SHERIDAN, WY, USA, June 28, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, “Construction Equipment Market Share: Global Market Share, Trends, Size, Growth, Opportunities and Forecast 2022-2027”, The global construction equipment market reached a value of US$172.8 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$239.3 billion by 2027, growing at a CAGR of 5.45% in 2022-2027.
Report Measurement History: 2016-2021
Base year: 2021
Forecast year: 2022-2027
Construction equipment, also known as heavy equipment, is designed to perform construction-related activities. They generally include bulldozers, pumps, ditches, graders, tractors, excavators, trenchers, cranes, derricks, loaders, backhoes, etc. digging and digging the ground, etc. Currently, due to the growing environmental concerns of consumers and the growing need to promote energy conservation, several key market players are also focusing on improving the fuel efficiency of construction equipment.
As the novel coronavirus (COVID-19) crisis engulfs the world, we continuously monitor changes in markets, as well as consumer behaviors in the industry around the world and our estimates on the latest market trends and forecasts are made. after considering the impact of this pandemic.
Global Construction Equipment Market Trends:
Growing number of housing and commercial infrastructure projects, owing to inflation in urbanization levels and expanding global population, is mainly driving the construction equipment market. Additionally, the emerging trend of automating construction processes, due to the scarcity of skilled labor and the increasing emphasis on minimizing overall cost and plan execution time, further catalyzes the growth of the market. In addition, increasing investments aimed at expanding and improving existing public infrastructure act as important drivers of growth. Additionally, the introduction of environment-friendly equipment by leading manufacturers to meet stringent noise emission guidelines is also positively influencing the global market. Apart from this, the integration of telematics and safety technologies such as lift assistance and touchscreen infotainment systems to deliver enhanced operational capabilities is expected to drive the construction equipment market over the course of the forecast period.
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2022-2027 Global Construction Equipment Market Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
AB Volvo, Caterpillar Inc., CNH Industrial NV, Deere & Company, Doosan Infracore, Hitachi Construction Machinery, Komatsu Ltd. and Liebherr-International AG.
The report has segmented the market based on region, solution type, equipment type, type, application, and industry.
Breakdown by type of solution:
Breakdown by type of equipment:
heavy construction equipment
Compact construction equipment
Breakdown by type:
Breakdown by application:
Excavation and mining
Lifting and handling
Breakdown by industry:
oil and gas
Construction and infrastructure
Breakdown by region:
North America: (United States, Canada)
Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
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