Jul 15, 2022   SOURCE: BusinessWire

Global Construction Equipment Market Report 2021-2027 - Increasing Penetration of Electric and Autonomous Construction Machines - ResearchAndMarkets.com

The "Global Construction Equipment Market Size, Share & Industry Trends Analysis Report By Product, By Earth Moving Machinery Type, By Material Handling Machinery Type, By Concrete & Road Construction Machinery Type, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The Global Construction Equipment Market size is expected to reach $136.7 billion by 2027, rising at a market growth of 3.5% CAGR during the forecast period.

Construction equipment is specialized machinery that is used to carry out construction tasks. This equipment can perform various tough and heavy-duty tasks such as drilling, hauling, digging, paving, and grading. Construction, manufacturing, infrastructure, and oil and gas industries are the key users of the construction equipment.

The rising emphasis on public-private partnerships is expected to be one of the causes driving the growth of the construction equipment market. These collaborations refer to a joint venture between the private sector and the government for the construction of public infrastructure. A private firm manages a project and contributes technical and operational knowledge to government programs in this sort of partnership.

Additionally, as the world's population grows, the demand for infrastructures such as housing and transportation also increases, therefore, the demand for these machines is expected to rise due to an increase in construction activities around the world. Moreover, government programs, like stimulus packages, that encourage people to buy new homes, as well as reduced mortgages, are likely to increase the growth of the market.

Excavators are a crucial and commonly utilized type of construction equipment. The primary function of these machines is excavation, but they are also employed for a variety of other tasks such as demolition, heavy lifting, river dredging, and tree cutting. A cabinet and a long arm are included in excavators.

A long arm digging bucket is also given at the end of the machine, and a cabinet is provided for the machine operator. This entire cabin design can be rotated up to 360 degrees, making it easier to operate. Wheeled excavators and tracked excavators are now widely available for people all over the world.

Another form of soil excavating apparatus is bulldozers, which are leveraged in the process of removing the topsoil layers up to a certain depth. The sharp-edged large metal plate offered at its front is used to remove soil. Hydraulic pistons are commonly used to decline and incline this plate. These are commonly used to remove weak soil and rock strata, lift soil, and various other purposes.

COVID-19 Impact Analysis

The COVID-19 pandemic posed a significant challenge in front of various economies across the world. Various businesses were majorly hampered due to the outbreak of the coronavirus. In addition, governments across all the countries were forced to enforce lockdowns over their countries, due to which, all the businesses were sent under a temporary closure.

Owing to this, the supply of various goods and services was regulated. Moreover, due to the travel restrictions imposed by governments, the worldwide supply chain was majorly devastated. The COVID-19 pandemic also had a major impact on the construction equipment sector. Due to the lockdown, construction activities around the world were majorly halted. The majority of the construction projects were canceled or postponed. Containment policies led to a significant drop in economic activity.

Market driving Factors:

Increasing penetration of electric and autonomous construction machines

The construction equipment market is being transformed by electrification, which presents a substantial opportunity and design options for various equipment across the market. Electrification has been rising in various market segments, including construction equipment, such as cars, buses, and other vehicles. This has been made feasible by the rising development and increasing affordability of modern technology and machinery, as well as the enforcement of pollution restrictions, which have altered the future of the construction equipment business.

Several cities throughout the world have imposed prohibitions on the utilization of diesel within their boundaries, affecting construction equipment operations in certain areas. In China and Europe, stronger emission standards for heavy machinery, as well as equipment, are being imposed at the global, regional, and municipal levels.

The advent of rental construction equipment services

Rental services are significantly gaining the traction of consumers in the worldwide construction equipment industry these days. According to the Construction Equipment Rental Association (CERA), emerging and most populated economies are expected to see increased demand for rental services.

Regional and local rising firms are anticipated to build a position in the leasing service industry, generating substantial revenue from their local customer base. In order to benefit their business and customers simultaneously, construction companies focus on sectors such as general infrastructure, utility, and electrical, oil and gas, as well as commercial and residential development.

Marketing Restraining Factor:

Lack of harmonized emission regulations

This Global Technical Regulation (GTR) aims to provide a globally harmonized method for determining the levels of gaseous compound emissions, particulate matter emissions, particle number emissions, CO2 emissions, electric energy consumption, fuel consumption, and electric range from light-duty vehicles.

Engine and equipment manufacturers have pressed regulatory agencies in various nations to standardize global emission standards in order to ease engine development and emission type approval or certification for diverse markets. For example, the California Air Resources Board (CARB) has harmonized California GHG standards with EPA Federal standards, allowing manufacturers to establish compliance with California requirements by demonstrating compliance with the 2017 to 2025 EPA Federal criteria.

Key Market Players

  • Caterpillar, Inc.
  • Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.)
  • Komatsu Ltd.
  • Liebherr-International AG
  • Sumitomo Heavy Industries, Ltd.
  • Terex Corporation
  • Volvo Group
  • Zoomlion Heavy Industry Science & Technology Co., Ltd.
  • Hitachi Construction Machinery Co., Ltd. (Hitachi ltd.)
  • Hyundai Heavy Industries Co., Ltd. (Hyundai Construction Equipment Co., Ltd.)

Scope of the Study

By Product

  • Earth Moving Machinery
  • Excavator
  • Loader
  • Others
  • Material Handling Machinery
  • Crawler Cranes
  • Trailer Mounted Cranes
  • Truck Mounted Cranes
  • Concrete & Road Construction Machinery
  • Concrete Mixer & Pavers
  • Construction Pumps
  • Others

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

For more information about this report visit https://www.researchandmarkets.com/r/wqwphd