During the projected period of 2020 to 2030, the construction equipment market is expected to grow at a CAGR of over 4%. Construction equipment is particularly built gear utilised in a variety of industries, including mining, construction, ports, manufacturing, and forestry, to name a few. Drilling, hauling, digging, paving, and grading are some of the duties performed by this equipment.
The COVID-19 outbreak has slowed the growth of construction, mining, and other industrial operations. Construction equipment demand is dependent on the expansion of these end-use industries, and with diminishing expenditures in these sectors, the construction equipment market is expected to see a downward trend in the near term around the world.
Government investments in infrastructure development projects in both developed and developing countries are expected to boost demand for construction equipment. Furthermore, governments’ attempts to construct motorways, dams, trains, and roads as part of constructing smart cities in the areas of energy, mobility, and government are expected to drive construction equipment sales in the near future.
Key Segments of Construction Equipment Market
The construction equipment market is studied by Fact.MR and is broken down into five categories: equipment, power output, end use, ownership, and region. This study provides in-depth data and analysis on the key market dynamics and growth indicators that are linked with these categories.
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The Competitive Landscape of the Construction Equipment Market
The worldwide construction equipment industry is highly fragmented, with a large number of international and regional companies. Caterpillar Inc., CNH Industrial N.V., Volvo Construction Equipment, Komatsu Limited, and Hitachi Construction Machinery Co., Ltd are just a few of the companies involved. To achieve a competitive advantage, market participants are focusing on expanding their footprints and growing their product offerings.
Volvo Construction Equipment debuted the new DD128C compactor in 2020, as an example of product expansion. This sophisticated compactor boasts the industry’s greatest frequency, leading in increased output. The new DD128C compactor provides the most productive rolling train possible by delivering the quickest rolling speeds while maintaining correct impact spacing.
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