Construction Equipment Market Size to Reach $240.97 Billion by 2020
2015-11-14 Posted By:Infrabazaar
The Global Construction Equipment Market size is expected to reach $240.97 Billion by 2020, report a Compound Annual Growth Rate (CAGR) of 8.9% during 2015-2020. As per the Market and Research latest report by Allied Market Research titled, “Global Construction Equipment Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2015-2020",
The Construction equipment market includes heavy machinery such as cranes, loaders, excavators, forklifts and dozers, used for material handling, earthmoving, excavation, and other applications across various industry verticals. Loaders and Cranes would continue to remain the most preferred type, due to their many applications in construction mining and public works. Loader would expect to drive the market significantly by 2020, contributing about 44% and more of the total revenue, due to increased application in earth moving operations. Crane market would expect to grow at a steady rate owing to the growing demand for material handling and lifting from various industries.
The Asia Pacific region would expect to dominate the global construction equipment market right through the analysis period due to the increased residential and industrial construction activities, as long as the North American market is expected to see the moderate growth.
From industries outlook, rail road and public works sector would significantly drive the market due to increasing the number of infrastructural projects worldwide. Other major end user industries include oil & gas, mining and manufacturing.
The Construction equipment finds maximum usage in lifting and material handling applications and earth moving. The two applications cooperatively accounted for around 50% of the total market in 2014. Between two, earth moving applications would grow at closer rate during the forecast period, due to rise in construction for residential infrastructure and commercial group. The construction market is further segmented into solution type, comprising of product and services. The market shares of products and services would stay close in the ratio of 80:20 during the analysis period.