Construction Equipment Market was worth US$ 192.3 bn in 2017

Posted by harshal on May 15th, 2019

The construction equipment market is witnessing significant growth since the past few years owing to massive investments in infrastructural projects. Infrastructural development is driving the demand for construction machinery and related equipments. As a result, the global market for construction equipments displays strong growth potential and creates opportunities for new entrants and existing players in the market. 

The global construction equipments market wasestimated at USD 134.1 billion in 2011. The major factors driving the global market include growth in lease-based equipmentsand increasing investment by governments in infrastructural activities, especially in developed countries. Also, governments of most countries are supporting the industry players through growth enabling services such as lowering tax burdens and removing the current tax anomalies. Additionally, demand from the real estate and industrial sector is driving the demand for the construction equipments market, globally. 

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Growing number of residential and non-residential construction projects and infrastructural renovation is expected to drive the demand for construction equipments in developed and developing economies. Global market players involved in the manufacturing of construction equipmentssuch as Caterpillar, Komatsu and Volvo are rapidlyincorporating technological advancements in their productsto ensure sustainability of such equipments. 

Emerging economies such as Brazil, China, and India are among the most promising countries due to increasing infrastructural developments in the IT sector and services industry. China is the major contributor to the global construction equipment industry and accounts for above 40% share of the overall global sales of construction equipment. The construction equipment industry in China is expected to grow at a CAGR of 10.1% from 2012 to 2017. This trend is likely to continue owing to the growth in public projects like schools, railways, better roads, water systems, and other infrastructure. 

Demand in Europe is expected to remain flat over the next few years; however, it performedmoderately better in 2012 as compared to previous years. Asia is considered the most promising market for construction equipment worldwide due to relatively good performance of construction and mining industries, in countries like India and China.