LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global construction equipment market is set to post a CAGR of more than 11% by 2020.
This research report titled ‘Global Construction Equipment Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
As per the report, rapid urbanization results in the development of infrastructure such as highways, railroads, and ports, which leads to a rise in the demand for construction equipment. As the construction equipment industry is capital-intensive, small construction firms find it difficult to afford such equipment. Thus, vendors provide equipment for rent, which will lead to increased adoption of construction equipment during the forecast period.
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The report segments the global construction equipment market into three different types of product:
- Earthmoving equipment
- Material handling equipment
- Concrete and road construction equipment
Global earthmoving equipment market
The global earthmoving equipment market holds the largest market share and generated revenue of nearly USD 69 billion in 2015. Earthmoving equipment includes excavators, bulldozers, and loaders, among others and are used for extracting minerals and natural resources. The governments of many countries are investing significantly in residential construction and transport infrastructure development. This will increase the demand for earthmoving equipment during the forecast period. Large urban infrastructure projects such as the development of high-rise apartments, commercial buildings, skyscrapers, and highways are also expected to contribute to the growth in demand.
“The increasing initiatives taken by governments worldwide for infrastructure development will heighten the demand for earthmoving equipment shortly. Earthmoving equipment also includes versatile products such as skid-steer loaders, which are increasingly preferred by small and medium-sized enterprises as they are cost-effective and can perform a wide range of tasks,” says Soumya Mutsuddi, Techanvio’s lead construction research analyst.
Global material handling equipment market
The report states that rise in residential housing projects due to the growing population is boosting the demand for material handling equipment. Rapid urbanization in APAC is leading to a shortage in housing units, therefore, governments of various countries in APAC are introducing new housing policies.
For instance, in January 2015, the government of India introduced the Housing for all by 2020 project. Similarly, in April 2015, the Chinese government reduced interest rates on home loans and lowered minimum down payments from 65% to 45%. Such initiatives taken by the government will contribute to the growth of the residential construction sector, intensifying the demand for material handling equipment.
Global concrete and road construction equipment market
The large-scale development of transport infrastructure is propelling the demand for road and concrete equipment. This investment in transport infrastructure is likely to increase at the rate of over 6% by 2025.
APAC is the largest market for transport infrastructure owing to rapid urbanization. In March 2015, the Chinese government and National Development and Reform Commission presented the One Belt, One Road initiative, which is an infrastructure network connecting Central China, Central Asia, Moscow, Rotterdam, and Venice.
Browse Related Reports:
- Global Construction Equipment Rental Market 2015-2019
- Construction Equipment Market in the APAC Region 2015-2019
- Global Construction Tractors Market - Market Analysis 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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