The Global Construction Equipment Market is projected to reach around USD 239.7 billion by 2027 at a CAGR of around 5.1%.
Construction equipment is heavy-duty vehicles which are specially designed for carrying out construction operation. There are various types of construction equipment such as earth moving equipment, material handling equipment, tunneling, and rock drilling equipment, heavy construction vehicles, and others. Construction equipment is widely used for executing infrastructure tasks, construction of roads, buildings, institutes, and others.
Market Driver:
Modern infrastructure is essential for getting a change in the quality of life and economic development. Thus, the government is spending a huge amount on constructing major infrastructure projects. To execute these projects strong and durable equipment is required which is directly increasing the number of construction equipment needed. According to India Brand Equity Foundation (IBEF), the Indian Government announced to spend USD 1.4 trillion for the next five years on infrastructural development in Union Budget 2019-2020.
Thus, the increased government spending on infrastructure is expected to drive the construction equipment market growth during the forecast period.
The rise in per capita income has uplifted the purchasing power of consumers, ongoing urbanization, change in the standard of living, and others are the major reason for the rise in construction activities. Furthermore, the growing population will increase the demand for construction equipment to build commercial, residential, and industrial buildings, schools, institutes, roads, healthcare centers, and others. According to the United Nations, the world population is estimated to reach 8.5 billion in 2030 and by 2050 it will further increase by 9.7 billion.
Thus, the rise in construction activities is expected to boost market growth during the assessment period.
Market Restraint:
The initial cost of construction equipment is high. In addition to this, the operational and frequent maintenance & repair cost and fuel needed by these vehicles increase the overall expenditure of this equipment which acts as a restraint to the market growth during the forecast period.
The report on the construction equipment market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
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Base Year for Market Calculation |
2019 |
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Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million), Volume (Units) |
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Segments Included |
Equipment Type, Propulsion, and Application |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Construction Equipment Market, by Equipment Type
Construction Equipment Market, by Propulsion
Construction Equipment Market, by Application
Construction Equipment Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE CONSTRUCTION EQUIPMENT MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
