Global Construction Machinery Market - Development of Smart Cities to Boost Growth | Technavio

The global construction machinery market is expected to grow at a CAGR of more than 8% from 2018-2022, according to a new market research report by Technavio.

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Global construction machinery market segmentation by product type and geography

Technavio’s report on the global construction machinery market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product, which includes earthmoving machinery, material handling machinery, concrete and road construction machinery, and other construction machinery. As projected in 2017, around 44% of the market share originated from earthmoving machinery.

Based on geography, the global construction machinery market has been segmented into the Americas, APAC, and EMEA. As of 2017, 65% of the market share came from APAC.

“APAC is home to some of the fastest growing economies in the world and has been witnessing massive investments in public infrastructure, owing to rapid urbanization. This is likely to propel the demand for residential as well as commercial construction, which in turn will trigger the demand for construction machinery,” says a senior analyst at Technavio for construction research.

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Construction machinery market: competitive vendor landscape

The global construction machinery market is dominated by international vendors such as AB Volvo, Caterpillar, Doosan infracore, Hitachi Construction Machinery, J C Bamford Excavators, Komatsu, and Terex. Increased investments in infrastructure development is expected to trigger the growth of the market during the forecast period. The manufacturers in this market are largely focusing on producing equipment that will cater to the customer’s local environmental conditions.

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Other topics covered in the report:

Market drivers:

• Surge in demand for housing projects
• Growing trend of smart cities

Market trends:

• Telematics in construction
• Growing construction of green buildings

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