SAN FRANCISCO, September 19, 2018 /PRNewswire/ --
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.
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.
Among excavators, loaders, and other such earth moving machinery segments, excavator is anticipated to capture highest market share by 2025. Rapid technological advancements, better capacity, and increased productivity are key drivers for growth. Demand for loaders is expected to boost owing to increased requirement from Chinese market. Other earth moving equipment such as dozers are anticipated to grow at very high pace, owing to high demand from mining sector.
Truck mounted cranes dominated the material handling machinery market in 2017, owing to better product design and transportability. These all terrain cranes are useful in almost all working conditions especially for small construction projects. The crawler crane segment is anticipated reach USD 3.67 billion market by 2025. These cranes are highly powerful and sturdy in nature, thus, useful for large operations and moving large weights.
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.
Browse full research report with TOC on "Construction Equipment Market Size, Share & Trends Analysis Report By Product Type (Earth Moving, Material Handling, Concrete & Road Construction), By Region, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/construction-equipment-market-analysis
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.
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Grand View Research has segmented the global construction equipment market on the basis of product, sub-product, and region:
- Construction Equipment Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Earth Moving Machinery
- Material Handling Machinery
- Concrete & Road Construction Machinery
- Earth Moving Machinery Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Material Handling Machinery Outlook (Revenue, USD Billion, 2015 - 2025)
- Crawler Cranes
- Trailer Mounted Cranes
- Truck Mounted Cranes
- Concrete and Road Construction Machinery Outlook (Revenue, USD Billion, 2015 - 2025)
- Concrete Mixer & Pavers
- Construction Pumps
- Construction Equipment Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Kingdom of Saudi Arabia
- United Arab Emirate
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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SOURCE Grand View Research, Inc.