Caterpillar, Komatsu, Volvo Construction Equipment, and Hitachi Construction Machinery dominate the global construction machinery and equipment market.
Mordor Intelligence announces the publication of its research report on the construction machinery and equipment market. The report titled, ‘Global Construction Machinery Market’ discusses the current landscape and outlook of the said market.
(EMAILWIRE.COM, September 21, 2017 ) The global construction machinery market accounted for USD 156.9 billion in 2016 and is expected to register a CAGR of 8.08% for the forecast period (2017-2022). Many construction projects, such as, Jubail II expansion project worth USD 3.8 billion in Saudi Arabia, expansion of Beijing airport in China, a USD 12.9 billion project (which is expected to be completed by 2025), and London Cross rail project running 26 miles of a tunnel and connecting 40 stations, are boosting the demand for construction machinery and equipment. The report is an amalgamation of the current market scenario, its prospects and forces driving and restraining the market growth. The report highlights the North American, European, Asia-Pacific, Latin American, and the Middle East & African markets.
Recently, there has been a significant increase in the demand for road construction machinery. This is due to the increase in the road development contracts undertaken by the government, especially in the Asia-Pacific region in India. During 2016-2017, the government has managed to build 8200 km of roads, as compared to 3200 km in 2015-2016.
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Asia-Pacific is expected to hold the highest market share, by recording a CAGR of 8.6%, and reach USD 129.64 billion by 2022. The new government initiatives for the construction of roads, highways, ports, tunnels, buildings, houses, stadiums, and airports have increased the demand for construction machinery. In India, the road transport and highways ministry have invested USD 47.7 billion, while the shipping ministry has invested around USD 12 billion, in the past two and a half years, for building world-class highways and shipping infrastructure in the country. But the initial costs of construction machinery are high, which acts as a major barrier to its market growth.
The major segmentation in the report includes the market estimates by vehicle type, such as, compactors, excavators, loaders, cement mixers, demolishing machines, asphalt pavers, bulldozers, cranes, and ‘others’; by industry, such as, mining, infrastructure (roads, industries, buildings, railways, airports, and ports), further segmented into commercial and non-commercial, and ‘others’; by drive type, such as, electric and hybrid type and hydraulic type; and by regions, including North America, Europe, Asia-Pacific, and Rest of the World (includes countries from both Latin America and Middle East and Africa). In China, the sales of excavators rose from 6,645 units in November 2016 to 8,915 units in June 2017. In North America, the sales of construction machinery are expected to rise from 158,925 units in 2016 to 168,600 units in 2017, 183,785 units in 2018, 199,150 units in 2019 and 209,910 units by 2020.The region includes Mexico, as the emerging market. Increased construction activity can be expected in this area, to meet the demand for construction machinery. Owing to increased labor rates, people are becoming more dependent on machines to reduce the labor charges, thereby, increasing the demand in the sector.
The global construction machinery market report includes the competitive landscape while considering the major players, such as Caterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Machinery, Liebherr, Terex Corporation, Kobelco Construction Machinery, and ‘others.'
About Mordor Intelligence
Mordor Intelligence is a market intelligence and business advisory firm. The company operates in the business of industry analysis and consulting in over 16 verticals. In today’s fast-paced and competitive business environment, every customer has unique information requirements. With an eye for such requirements, Mordor offers custom market intelligence and advisory services, along with syndicated reports, to help customers gain an edge over the competition. The company has successfully catered to over 500 (40% of whom are Fortune 500) clients, since 2013.
For information regarding permissions and sales, please contact: info@mordorintelligence.com
Recently, there has been a significant increase in the demand for road construction machinery. This is due to the increase in the road development contracts undertaken by the government, especially in the Asia-Pacific region in India. During 2016-2017, the government has managed to build 8200 km of roads, as compared to 3200 km in 2015-2016.
Browse Related Reports here
Asia-Pacific is expected to hold the highest market share, by recording a CAGR of 8.6%, and reach USD 129.64 billion by 2022. The new government initiatives for the construction of roads, highways, ports, tunnels, buildings, houses, stadiums, and airports have increased the demand for construction machinery. In India, the road transport and highways ministry have invested USD 47.7 billion, while the shipping ministry has invested around USD 12 billion, in the past two and a half years, for building world-class highways and shipping infrastructure in the country. But the initial costs of construction machinery are high, which acts as a major barrier to its market growth.
The major segmentation in the report includes the market estimates by vehicle type, such as, compactors, excavators, loaders, cement mixers, demolishing machines, asphalt pavers, bulldozers, cranes, and ‘others’; by industry, such as, mining, infrastructure (roads, industries, buildings, railways, airports, and ports), further segmented into commercial and non-commercial, and ‘others’; by drive type, such as, electric and hybrid type and hydraulic type; and by regions, including North America, Europe, Asia-Pacific, and Rest of the World (includes countries from both Latin America and Middle East and Africa). In China, the sales of excavators rose from 6,645 units in November 2016 to 8,915 units in June 2017. In North America, the sales of construction machinery are expected to rise from 158,925 units in 2016 to 168,600 units in 2017, 183,785 units in 2018, 199,150 units in 2019 and 209,910 units by 2020.The region includes Mexico, as the emerging market. Increased construction activity can be expected in this area, to meet the demand for construction machinery. Owing to increased labor rates, people are becoming more dependent on machines to reduce the labor charges, thereby, increasing the demand in the sector.
The global construction machinery market report includes the competitive landscape while considering the major players, such as Caterpillar, Komatsu, Volvo Construction Equipment, Hitachi Construction Machinery, Liebherr, Terex Corporation, Kobelco Construction Machinery, and ‘others.'
About Mordor Intelligence
Mordor Intelligence is a market intelligence and business advisory firm. The company operates in the business of industry analysis and consulting in over 16 verticals. In today’s fast-paced and competitive business environment, every customer has unique information requirements. With an eye for such requirements, Mordor offers custom market intelligence and advisory services, along with syndicated reports, to help customers gain an edge over the competition. The company has successfully catered to over 500 (40% of whom are Fortune 500) clients, since 2013.
For information regarding permissions and sales, please contact: info@mordorintelligence.com
Contact Information:
Mordor Intelligence
Sakshi Seth
Tel: 7860584254
Email us
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Mordor Intelligence
Sakshi Seth
Tel: 7860584254
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results