Rise in focus on public-private partnerships, surge in popularity toward robust & compact equipment have boosted the growth of the construction equipment market

PORTLAND, UNITED STATES, September 7, 2020 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Construction Equipment Market by Solution Type (Products and Services), Equipment Type (Heavy Construction Equipment and Compact Construction Equipment), Type (Loader, Cranes, Forklift, Excavator, Dozers, and Others), Application (Excavation & Mining, Lifting & Material Handling, Earth moving, Transportation, and Others), and Industry (Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global construction equipment industry accounted for $184.50 billion in 2019, and is expected to reach $261.05 billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027.

One of the reasons for the growth of the construction equipment market is the rise in the popularity of robust and compact equipment. The adoption of compact construction equipment has gained popularity in recent years, due to their easier maintenance, movability, and similar performance as heavy construction machinery.

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The product segment held the largest share in 2019, accounting for nearly four-fifths of the global construction equipment market. This is due to the rapid launch of advanced equipment to keep pace with technological advancement. However, the service segment is expected to register the highest CAGR of 5.5% during the forecast period, owing to an increase in demand for maintenance and repair.

The market across the Asia-Pacific region held the largest share in 2019, contributing to more than two-fifths of the market. Moreover, the region would manifest the fastest CAGR of 5.4% of the market, owing to rapid technological advancements in developing countries such as China and India.

The compact construction equipment segment is projected to portray the fastest CAGR of 5.9% from 2020 to 2027, as it offers versatile benefits in various industrial tasks, owing to their compact design as well as greater maneuverability capability. However, the heavy construction equipment dominated the global construction equipment market in 2019, accounting for more than 90% of the total revenue. This is due to growth in the demand for infrastructure development.

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Key Findings of the Study:
• On the basis of solution type, the products segment generated the highest revenue in 2019.
• On the basis of equipment type, the heavy construction equipment segment was the highest revenue contributor in 2019.
• On the basis of type, the loader segment was the highest revenue contributor in 2019.
• On the basis of application, the earth moving segment was the highest revenue contributor in 2019.
• On the basis of industries, the construction & infrastructure segment was the highest revenue contributor in 2019.

Major market players
• AB Volvo
• CNH Industrial N.V.
• Caterpillar Inc.
• Doosan Infracore Co. Ltd.
• Deere & Company
• J C Bamford Excavators Ltd.
• Hitachi Ltd.
• Liebherr-International AG
• Komatsu Ltd.
• Xuzhou Construction Machinery Group Co., Ltd. (XCMG)

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Tushar Rajput
Allied Analytics LLP
+91 90210 91709
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