Pune, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The global construction equipment market size is projected to reach USD 186.42 Billion by 2026 and exhibit a CAGR of 4.8% between 2019 and 2026. Fortune Business Insights, publish this information in its latest report, titled “Construction Equipment Market Size, Share and Industry Analysis By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, and others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2019-2026.” The report further mentions that the market was worth USD 128.46 Billion in 2018. Adoption of advanced technology and increasing investment in the construction sector is likely to drive market growth during the forecast period.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Constructional activities involve large machinery such as stone crushers, concrete mixers, road rollers, cranes, crawlers, excavators, and heavy-duty pumps, among others. They are vital for construction projects as they enable timely completion, quality, and speed of the projects. In addition to this, they are economically feasible and are extensively adopted in infrastructural development across the globe. Moreover, technological development is propelling the companies to introduced advanced machinery that are reliable and efficient to undertake hazardous operations involving the excavation of radioactive substances.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Adoption of Advanced Technology to Augur Growth
Often there are risks involved when operating machinery such as excavators, bulldozers, and cranes, among others during dangerous operations that involve industrial waste disposal. In addition to this, deep mining and working on collapsing waste piles requires experienced manual labor that can be a risk factor. However, to limit human causalities the companies are adopting technology wherein the machines are operated in a controlled environment. For instance, in April 2019, Doosan unveiled its long-distance remote-controlled (TeleOperation) construction machine at Bauma in Germany. The company displayed a 40- Ton DX380LC-5 Crawler excavator located 310 miles away in South Korea that was remote-controlled from Germany through its TeleOperation solution. Additionally, the TeleOperation adopts 5G technology that has the ability to remote control excavators that are located several thousand miles away.
COVID-19 to Hamper Market Prospects to Some Extent
Amid economic slowdown owing to the unprecedented novel coronavirus, COVID-19 the market is likely to digress negatively to some extent in 2020. The dealers and the original equipment manufacturers (OEMs) are saddled with enormous inventory owing to the lockdown announced by the governments across the globe that is expected to restrain the market to some extent. For instance, in May 2020, Hyundai Construction Equipment Co. announced that it is suspending production activities at its plant located in South Korea from June 1-5 and June 15-19 owing to the current economic conditions caused by COVID-19.
Increasing Government Investment in Asia-Pacific to Aid Growth
Among the regions, the market in Asia-Pacific is anticipated to remain dominant and hold the highest global construction equipment market revenue in the forthcoming years. Additionally, the report observes that the market was worth USD 49.68 billion in 2018 and is likely to expand. This is ascribable to factors such as increasing government investment in infrastructural projects in countries such as China and India. Furthermore, large adoption of machinery on rental basis in the region will aid in the market growth between 2019 and 2026.
Product Expansion Strategies by the Companies to Drive the Market
In May 2020, Wilson Equipment announced the launch of its 3rd location in Salem, Oregon. According to the company, the new branch will serve efficiently its increasing customer base in the areas of Northern California and Southern Oregon. Deven Kephart, Sales Manager says, “Our location in Salem will enable our current and future customers’ easy access for the Bobcat and other new and used machinery, quality parts, and after-sales services along with our rental options.” According to Fortune Business Insights, the companies are striving to gain major chunk of the market share by adopting strategies such as product innovation and expansion offerings, novel product launches, and merger and acquisition during the forecast period.
List of the Companies Operating in Construction Equipment Market:
- AB Volvo
- Caterpillar Inc.
- Komatsu Ltd
- Doosan Infracore Co. Ltd
- Hitachi Construction Machinery Co. Ltd
- C. Bamford Excavators Limited
- Liebherr Group
- CNH Industrial N.V
- Hyundai Heavy Industries Co. Ltd
- Terex Corporation
Quick Buy – Construction Equipment Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100521
Detailed Table of Content
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Trends and Developments
- Price Trend Analysis
- Global Construction Equipment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Equipment Type (US$ Mn)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road building equipment
- Civil engineering equipment
- Crushing and screening equipment
- Other Equipment
- Market Sizing Estimations and Forecasts – By Application (US$ Mn)
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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