The Construction machinery is those machineries & equipment that have key role in construction process. These machines are fundamental things required in construction industries. These are also referred as heavy-duty vehicle, which is mainly designed for executing construction of roads, buildings or any other infrastructure. The machineries include telescopic handling, crane, excavator and others. Due to its commendable application in the construction industries, this equipment has major demand and anticipated to increase with the growth in construction industries across the global.
According to study, “Global Construction Machinery Market to reach USD 260.69 billion by 2026” the key companies operating in the global construction machinery market are Caterpillar Inc., Hitachi Construction Machinery Co Ltd., JCB India Limited, Kobelco Construction Machinery Co., Ltd., CNH Industrial NV, Deere & Company, Manitou BF, SA, Komatsu Ltd., Mitsubishi Heavy Industries Ltd., Liebherr-International Deutschland GmbH, Zoomlion Heavy Industry Sci & Tch Co Ltd, Volvo Group, Sany Heavy Industry Co., LTD, Terex Corporation, Doosan Infracore Co Ltd., XCMG Construction Machinery Co Ltd
Based on solution type, construction machinery market is bifurcated into services and products. Based on equipment type, market is bifurcated into compact construction equipment and heavy construction equipment. Based on type, market is bifurcated into cranes, excavator, forklift, loader, dozers and others. Loader segment is estimated to depict higher CAGR as it is mainly used for earthmoving operations, which include loading & moving materials such as dirt, recycled material, demolition, raw material, and sand during the forecast period. Based on application, market is bifurcated into lifting & material handling, excavation & mining, transportation, earth moving and others. In addition, based on industry vertical, market is bifurcated into construction & infrastructure, oil & gas, mining, manufacturing and others.
The construction machinery market is driven by growth in focus on Public–private partnerships (PPP), followed by increase in number of upcoming highway construction projects, rise in the construction & infrastructure industry, growth in demand from irrigation industry, and advanced vehicles equipped with emission control systems and growth in popularity towards robust & compact equipment. However, high cost of construction machinery cost and faster depreciation may impact the market. Moreover, rise in demand for machines those are cost effective along with complied with low emission regulations are key opportunities for market.
Based on geography, the Asian-Pacific region holds major share in global construction machinery market owing to rapid growth in construction and real estate industry in the region. Whereas, the North-American and European regions are anticipated to witness higher growth rate due to growth in supportive government regulation regarding construction over the forecast period. In upcoming years, it is projected that future of the global market will be bright because of increase in number of dam construction, commercial & residential complexes, real-estate business, and expansion of rail & road infrastructure during the forecast period. The global construction machinery market is valued approximately US $146.17 billion in 2018 and is expected to grow with a growth rate of more than 7.5% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications