From a geographical standpoint, emerging economies such as China, Brazil, and India hold promise for the growth of the construction equipment market in the years to come. Additionally, the machinery itself is an expensive commodity, hence medium and small-scale builders or contractors often lack financial capacity to own it.
It is also one of the most prominent markets for dump trucks. However, with the strengthening global economy, the market outlook over the forecast timespan is inclined to experience an upward growth.
Following global economic recovery after the economic slump, the revival of construction and mining activities has given an impetus to affiliated industries such as earthmoving and construction equipment.
Construction is anticipated to witness rapid growth over next few years owing to increasing infrastructure expenditure in countries such as the UK, Indonesia, the U. Global market players involved in the manufacturing of construction equipmentssuch as Caterpillar, Komatsu and Volvo are rapidlyincorporating technological advancements in their productsto ensure sustainability of such equipments.
Mergers and acquisitions is a key strategy implemented by established market players. In the last couple of years, due to the progressive growth of the construction and mining industries, the construction equipment market is poised to rise at a CAGR of 6.
For any country0more so for developing countries such as China and India0a robust infrastructure lays the foundation for growth, which paves way for rapid rise in gross domestic product, thence, a better life quality for its population. Increasing awareness towards the safety of workers along with rising industrial accidents on account of lack of proper PPE usage is expected to steer the market growth over the forecast period.
It is expected to expand at a CAGR of 4. China has witnessed a decline in sales of heavy construction equipment from to Favourable initiatives such as incentives and tax rebates for domestic manufacturing and construction companies are expected to drive these industries over the long term.
The frame is used to hold the roller cover which absorbs the Product Type Insights On the basis of product, the market can be segmented into earth moving, material handling, and concrete and road construction machinery. The global construction equipments market wasestimated at USD The conferences offer buyers a chance to gain an overview of their target manufacturer before making a long, overseas business trip.
The major factors driving the global market include growth in lease-based equipmentsand increasing investment by governments in infrastructural activities, especially in developed countries. Growing demand from irrigation industry, increasing number of upcoming highway construction projects and advanced vehicles equipped with emission control systems are some of the factors expected to drive the construction machinery market, during the forecast period.
The growing customer base and the increased penetration in the consumer electronics industry have provided an excellent scope for the growth of the Asia Pacific electronics sector. Click sections below to explore current trends. Any unauthorized reproduction of any content herein is strictly prohibited.
To cater to demand for these public infrastructures, governments spend a substantial amount on construction activities. The increase in net crane count indicates that the construction market is not merely holding steady, but prospering. Additionally, development of rental market for these machineries in Europe and North America is expected to foster market growth.
U.S. Construction Industry - Statistics & Facts With expenditures reaching over 1, billion U.S. dollars, the United States is the one of the largest construction market douglasishere.com the.
Global construction equipment market is expected to reach USD billion by from USD billion ingrowing at a CAGR of % from to Get expert industry market research on Commercial Building Construction in the US.
Industry market research reports, statistics, data, trends, forecasts and information. Save time, save money, generate more revenue, mitigate risk and make faster and better business decisions. This statistic represents the global market for material handling equipment inby region.
That year, Asia accounted for 41 percent of the global material handling equipment market. Material. TFT LCD Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast NEW YORK, Jan. 18, /PRNewswire/ -- This report analyzes the worldwide markets for Material Handling Equipment in US$ Million by the following Product Segments: Conveying Equipment.Global construction equipment market industry