CHICAGO, Nov. 4, 2020
CHICAGO, Nov. 4, 2020 /PRNewswire/ -- According to the new market research report "Construction Equipment Market by Type (Excavator-Crawler & Mini, Loader-Backhoe, Skid-steer, Wheel, Dozer, Dump Truck), Electric Equipment, Propulsion, Power Output, Application, Rental, Aftertreatment Device, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Construction Equipment Market size is projected to reach USD 205.0 billion by 2025, from an estimated value of USD 169.3 billion in 2020, at a CAGR of 3.9%.
Rapid urbanization leading to increased demand for housing projects is expected to boost the Construction Equipment Market. The increasing number of infrastructure projects and mega construction projects are further anticipated to fuel the demand for construction equipment during the forecast period.
Browse in-depth TOC on "Construction Equipment Market"
198 – Tables
56 – Figures
267 – Pages
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<5L segment by engine capacity is expected to have the largest market during the forecast period from 2020 to 2025
Engine capacity with <5L is used extensively in compact excavators that are used in applications such as urban civil engineering, housing, snow removal, forestry, and landscaping. The growing demand for housing projects due to increasing population and increasing commercial construction is anticipated to bolster the demand for lower engine capacity construction equipment. Compact construction equipment is best suitable for urban infrastructure projects due to their design and maneuverability.
The commercial segment by rental Construction Equipment Market is expected to register the highest growth rate during the forecast period
The commercial (or non-residential) segment includes office spaces, manufacturing facilities, warehouses, hotels, restaurants, educational buildings, hospitals, and other non-residential buildings. According to the America Institute of Architects (AIA), the non-residential construction industry is anticipated to witness positive growth in the near future, owing to the commercial developments in emerging economies like India and China. Thus, the renting of construction equipment acts as a viable option for local players engaged in constructing commercial projects to cut down initial investments.
The commercial construction in Asia's emerging economies (majorly India, China, and Indonesia) is likely to drive the demand for rental construction equipment during the forecast period. However, the demand for rental construction equipment for the development of healthcare facilities, education centers, warehouses, data centers is likely to outperform in North America and Europe due to the COVID-19 pandemic in 2020.
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North America is estimated to be the second-largest market
The construction industry in the US is expected to grow at a decent rate against federal spending cutbacks. However, low-interest rate loans to procure construction equipment will encourage investments by the construction companies. According to the Associated General Contractors of America (AGC), the construction market is estimated to grow at more than 3% in August 2020, largely attributed to increased residential construction and construction spending. Therefore, the demand for residential construction activities and major investment in infrastructural projects is expected to drive crawler excavators and wheeled loaders in the country.
The Construction Equipment Market is dominated by globally established players such as Caterpillar Inc. (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co., Ltd (Japan), and Volvo Construction Equipment (Sweden). These companies developed new products, adopted expansion strategies, undertook collaborations & partnerships, and used mergers & acquisitions to gain traction in the Construction Equipment Market.
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