The construction equipment market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Caterpillar (the US), Komatsu (Japan), Teres (the US), Volvo Construction Equipment (Sweden), and Hitachi Construction Machinery (Japan), XCMG (China), Zoomlion (China).
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Construction equipment market is projected to grow at a CAGR of 4.52%, to reach a market size of USD 199.18 Billion by 2025 from an estimated size of USD 146.17 Billion in 2018. Upcoming infrastructural projects & increased government spending have led to an increase in construction activities.
- Market Share Analysis
- Competitive Scenario
- New Product Developments
- Mergers & Acquisitions
- Partnerships/Agreements/Supply Contracts/Collaborations/Joint Ventures
The construction equipment market is segmented by equipment type (articulated dump trucks, asphalt finishers, backhoe loaders, crawler dozers, crawler excavators, crawler loaders, mini excavators, motor graders, motor scrapers, rigid dump trucks, road rollers, Rough Terrain Lift Trucks (RTLT)–masted, RTLT–telescopic, skid-steer loaders, wheeled excavators, wheeled loaders >80 hp, and wheeled loaders400hp), application (infrastructure, residential, commercial, and industrial), region (Asia Pacific, Europe, Middle East, North America, and ROW),and rental equipment (infrastructure, residential, commercial, and industrial).
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Construction equipment market research that use alternate fuels such as CNG, LNG, and RNG are projected to grow at the fastest rate during the forecast period. As these fuels reduce emissions by 25–40% compared with diesel, their use as primary fuels in construction equipment is projected to increase significantly.
- Construction equipment manufacturers
- Investment and equity research firms
- Private equity firms
- Aftertreatment device manufacturers
- Engine manufacturers
- Construction equipment dealers
- Rental equipment providers
The tier-5 emission regulation engines are projected to have the largest market share, by emission regulation, of construction equipment by 2025. The countries in North America such as Canada, the US, and Mexico are speculated to have enforced these regulations by 2025.
Additionally it is speculated that Japan will also follow these regulations once they are in effect.
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Caterpillar has been the dominant player in the construction equipment market since long. It has a wide portfolio of products that are innovative and technologically advanced.
During the forecast period, it is expected to remain the largest player in the market. Asian players such as XCMG and Zoomlion are expanding into developed markets to diversify their revenue streams.
Key factors restraining the growth of the construction equipment market include high cost of equipment that hinders their acceptability. Higher costs reduce the use of these equipment, which lead to higher turnaround time of construction projects while also making them less efficient.
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