Construction Equipment Market Projections Analyzed To Inspect Growth Trends during Forecast Period 2019 2029
August 19, 2019 by Steve Blade
Construction equipment in general includes several types of earthmoving equipment, excavation equipment, and compactors whose chief objective is to excavate but other than that they are also used for many purposes like heavy lifting, demolition, cutting of trees, river dredging etc. The boom in infrastructure, housing construction, and mining are the primary drivers attributing to the demand for construction equipment. Besides, the global Construction Equipment Market has witnessed healthy growth over the past decade; nonetheless, market conditions have become tougher recently. Quality, Brand, Price, and Relationship are the consideration factors during the procurement of the construction equipment across the world.
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Apart from this, in the short term, the construction equipment market will see a bit of a slowdown in the further expansion of new or emerging players. In particular, China-based companies have recently curtailed their expansion plans as they wrestle with slower growth at domestic construction equipment market. The middle market for construction equipment, constituting the bulk of demand in emerging markets, is often underserved by multinational companies and offers considerable growth opportunities. Subsequently, the study aims to analyze the most recent trends, dynamics, and potential strategies in the global construction equipment market.
Global Construction Equipment Market: Dynamics
Heavy and Light construction equipment are expected to maintain the same proportion of the total industry over the forthcoming years. Among heavy construction equipment, wheel loaders are foreseen to witness a substantial growth rate. Whereas, among light constriction equipment, mini excavators expected to maintain a sustained growth rate. In Europe, sales of construction equipment are expected to grow notably, which was driven by booming demand from the German residential construction sector.
Furthermore, the companies involved in the manufacture of construction equipment are reinforcing their product lineup for emerging markets such as Latin America and India. Also, strengthening and developing dealers/production network in the Asia Pacific to cater to the growing demand for construction equipment. Lastly, manufactures are poised to develop low-cost product range for export from established Indian manufacturing sites.
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Projects pertaining the road development, infrastructure development, new airports, irrigation, urban infrastructure etc. are the main boosting agents for the construction equipment market. Moreover, inefficient availability of financing options, poor uptime of construction equipment, lack of government support, and meagerly penetrated leasing or rental market to curtail the demand for construction equipment market. One of the most cited and prolific trends in the construction equipment market is that OEMs are gradually increasing their focus on CE maintenance market, and will lead to the market becoming more competitive.
In terms of end use, majority of the share of construction equipment sales is procured by rental service providing companies who then lease the equipment for periodic requirements associated with the development and construction of a project. This model is rendered as a viable option which helps the rental providers to earn value added margins and service charges and also helps in saving capital equipment costs significantly for building and construction companies. With the advent of high end requirements involving the necessity of equipment to operate under a wide range of terrain, the OEMs are developing and launching new prototypes with augmented properties such load carrying/ lifting capacity, excavating capacity and so on. The repair and service aspects are mainly undertaken by the OEMs themselves.
Global Construction Equipment Market: Regional Outlook
Construction equipment market growth is mainly driven by Asia Pacific and North America. Further, Europe and Latin America are anticipated to experience low growth rate in the construction equipment market. In addition, Africa and the Middle East are expected with higher growth rate. China is expected to be largely driven by heavy construction equipment demand; however, light construction equipment to gain prominence in Europe over the coming years. Most of the regional construction equipment markets are expected to see growth in the coming years, but the key driver will be China. Lastly, among ASEAN countries - Indonesia and Vietnam are expected to continue growing due to rising urbanization and disposable incomes, bolstering the demand for construction equipment in the foreseeable future.
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