Press release
Construction Equipment Market to cross USD 170 Bn by 2024, Leading Players are Terex Corporation, Caterpillar Inc., XCMG Group, CNH Industrial, Liebherr Group
Construction Equipment Market
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Construction Equipment Market is anticipated to exceed USD 170 billion by 2024.
The Asia Pacific construction equipment market will witness a strong growth owing to the growing government focus toward the construction sector. Initiatives, such as Make in India and Made in China 2025, supporting the infrastructure sector will favor the industry growth. Initiation of projects, such as South-North Water Transfer Project in China, will propel the industry demand in the region. The development of smart city projects in Singapore will surge the demand for high-performance machinery.
The globally flourishing construction sector is surging the demand for high-performance machinery that aids in reducing human involvement in the construction process. The rapid growth in the number of construction activities is exerting pressure on the existing human resources. The demand for sophisticated construction equipment that reduces the overall capital investment will contribute to the construction equipment industry growth.
Market Growth Drivers: --
1. Implementation of advanced technologies in construction equipment
2. Increasing infrastructure investments globally
3. Growing construction industry in China & India
4. Rising equipment rental demand in North America & Europe
5. Increasing rate of urbanization in the North America & Europe
6. Increasing infrastructure and industrial projects in Russia
7. Growing urbanization and safety concerns in India
8. Growing reconstruction and maintenance activities in Japan
9. Rapid infrastructure development in BRIC countries
10. Recovering construction sector in Latin America
11. Increasing investment in mining projects across Latin America & MEA
12. Rising number of public private partnership projects in MEA
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The demand for automated storage and material handling equipment in warehouses will drive the construction equipment market growth. Furthermore, the rise in the number of tall buildings and skyscrapers across various regions will surge the demand for cranes over the forecast timespan.
Construction Equipment Market, By Product
1. Earthmoving & Road Building Equipment
2. Material Handling & Cranes
3. Concrete Equipment
Infrastructure refurbishment and modernization being the most significant factors responsible for the overall development of an economy are compelling several government organizations to invest heavily in the construction sector. Increasing government investments in the construction sector will surge the demand for sturdy construction machinery. Large-scale road and rail construction projects undertaken by government organizations will further stress the demand for construction equipment market. Tight project completion schedules are throwing light on the significance of the use of the advanced construction machinery.
The major players operating in the construction equipment market include: -
Caterpillar Inc., CNH Industrial, Doosan Group, Guangxi LiuGong Machinery Co. Ltd., Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, John Deere, Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Liebherr group, Metso Corporation, Palfinger AG, Sany Group, Sumitomo Heavy Industries Ltd., Tadano Ltd., Terex Corporation, The Atlas Copco Group, The Manitowoc Company, Inc., Volvo Construction Equipment, Wacker Neuson, XCMG Group, Zoomlion Heavy Industry Science & Technology Co. Ltd
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