Increase in the construction & infrastructure industry, rise in focus on public-private partnerships, and surge in popularity toward robust & compact equipment have boosted the growth of the global construction equipment market
PORTLAND, Oregon, April 2, 2020 /PRNewswire/ -- 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.
Major driving factors
Increase in the construction & infrastructure industry, rise in focus on public-private partnerships, and surge in popularity toward robust & compact equipment have boosted the growth of the global construction equipment market. However, stringent government regulations and carbon emission hamper the market growth. On the contrary, rapid technological innovations are expected to create lucrative opportunities in the near future.
Products segment dominated the market
The product segment held the largest share in 2019, accounting for nearly four-fifths of the global construction equipment market. This is due to 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 increase in demand for maintenance and repair.
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Compact construction equipment segment to manifest fastest CAGR through 2027
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.
Asia-Pacific to become lucrative region, followed by LAMEA and North America
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 global construction equipment market across North America held more than one-fifth of the market.
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Major market players
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