NEW YORK, Dec. 26, 2017 /PRNewswire/ -- The global construction equipment manufacturing market should reach $230.9 billion by 2020 from $181.6 billion in 2016 at a compound annual growth rate (CAGR) of 6.2%, from 2016 to 2020.
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• Asia Pacific construction equipment manufacturing market is expected to grow from $92 billion in 2016 to $122.9 billion in 2020 at a CAGR of 7.5% for the period 2016-2020.
• Western Europe construction equipment manufacturing market is expected to grow from $23.6 billion in 2016 to $28.5 billion in 2020 at a CAGR of 4.8% for the period 2016-2020.
Chapter 1: Introduction
BCC Research's goal in performing this study was to determine the global market and future demand growth for construction equipment manufacturing over the five-year period from 2016 through 2020. Of particular focus was characterizing and quantifying the potential of the market for construction equipment manufacturing by geography, and product (i.e., earthmoving, material handling, and building & road construction equipment).
The report also evaluates the market across each geography. Opportunities in each type of geography have been discussed in detail. Factors that affect the market such as drivers, restraints, and trends have been discussed. The key objective was to present a comprehensive discussion of where the state-of-theart is in construction equipment manufacturing and forecast the future commercial potential for the key market segments.
This discussion provides a basis for companies to make strategic choices about developing new products and markets or deciding which applications are needed in their organizations. The study will benefit construction equipment manufacturers, providers of raw materials, users of construction equipment, construction companies, governments around the world, and others.
Study Goals and Objectives
- To sum up the global construction equipment manufacturing market size.
- To estimate the growth rate of the global construction equipment manufacturing market.
- To segment the market in the deepest possible way.
- To provide market numbers and growth rates at geographically.
- To identify major drivers and restraints.
- To identify key trends and technology updates in the field.
Reasons for Doing This Study
The demand for affordable housing in Asia and the Middle East was driven by rapid increase in millennial population in these regions. In addition, rising disposable income in emerging markets is driving the demand for residential and commercial buildings, thereby offering significant growth opportunities for construction equipment in the country. Global industry leaders and large organizations see an expanded role for increasing urbanization and public and private investments for building roads, highways, ports, railway network, dams, irrigation systems, airports, and bridges.
The global construction equipment manufacturing market is growing due to growing demand for residential construction, business operations, employment facilities, and recreational activities. In addition, growth in economy, government investments in infrastructure projects, and rising population is driving construction projects globally. These factors are expected to drive the construction equipment manufacturing market.
The market for construction equipment manufacturing is marginally consolidated with a few large players, dominating the market. Major players in the market include Caterpillar, Komatsu Ltd., Liebherr Group, Volvo Group, and others.
Scope of Report
This research report categorizes the construction equipment manufacturing market by type. Product type include earthmoving, material handling, and building & road construction equipment.
- Public information via annual reports to shareholders as well as other government reports that are available for public review.
- Company marketing information, advertising, company press releases, state and local news sources, and subscription-based information.
- Online research including third-party references.
- Trade associations, directories and publications.
- Telephone interviews with both current customers and prospects.
- Various private industry sources.
Research methodology followed in this report is a top-down approach. Various sources were used to arrive at the total market figure, which was broken down into various applications and sub markets based on primary and secondary data.
Both a quantitative and qualitative approaches were used to derive the market size and growth rates. Many secondary sources were reviewed and extensive primary research was conducted with key opinion leaders, marketing managers, product managers and end users.
Market numbers have been calculated in constant U.S. dollars.
In this report, the geographic regions considered for market analysis include, and only include:
- Asia Pacific
- North America
- South America
- Western Europe
- Eastern Europe
- Middle East
Construction Machinery Manufacturing Market, by Segment
Building & Road Construction Equipment
Construction Machinery Manufacturing Market, by Region
Middle East Africa
Chapter 2: Summary and Highlights
Global construction equipment manufacturing market is currently in a very crucial phase of transformation. There is mounting pressure to reduce costs, improve quality and satisfy customers as it has been moving from a provider-driven model to a consumer-driven model. At the same time, developing economies, rapid urbanization, and public and private investments are driving the demand for construction equipment. These factors are, in turn, generating demand for construction equipment manufacturing to meet high expectations.
The market for construction equipment manufacturing reached a value of $182 billion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% to $231 billion by 2020.
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