The global construction equipment market size is expected to reach USD 112.52 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.8% over the forecast period. Increasing government spending on developing public infrastructure has been a major factor driving market growth. In addition, growing trend of renting used construction equipment has led to rise in demand for construction equipment.Request A Sample Copy of This Report at: https://www.radiantinsights.com/research/construction-equipment-market/request-sample
Earth moving machinery accounted for the highest market share in 2017. Increasing demand for large and mini excavators, backhoe loaders, and such other heavy construction equipment from developing countries is driving the market growth. Although China is considered as a market leader for these equipment, the country has faced a steep decline in sales over the last few years. The concrete and road construction machinery segment is anticipated to grow at the highest CAGR of 7.0% over the forecast period.
Concrete and road machinery include equipment such as asphalt pavers, rollers, and transit mixers used in road development of roads and transportation of concrete material. Road construction projects are anticipated to be a key driver for this product segment. For instance, in U.S., investment in roadways construction is expected to increase from nearly USD 91.0 billion in 2016 to USD 99.0 billion by 2020.
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The concrete mixer and paver segment accounted for over 56% market share in 2017. Increasing mega construction projects in cities and rapid pace of urbanization boosted demand for the segment.
North America emerged as the global leader for heavy construction equipment in 2016. China slowdown helped North American companies to capture greater market share worldwide. For instance, North America accounted for greater than 75% demand for skid steer loaders in 2016. However, falling commodity prices has slowed down growth of construction and mining industry in 2017. Demand for earth digging equipment such as mini excavators has jumped in Middle East and Africa owing to growing mining activities.
Further key findings from the report suggest:
• Earth moving machinery segment is anticipated to grow at CAGR of 3.8% from 2018 to 2025
• Excavator is the largest earth moving machinery segment and is anticipated to reach USD 46.41 billion by 2025 owing to increasing construction and mining activities in Asia Pacific, and Middle East and Africa
• North America is leading the construction equipment market with a value of USD 27.88 billion in 2017
• Key players including Caterpillar Inc.; Komatsu; Hitachi Construction Machinery; Liebherr and Volvo Construction Equipment dominated the global market in 2017.