Product ID: SQSG15F2012
Global Construction Equipment Market Size, Share, Growth Analysis, By Equipment type(Heavy construction equipment, Compact construction equipment), By Application(Excavation and Mining, Earth Moving), By End-User(Construction and Infrastructure, Oil and gas), By End-User(Construction and Infrastructure, Oil and gas) - Industry Forecast 2024-2031
Report ID:
SQSG15F2012 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
118 |
Figures:
77
Global Construction Equipment Market Regional Insights
During the forecast period, Asia Pacific is expected to gain market dominance and hold the greatest share. The advent of online retail stores, the availability of machines for rent, increased government spending on infrastructure development, and an increase in capital investments are all expected to contribute to the region's growth. The Chinese government is also investing in renewable energy, public infrastructure, and residential development projects, which is driving up the demand for construction equipment.
Due to the large number of growing market competitors producing technologically advanced construction equipment, China is predicted to have the largest market share. With increasing public-private partnerships, the Chinese government has been heavily investing in rural construction operations for rapid urbanization, which is likely to increase the demand for construction equipment. The One Belt One Road project and the 21st century Maritime Silk Road, which would cost about US$ 4 trillion, were the Chinese government's goals in order to increase land and waterway connectivity. Due to factors including rising demand for new housing units, rising employment levels, etc., Europe generated significant revenue and is predicted to continue growing. Additionally, due to Germany being the location of Europe's best-performing machine and equipment sector, Europe is expected to have a sizable possibility to grow during the projected period. Additionally, because of the sudden spread and persistent effects of COVID-19 across these nations, European nations like Italy and Spain are predicted to experience poor growth in 2021.
The expansion of this market in North America is being aided by the notable businesses Caterpillar and Sany America. Additionally, it is expected that these businesses' overt activities in the areas of technological advancements, strategic alliances, acquisitions, and aftermarket services will have an impact on the market potential in North America. In addition, the Gulf Council Corporation has the largest market share in the Middle East and Africa as a result of the growth of significant infrastructure projects throughout the GCC nations. However, the COVID-19 pandemic has had a significant impact on these nations, which has resulted in fewer building projects being undertaken. As a result, the Saudi Vision 2028 initiative is expected to go more slowly in these nations. Similar to this, Latin America's construction industry has experienced consistent growth over the past few years as a result of modest infrastructure spending. However, the COVID-19 pandemic has forced the equipment producers in Brazil and Colombia to halt operations. Due to the coronavirus, more than 1,900 housing projects in Colombia have been shut down, slowing down the pace of new buildings.
Global Construction Equipment Market Report Snapshots
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