Construction Equipment Market to Hit $155 Bn by 2027; Global Market Insights, Inc.

Global Market Insights Inc. has recently added a new report on the construction equipment market which estimates the market valuation for construction equipment will cross US$ 155 billion by 2027. The market is anticipated to show significant growth owing to the rising development and construction of residential and commercial infrastructures globally. The increasing demand and deployment of construction equipment to reduce the labor cost and manual efforts are also contributing to the market growth. 
The outbreak of COVID-19 in 2020 showed a negative impact on the construction equipment industry, leading to numerous challenges. The lockdown imposed by governments across the globe temporarily halted the construction activities. Additionally, the restriction on domestic and international trade has reduced the sales of construction equipment, hampering the market growth. However, the market is anticipated to show steady growth by 2021 as the governments are uplifting the lockdown restrictions owing to the reduction in COVID-19 cases.
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The concrete equipment segment is showing positive growth owing to the increasing commercial construction and road-building activities worldwide. The concrete equipment segment is further classified into asphalt pavers, crushers, batching plants, transit mixers, and concrete pumps. The demand for mixers and pavers is increasing in road construction as this equipment assists in quick and timely completion of projects, driving the market.
The construction equipment market in Europe is expected to display a significant growth potential over the forecast timeline owing to rising government investments in the development of transport infrastructure across Europe. For instance, in March 2019, the European Commission invested around USD 500 million in endorsing digitalization and enhancing road safety, which will increase the demand for the construction equipment market.
The players active in the construction equipment market are CNH Industrial, Volvo Construction Equipment, Komatsu Ltd., Hitachi Construction Machinery, XCMG Group, Terex Corporation, Sany Group, Caterpillar, Inc., Liebherr, and Kobelco Construction Machinery Co. The companies are emphasizing organic and inorganic strategies to enhance their market position. For instance, in September 2019, LiuGong launched New-Generation F-Series Excavators. The new F-series excavators are mainly designed for Western Europe, North America, and China, considering the emerging markets.
Some major findings in the construction equipment market report include:
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Partial chapters of report table of contents (TOC):
Chapter 2   Executive Summary
2.1    Construction equipment industry 360° synopsis, 2016 – 2027
2.1.1    Business trends
2.1.2    Regional trends
2.1.3    Product trends
Chapter 3   Industry Insights
3.1    Industry segmentation
3.2    Impact of COVID-19 on construction equipment industry landscape
3.2.1    Global outlook
3.2.2    Regional impact    North America    Europe    Asia Pacific    Latin America    MEA
3.2.3    Industry value chain    Research & development    Manufacturing    Marketing    Supply
3.2.4    Competitive landscape    Strategy    Distribution network    Business growth
3.3    Industry ecosystem analysis
3.3.1    Component suppliers
3.3.2    Technology providers
3.3.3    Manufacturers
3.3.4    End use landscape
3.3.5    Distribution channel analysis
3.3.6    Vendor matrix
3.4    Technology & innovation landscape
3.4.1    IoT & AI
3.4.2    Telemactis
3.4.3    Autonomous construction machinery
3.5    Regulatory landscape
3.5.1    ISO standards    ISO 4310    ISO 8686    ISO 10245-1:2008    ISO 12480-1    ISO 23815-1    ISO 12482    ISO 23814    ISO 19432:2012
3.5.2    North America
3.5.3    Europe
3.5.4    Asia Pacific
3.5.5    Latin America
3.5.6    MEA
3.6    Industry impact forces
3.6.1    Growth drivers    Introduction of new technologies for construction machinery    Rising infrastructure investments globally    Positive outlook of construction industry in India and China    Increasing construction equipment rental demand in Europe and North America    Growing population migration toward urban areas globally    Increasing construction and industrial development projects in Russia    Rising worker safety concerns on construction sites in India    High investments in refurbishment and maintenance activities in Japan    Rapid growth in infrastructure development in BRIC countries    Growing number of public infrastructure development projects in Latin America    Proliferation of in mining projects in Middle Eastern and Latin American countries    Increasing smart city development and public private partnership projects in MEA
3.6.2    Industry pitfalls & challenges    Cyclic nature of application industries    Unavailability of qualified & skilled operators    High capital investments to procure new construction equipment    Fluctuations in oil prices    High cost of maintaining construction equipment
3.7    Growth potential analysis
3.8    Porter’s analysis
3.8.1    Supplier power
3.8.2    Buyer power
3.8.3    Threat of new entrants
3.8.4    Threat of substitutes
3.8.5    Internal rivalry
3.9    PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights Inc.