Construction Machinery Market

1. Construction Machinery Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast The global construction machinery market size was USD 161 billion in 2020 and is expected to reach USD 228 billion by 2028, expanding at a CAGR of 5.9% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for heavy construction machinery in emerging countries. The construction machinery industry has been hit hard due to the COVID-19 outbreak. Construction developers, contractors, and supply chain suppliers have been hampered due to this pandemic. This began with the closure of multiple construction projects in China, the UK, India, and then across the globe. The closedown of production facilities led to a sharp decline in the output of various materials from steel to cement. This led to the heavy investment in in large-scale public infrastructure projects by local authorities and companies of respective countries, changing the market scenario. For instance, in March 2021, the UK government allocated more than USD 16 billion for the development of construction projects in the energy and public utilities sectors. Market Trends, Drivers, Restraints, and Opportunities Rising global infrastructure is expected to boost the market growth during the forecast period. Rapid growth of the construction industry for infrastructure development in developing countries is one of the major factors driving the market growth in the coming years. Increased number of construction and industrial development projects is anticipated to drive the market growth during the forecast period. High maintenance cost of construction machinery can hamper the market growth. Lacks of skilled operators can restrict the market growth during the forecast period.     

2.  Increasing R&D investment, ongoing technological advancement in the construction machinery industry and increasing smart city development are projected to create lucrative opportunities for the market players. Sample - https://growthmarketreports.com/request-sample/1735 Market Segment Insights Crane segment is projected to hold a major market share Basedon machinery types, the market is divided into cranes, telescopic handlers, excavator, loaders &backhoe, motor grader, and others. The crane segment is expected to represent a key market share during the forecast period owing to rising development of large-scale construction projects across the globe. Several construction projects are being planned in Europe. Germany, France, and Italy, which includes port expansion and development of underwater tunnels to Europe-based countries. Rising cranes sales determines that the construction market is not only stable but also booming across the globe. On the other hand, the excavator segment is anticipated to expand at a rapid pace during the forecast period due to the increasing excavation or digging at confined spaces, which has promoted the development of compact excavators. Excavators are enhanced by integrating telematics and convenience and safety technologies, such as elevators and touchscreen infotainment systems, to provide enhanced operating capabilities. Hydraulic segment is expected to grow at a robust pace On the basis of drive types, the construction machinery market is bifurcated into hydraulic, electric, and hybrid. The hydraulic segment is expected to hold a significant market share during the forecast period due to their capability of moving heavier loads and provide more power than mechanical, electrical or pneumatic systems. Hydraulic system allows to easily handle various weights without the use of heavy gears, pulleys or levers and is simple, safe and inexpensive owing to the few moving parts as compared to mechanical and electrical systems, which makes maintenance easier. Asia Pacific is expected to dominate the market In terms of regions, the construction machinery market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. The regional market growth is attributed to thepresence of the construction machinery market, with a huge market share of countries such as China, India and Japan. Companies are launching region-specific products. For instance, in December 2020, Komatsu announced that it would launch affordable excavators in Southeast Asia. Moreover, the awareness of the dependence on gasoline and diesel have encouraged the company to set ambitious goals to reduce carbon dioxide emissions by 2040. For example, in January 2021, Komatsu announced a partnership with Proterra for the development of battery for Komatsu electric hydraulic excavators. Proterra Battery systems is expected to test electric excavator by the end of 2021. The Middle East & Africa and Latin America are expected to provide lucrative opportunities for the

3. industry players. This is due to the economic improvement and foreign investment, which are expected to promote further infrastructure development and construction activities in these regions. Inquiry- https://growthmarketreports.com/enquiry-before-buying/1735 Competitive Landscape Key players competing in the construction machinery market include Caterpillar Inc., Komatsu Ltd., CNH Industrial NV, Liebherr-International Deutschland GmbH, and Kobelco Construction Machinery Co. Ltd. The construction machinery market is characterized by the presence of many international and regional players, which has led to a highly competitive market environment. In January, 2021 - Caterpillar has introduced three new large excavators and two Ultra High Definition (UHD) demolition machines for the market in Europe, Asia and Africa. The large Cat 352, 374 and 395 are the three excavators, which weigh 50 tons, 72tons and 94tons respectively. About Growth Market Reports: GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys. Contact: Growth Market Reports Phone: +1 909 414 1393 Email: sales@growthmarketreports.com Web: https://growthmarketreports.com Follow Us: LinkedIn | Twitter