Global Construction Equipment Market- Technologies, Market share and Industry Forecast to 2024
LONDON, Oct. 31, 2018 /PRNewswire/ -- Global construction equipment market is anticipated to grow with a CAGR of 7.6% during forecast period (2017-2024). The construction equipment is employed for several functions such as hauling, drilling, paving, excavating and grading. However, the major driving factor of the market are growing demand for technologically advanced solutions, increasing investment in the construction activities, increasing construction & mining activities and increasing public-private partnership for the construction activities. The major opportunities of the market are enormous demand in infrastructure and real-estate and growing government investment in infrastructure development. In addition, the major restraining factors of the market are health & environmental concern and strict government regulations.
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Based on segmentation, global construction equipment market is type and applications. The type segment is divided into material handling equipment, earthmoving equipment, heavy construction vehicles and others. Earth moving segment is the major dominating segment and such segment is anticipated to witness important growth in the forecast period due to growing construction activities in residential sector, healthcare centers, educational institutes and construction of roads. Growing use of such equipment across sectors such as construction, underground mining and surface mining led the market growth across the globe. Application segment of the global construction equipment market includes institutional and industrial building, commercial and residential.
Geographically, the global construction equipment market report is segmented into North America (U.S. & Canada), Asia Pacific (China, India, Japan, RoAPAC), Europe (UK, France, Germany, RoE) and Rest of World. Asia Pacific accounted highest revenue share in 2017. The high demand for basic infrastructural facilities and large consumer base have increased the market for mining and construction activities in the Asia-Pacific, which drives the growth of the construction equipment market in Asia Pacific. Moreover, infrastructure sector has developed as a focus area of the Government of India as well as under Union Budget 2017-18, $61.92 billion was allocated to the sector. In addition, augmented incentive to grow infrastructure in India is attracting both international and domestic players. Private sector is developing as an important player across numerous infrastructure segments, such as roads and communications to airports and power.
Some of the major player of global construction equipment market are Atlas Copco Construction & Mining (United Kingdom), Ab Volvo (Sweden), Caterpillar (United States), Hitachi Construction Machinery Co. Ltd. (Japan), J.C. Bamford Excavators Limited (United Kingdom), and Others.
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