Construction Equipment Market Size, Share, Demand And Growth Analysis, Forecast 2017 To 2022 – by Credence Research
According to a new market report published by Credence
Research Inc “Construction Equipment Market-
Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 -
2022,” the construction equipment market is expected to reach US$ 230.5 Bn
by 2022, the market for construction equipment is expected grow with rising
investments in construction sectors supported by improving economic conditions
across the world. In addition, flexible credit policies to purchase
construction equipment are also expected to fuel the demand for construction
equipment. Growing construction rental sector represents a positive outlook for
the construction equipment industry.
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Earth moving equipment accounted for
the largest revenue share compared to other type of construction equipment in
2014. The earth moving equipment segment includes loaders, excavators,
bulldozers and other equipment used for trench digging, foundation building,
loading and other earth moving applications. The demand for earth moving
equipment is expected to grow with increasing urbanization across the world.
Loader is the most selling earth moving equipment type in terms of volume.
Material handling equipment segment is expected to see the fastest growth
through the forecast period. Rising investment in energy sector and
construction of bridges to improve transportation network is expected to fuel
the demand for material handling equipment.
Asia Pacific is the largest regional
market for construction equipment and accounted for more than half revenue
share in the global construction equipment market. Rising investment in
construction sector in India and China to support their economic developments
is the primary factor expected to influence the demand for construction
equipment. In North America and Europe demand for construction equipment is
expected to increase steadily with replacement of old equipment with advanced
equipment. China is the largest individual market for construction followed by
the U.S. The significant demand for construction equipment is also expected
from emerging economies such as Brazil, South Africa and Russia.
The global construction equipment
market is dominated by Caterpillar. Some other recognized players in this
industry include Komatsu (Japan), Hitachi (Japan), Volvo (Sweden), Liebherr
(Switzerland), Zoomlion (China), Sany (China), Doosan (South Korea), Terex
(U.S.), and John Deere (U.S.). Global manufacturers are facing challenge from
low cost Chinese manufacturers particularly in emerging and price sensitive
markets.
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