equipment. The particular compact structure equipment would showcase the most potential market opportunities in the particular coming years.
Asia will be projected to lead the construction gear market over the forecast period. Further, the growth in design industry has led in order to the increase in need of compact construction products. The rise in demand of compact construction equipment is usually due to the features offered by them like high versatility, easy maneuverability, lower operational cost and ease of operational ability especially in congested areas of cities plus urban places where the particular movement associated with heavy machines is difficult.
The small construction equipment include the backhoe loader, mini excavators, skid steer loader, telescopic handlers and wheeled loaders. The compact building equipment is forecasted to develop in a CAGR of four. 9% through 2022 to 2027.
Increased construction activities to lead the development of the earthmoving tools category
Earthmoving equipment covers a broad range of machines that can excavate and grade soil and rock, along with other structure tasks like excavators (crawler and wheeled), loaders (backhoe, skid-steer), plus motor graders are considered under earthmoving devices.
The growing urban population and the requirement for better infrastructure facilities have led to significant global design activity growth. Asia is projected in order to account for the largest share of > 55% of the earthmoving equipment market in value by 2027.
The developmental activities have grown immensely in Asia countries like China, India, and Japan. For instance, as per the National Bureau associated with Statistics, The far east has initiated 10, 644 new water conservancy projects, including 609 projects the particular country started 10, 644 new drinking water conservancy tasks for 2022.
Also, in May 2022, the Indian government declared to build the country’s second-largest dam at Yingkiong, Arunachal Pradesh, India. The particular National Highways Authority of India (NHAI) planned to develop 23 new highways, including a network of expressways and economic corridors simply by March 2025.
Further within 2021, five major infrastructure projects started in Japan and more are expected to announce in coming many years. Thus, such development projects would drive the demand for the particular earthmoving apparatus category during the prediction period.
Increase in remote location construction actions would showcase promising need for the compact construction machines
The < 100 HP building equipment segment is estimated to be the second largest segment with > 30% marketplace share inside 2022. The particular < 100 HP power output structure equipment are nothing but the compact construction equipment.
The requirement for small construction equipment is rising due in order to the ability of compact construction gear for simple movement in intricate plus remote locations, which assists in efficient construction operations. Also, less maintenance costs and increased work productivity contribute to the demand for small construction products.
Due to improved preference towards these tools types, OEMs are focusing on launching new compact construction devices that suits customer requirements. For instance, Bobcat company (US) is definitely among the particular major compact construction apparatus manufacturer. The company provides 5 models of mini excavators under the 100 HP power output category.
Similarly, Caterpillar (US) has developed 5 types of skid steer loaders that are energy output much less than one hundred HP. Recently in March 2022, Kobelco Construction Equipment Co., Ltd. (Japan) launched a new KS45SRX-7 small excavator. Therefore, the rising developments in the sleek and stylish construction machines would create opportunity associated with growth for the < a hundred HP strength output design equipment section during the particular forecast period.
North America is anticipated to be the second largest market with regard to construction equipment by 2027
According to analysis, The united states is projected to hold the second biggest share of the construction equipment market by 2027 because associated with the increased private and government investments supporting the particular developmental routines in the region.
According to the Associated General Contractors of America (AGC), the particular construction marketplace is attributed to an increase in residential construction plus construction spending in North America, which would create an opportunity for the sale of building equipment. Many pending structure sites and new facilities development projects are announced in Northern America.
US is the particular largest contributor to the development of design equipment market in North America with a contribution of nearly 79. 2% inside 2021. The large construction tasks in the country support the development of the particular construction gear market. For example, in Q1 of 2022, the project for the construction associated with a steel mini-mill got initiated in Arkansas, US.
Thus, this kind of developmental activities would produce an opportunity for that growth of the construction equipment marketplace in Northern America during the forecast time period.
Premium Insights
- Rising Demand regarding Urban Infrastructure Projects to Drive Market Growth
- Earthmoving Gear Segment in order to Lead Market During Forecast Period
- Crawler Excavators Segment Projected to Lead Market During Forecast Period
- Electric powered Dump Trucks to be Largest Electric Equipment Subsegment in Prediction Period
- Structure Equipment intended for Commercial Use to Have Largest Market Share During Forecast Period
- Design Equipment Rental Market in order to Showcase Highest Demand inside 2022
- SCR Systems Projected to Acquire Largest Marketplace Share During Forecast Time period
- Construction Products with 100-200 HP Power Output Forecasted to Lead Market Throughout Forecast Period
- Construction Tools with < 5L Engines to Hold Largest Market Share within 2022
- CNG/LNG/RNG Segment Expected to Grow at Higher Rate During Forecast Time period
- Asia to Dominate Construction Equipment Marketplace During Forecast Period
Market Dynamics
Drivers
- Growth in Infrastructure Development Globally
- Increasing Demand to get Sustainable Solutions
Restraints
- International Trade Policies and Relations
Opportunities
- Electric and Autonomous Construction Devices
- Demand pertaining to Autonomous Building Apparatus
- Digitization of Services
Challenges
- Advancement of Optimized Electric Options
- Cyber Attacks
Technology Analysis
- Overview
- Autonomous Construction Machines
- Connected Technologies
- Grade Control System
Case Study Evaluation
- Use Case 1: Predictive Maintenance of Structure Equipment Using Log Data
- Use Situation 2: Fleet Connection meant for Hitachi Design Machinery Co. Ltd.
- Make use of Case 3: Development of Smart Construction Equipment
Company Profiles
Key Players
- Caterpillar
- Komatsu Ltd.
- Deere & Organization
- Hitachi Construction Machinery Company. Ltd.
- ABDOMINAL Volvo
- CNH Industrial N. V.
- Liebherr
- Xuzhou Building Machinery Team
- SANY Group
- Doosan Enerbility
- JCB
- Terex Corporation
- Zoomlion Heavy Industry Science & Technology Co. Ltd.
- Kobelco Construction Machinery Co. Limited.
- Kubota Company
- Yanmar Holdings Co. Ltd.
- Sumitomo Heavy Industries, Limited.
- Sumitomo Weighty Industries Structure Cranes Company. Ltd.
- Sumitomo Construction Equipment Co. Ltd.
Other Gamers
- Atlas Copco AB
- Sandvik ABDOMINAL
- Ammann Team
- The particular Manitowoc Business, Inc.
- Astec Industries, Inc.
- Liugong Machinery Co. Limited.
- Hyundai Design Equipment Co. Ltd.
- Dingsheng Tiangong Construction Machinery Company. Ltd.
- Escorts Ltd.
- JLG Industries
- Shantui Construction Equipment Co. Ltd.
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