June 16, 2020
According to the research report titled ‘Global Construction Machinery Market Size study, by Machinery Type (Crane, Telescopic Handlers, Excavator, Loader & Backbone, Motor Grader and Others), by Drive Type (Hydraulic and Electric and Hybrid) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global construction machinery market generated revenues worth USD 146.17 billion in the year 2018 and is expected to record a y-o-y growth rate of 7.5% between 2019 and 2026.
Notably, construction machinery, also known as heavy-duty equipment, are primarily used in construction activities. Increasing construction activities and rising adoption of construction machinery such as excavators, telescopic handlers, cranes and others for developing buildings, roads and other infrastructures are major factors driving the market growth. According to Statista, global spending by public sector towards construction sector was around USD 292 billion in 2016, which then surpassed USD 302 billion in the year 2018. Likewise, as per the IBEF (Indian Brand Equity Foundation), the real estate sector in India was valued at USD 120 billion in 2017 and is expected to be worth USD 1 trillion by the year 2030.
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Growing demand for machines which are in compliance with emission regulations is further aiding the market expansion. However, factors such as high cost associated with construction machinery along with rapid depreciation may hinder the market outlook.
By machinery type, the market is classified into motor grader, loader & backbone, excavator, telescopic handlers, cranes and others. In terms of drive type, construction machinery market is divided into hybrid, electric and hydraulic.
As per the regional scope, Asia-Pacific construction machinery industry is predicted to register considerable growth during the study period. Booming construction and real estate sectors along with federal support for construction projects are complementing the industry outlook in APAC.
Doosan Infracore Co. Ltd., Volvo Group, Mitsubishi Heavy Industries Ltd., Komatsu Ltd., Kobelco Construction Machinery Co. Ltd., Deere & Co., Hitachi Construction Machinery Co. Ltd., CNH Industrial NV, JCB India Ltd. and Caterpillar Inc. are the major contenders in global construction machinery industry