The Global Construction Machinery Market is anticipated to reach exponential growth in the forecast period. The factors that propel the growth of the market include increase in the global populace, increase in the urban settlements that has given rise to the requirement for infrastructure, rising demand from irrigation industry, growing number of upcoming highway construction schemes, and innovative vehicles equipped with emission control schemes.
On the other hand, there are factors that may hamper the growth of the market including high cost of machine. The market is anticipated to grow at a CAGR of 8.07% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Construction Machinery Market may be explored by product type and geography.
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The market may be explored by product type as road and Concrete construction machinery, Material-handling machinery, and Earthmoving machinery. The “Earthmoving Machinery” segment led the Construction Machinery Market in 2017 and is anticipated to maintain its dominance by 2022. The factors that could be attributed to the growth might include increase in the government expenditure on public infrastructure and rising construction activities that will eventually contribute to the development of the construction equipment market in the earthmoving machinery market vertical.
APAC accounted for the major share of the Construction Machinery Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing construction activities in emerging nations and increasing government expenditure towards better organization that will ultimately give rise to the demand for construction machinery in this region.
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Some of the key players that fuel the growth of the Construction Machinery Market comprise Liugong Machinery, CNH Industrial, HIDROMEK, Lonking Machinery, Shantui Construction Machinery, Manitou, SANY GROUP, Sumitomo Heavy Industries, Hitachi Construction Machinery, AB Volvo, Caterpillar, Komatsu, Doosan Infracore, Terex, and J C Bamford Excavators. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Market Segment:
The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
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Global Construction Machinery Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• AB Volvo
• Caterpillar
• Doosan Infracore
• Hitachi Construction Machinery
• J C Bamford Excavators
• Komatsu
• Terex
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