DUBLIN, December 22, 2021--(BUSINESS WIRE)--The "Construction Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The construction equipment market was valued at USD 161 billion in 2020, and it is anticipated to reach USD 228 billion by 2026, registering a CAGR of over 6% during the forecast period (2021-2026).
The outbreak of COVID-19 and the subsequent shutdowns affected the construction industry in several countries. The negative impacts of the pandemic are visible in various major project timelines.
The increasing focus on infrastructure and the development of automation in the construction and manufacturing processes had a significant impact on the market growth. The road construction machinery market witnessed significant growth in the recent past, owing to the increased road development programs undertaken by the central and state governments, especially in Asia-Pacific.
The demand for machines that are cost-effective, with regulatory pressures for lower emissions, is pressurizing construction equipment manufacturers to opt for electric and hybrid vehicles over the traditional hydraulic and mechanical ones.
The renting or leasing of construction equipment has been on the rise, owing to the equipment cost and the cost of the maintenance process. Apart from the cost, there are also other benefits associated with renting the construction equipment. Rental companies provide the machinery, with the required professional machine operators and drivers included in the rent.
The construction industry is getting smarter. Digitalization, connectivity, and automation are driving the development forward, leaving a substantial impact on construction projects. Moreover, renting companies geared up in investing in new technologies to cope with the growing demand for advanced construction machinery and replace the older ones with new or upgraded machinery fleet.
Crane is Expected to be the Largest Segment
The large construction projects worldwide are expected to drive the crane and construction machinery market shortly. Europe is planning on various construction projects. Germany, France, and Italy witnessed the highest growth rates due to the region's construction projects. The projects include the port extension, underwater tunnel connecting major European countries, and railway tunnels, including the use of many types of cranes, driving the entire crane market.
For instance, in March 2021, Rothmund GmbH Kran und Montage purchased its second LTM 1230-5.1 from Liebherr after buying the first six months ago. In the same month, Schussmann Kranservice GmbH also received the new LTM 1230-5.1.
Africa and Latin America are expected to emerge as good markets post 2021, improving the economy, and overseas investments are expected to encourage more infrastructural development and construction activity.
The North American crane count reached a new peak. Approximately 40% of the total crane count in North America is working for the residential market. Toronto is leading this market, with 70 cranes dedicated to high-rise cooperative projects. Mixed-use development is the second-largest market, making up nearly 25% of all cranes in North America.
The increase in net crane count indicates that the construction market is holding steady and prospering. This growth will continue as many cities in North America continue to add to their roster of proposed developments.
Asia-Pacific is Expected to Dominate the Global Market
Asia-Pacific ranks first in the construction equipment market, with a major market share held by China, India, and Japan. The progress of the South-North water transfer plant project in China, anticipated to complete by 2050, will deploy various construction machinery either by leasing or owning the machinery, thereby increasing the demand for construction machinery over the next three decades.
The increasing number of dam construction, real-estate business, commercial and residential complexes, and expansion of rail and road infrastructure in the APAC region are a few drivers for the construction machinery market.
Companies are introducing dedicated products for the region. For instance, in December 2020, Komatsu announced that it would roll out affordable excavators in Southeast Asia. A midsize, 20-ton-class excavator for residential land development and road construction will be marketed in Thailand and Indonesia starting in April 2021.
Manufacturers of construction equipment are trying to reduce their dependence on gasoline and diesel, as regulators in Asia set ambitious goals to become carbon neutral by 2040. For instance, in January 2021, Komatsu announced partnering with Proterra to use battery packs in Komatsu's electric hydraulic excavators. The company will use Proterra's battery systems to develop a proof-of-concept electric excavator by the end of 2021.
Some of the major companies that dominated the market studied are Caterpillar Inc., Kobelco Construction Machinery Co., Ltd, CNH Industrial NV, Deere & Company, Komatsu Ltd, JCB India Limited, Volvo Group, Doosan Infracore, and XCMG, which captured a major share of the market.
The construction equipment market is characterized by numerous international and regional players, resulting in a highly competitive market environment. Apart from the top players, small-scale or domestic players account for a significant share of the market.
Hitachi Construction Machinery Co. Ltd
Kobelco Construction Machinery Co. Ltd
Zoomlion Heavy Industry Sci & Tch Co. Ltd
Sany Heavy Industry Co. Ltd
XCMG Construction Machinery Co. Ltd
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