NEW YORK, July 26, 2016 /PRNewswire/ -- The construction equipment market is projected to grow at a CAGR of 4.11%, to reach a market size of USD 116.20 billion by 2021, while the mining equipment market is projected to grow at a CAGR of 6.42%, to reach USD 136.03 billion by 2021. Major factors driving the growth of the construction and mining equipment market include growing population, rapid urbanization, increasing construction activities, and incorporation of new technologies in equipment.
"Growing infrastructure industry to drive the construction equipment market"
The growth of the infrastructure industry is expected to drive the construction equipment market. This growth can be attributed to major upcoming construction projects around the globe, primarily in developing nations. Additionally, major upcoming events, such as the 2016 Olympics in Brazil and the 2018 World Cup in Russia, will likely drive market growth.
"Asia-Pacific: Fastest-growing market for construction and mining equipment"
Asia-Pacific is estimated to dominate the construction and mining equipment market, and is projected to grow at the highest CAGR during the forecast period. This growth can be credited to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. The sizeable populations in countries such as China and India have resulted in an increased number of government projects such as airports, sewer systems, and renewable energy projects.
Breakdown of Primaries
The study contains insights provided by various industry experts, ranging from equipment suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – OEM 38%, Tier-1 - 13 %, Tier-2 - 5%, and Others - 44%
- By Designation - C level - 31%, D level - 31%, and Others - 38%
- By Region - North America - 31%, Europe - 25%, and Asia-Oceania - 44%
The report provides detailed profiles of the following companies:
- Caterpillar Inc. (U.S.)
- Volvo Construction Equipment AB (Sweden)
- CNH Industrial N.V. (U.K.)
- Komatsu Ltd. (Japan)
- Atlas Copco AB (Sweden)
- Hitachi Ltd. (Japan)
- Terex Corporation (U.S.)
- Joy Global (U.S.)
- Zoomlion Heavy Industry Science & Technology Development Co. (China)
- Liebherr International AG (Switzerland)
Reasons to Buy the Report:
This report contains various levels of analysis, including industry analysis (industry trends and Porter's Five Forces), value chain analysis, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the construction and mining equipment market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better, which would help them to acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for construction and mining equipment across regions
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the global construction and mining equipment market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the global construction and mining equipment market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the global construction and mining equipment market
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