PUNE, India, March 12, 2018 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Construction Equipment Market (Equipment Type: Loaders, Cranes, Forklifts, Excavators, Dozers, Dump Trucks, Others; End-User: Oil and Gas, Manufacturing, Transportation, Infrastructure, Others; Application: Earthmoving, Excavation and Mining, Material Handling, Tunneling, Recycling and Waste Management) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 – 2026”, estimates that the global market of construction equipment is expected to reach the market value more than 147 billion by 2026 and is expected to grow at around 3.8% CAGR during the period 2017 - 2026. The report comprises the historical market size for the period 2015 and 2016 and forecast for the period 2017 – 2026 of the global construction equipment market.
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Increasing Investments in the Construction Industry
Demand for infrastructural development has been increasing as every country wishes to grow from underdeveloped to developed nation to cater to their ever-growing population. As a result, the infrastructure market is expected to become a $40 trillion industry by 2030, predominantly in the form of government initiatives. Emerging markets in Asia and Latin America and the push towards urbanization are considered major demand drivers for infrastructural development. Countries like China, India and parts of developing Asia are at the cusp of a major infrastructure overhaul. Japan, along with the Asian Development Bank, has already committed hundreds of billions of dollars in infrastructure programs in the developing Asian region. More economically advanced Europe is also expected to see infrastructure investment return to pre-crisis levels, as nations prioritize essential services.
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Market Segmentation
The construction equipment market is segmented based on equipment type, end-user, application and geography. Based on equipment type, it is classified into loaders, cranes, forklifts, excavators, dozers, dump trucks and other equipment. On the basis of end-user, the global market of construction equipment is classified into oil and gas, manufacturing, transportation, infrastructure, others. By application the market is bifurcated into earthmoving, excavation and mining, material handling, tunneling, and recycling and waste management. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East, Africa, and Latin America. Furthermore, North America is segmented into U.S., Canada and Mexico. Also, Europe is bifurcated into major countries such as Germany, UK, France, Italy, Spain, and Rest of Europe. Asia-Pacific is sub-classified into China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific. Middle East is further segmented South Arabia, UAE and Rest of MEA. Latin America is sub-classified into Brazil, Argentina and Rest of the Latin America. Africa is bifurcated into South Africa, Egypt and Rest of Africa
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Loaders was the Popular Equipment Type in 2016
In 2017, loaders held the highest market share of around 38%. Loader is the self-propelled heavy equipment mainly used in construction for lifting material into or onto another type of machinery such as dump truck or conveyor belt. A bucket is attached to the arm of the loader, which is raised, lowered and dumped, mechanically. The equipment studied under loaders includes wheeled loaders and skid-steer loaders and are highly demanded globally.
Some of the key players dealing in the construction equipment market and included in report are CNH Industrial N.V., Liebherr Group, AB Volvo, Komatsu Ltd., J C Bamford Excavators Ltd., Atlas Copco AB, Hitachi Construction Machinery Co., Ltd, Doosan Heavy Industries & Construction Co., Ltd, Caterpillar Inc., and John Deere among others.
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