NEW YORK, June 23, 2015 /PRNewswire/ -- Global construction equipmentmarket is expected to show a compound annual growth rate of 7.7% from 2014 till 2020. The market size is currently valued at 142.1 billion USDand expected to reach a value of 221.7 billion USD by the end of the forecast period. The global market is witnessing decent growth based on heavy investments done in the infrastructure recreation to accommodate smart residential and commercial buildings. The emerging markets in South America and Asia-Pacific are witnessing strong demand for heavy construction equipment and large investments are made in these regions.
Heavy construction equipment is the critical tool for any construction project. These are used extensively at the construction site to reduce labor cost and time. Heavy construction equipment are used directly and extensively in capital-intensive projects; hence, trends in fixed investment are extremely salient determinants of demand for such products.On account of modernization and technological advancement, the need for construction equipment has migrated from traditional purposes such as agriculture to more disciplined fields, including railways and military. Growing infrastructure development across residential as well as commercial sectors is expected to be the key driving force for the market over the next six years.
Asia-Pacific is the largest market and has experienced a boom in construction and infrastructural activities as the emphasis on developing infrastructure for the sustainable economy is growing. This region has seen growth in a number of airports, dams, hydro-electric projects, etc., to sustain high level industrial activities and growing energy demand. As a result, many international players have invested and started their manufacturing facilities and distribution centers in the region.
Earth moving equipment has the largest market share in the construction equipment market across the globe. They are also used for excavation purpose which is a necessary operation and are performed in all types of terrain across the globe. Earth moving equipment includes excavators, loaders, backhoes, motor graders, and other equipment. BRIC nations drive the growth of this market.
Companies profiled in the construction equipmentmarket report include - Caterpillar, Doosan Infracore Ltd., Hitachi Construction Machinery Co. Ltd., Cnh Global NV, Hyundai Heavy Industries Ltd., JCB and Volvo Construction Equipment ABamong others.
The construction equipment market is driven by factors such as growth in construction and mining activities, increasing government investment in infrastructure development especially in developing nations and Russia?s increased construction activities after the announcement on the nation hosting the FIFA 2018 world cup.In addition demand by companies in infrastructure and real estateis also supporting the growth of the construction equipment market.
The major restraints of the construction equipment market is the high cost that goes initially and in the maintenance of the equipment. Also the differences in import duties and the restrictions provide hurdles to this market.
What the report contains
The report elucidates the situation of construction equipment around the world and studies the markets of the construction equipment type which include Material Handling Equipment,Earthmoving Equipment,Heavy Construction Vehicles and others.
Lastly, the report is divided by geography - North Americas, Europe, the Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 6 years. Apart from this, various applications of construction equipment have been discussed in detail in addition to a comprehensive overview of the market.
Read the full report: http://www.reportlinker.com/p03025939-summary/view-report.html
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