Construction Equipment Market Growing at 4% CAGR to Cross $170 B by 2024
According to a report by Global Market Insights, the global construction equipment market share is expected to surpass $170 billion by 2024. High product demand across the energy and telecom sectors is slated to drive the industry growth over 2018-2024. Rapid urbanization trends and infrastructure development across the BRIC countries have further stimulated the industry expansion.
As per the report, the latest advancement in technologies such as GPS, remote tracking, telematics, embedded sensors, and real-time tracking machinery have significantly driven the global construction equipment industry trends.
The earthmoving and road building machinery market is forecast to register a CAGR of 4% over 2018-2024. The considerable rise in construction activities have fueled the demand for sophisticated construction equipment and machines for commercial and residential projects. Robust product demand for excavators that are being used for underground and surface level operations is further expected to propel the earthmoving and road building machinery market over 2018-2024.
The European construction equipment market accounted for more than $30 billion in 2017 and is further projected to grow at a significant rate over the coming six years. The regional growth is primarily driven by increased governmental focus on refurbishing and upgrading existing infrastructure and rising smart city projects.
The key players profiled in the report are Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., XCMG Group, Metso Corporation, J.C. Bamford Excavators Ltd., Komatsu Ltd., Liebherr Group, John Deere, Sany Group, Tadano Ltd., The Atlas Copco Group, CNH Industrial, Wacker Neuson, Doosan Group, Volvo Construction Equipment, Zoomlion Heavy Industry Science & Technology Co. Ltd., Sumitomo Heavy Industries Ltd., and Palfinger AG. The companies have been profiled in terms of their SWOT assessment, product portfolio, and strategic outlook.
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