Construction Equipment Market set to expand at 4%+ growth during 2018-2024

European construction equipment market size is expected to grow at a CAGR of around 4% with several countries including Italy and Spain gaining stability after the economic crisis.

Selbyville, United States - December 3, 2018 /MarketersMedia/ —

According to the report Construction Equipment Market to exceed US$ 170 billion by 2024. Rapid urbanization is a key factor boosting the construction equipment (machinery) market growth. Large population shifting to urban areas for employment will spur the demand for advanced machinery that facilitates fast & efficient completion of high-rise buildings. The creation of smart cities that demand high precision in building activities will further support the industry growth. In addition, the lack of the availability of inexpensive labor to suffice the demand for increasing residential & commercial construction activities will boost the market growth.

Earthmoving & road building machinery market is estimated to grow at around 4% CAGR from 2018 to 2024. The growth of the equipment that can be attributed to the increasing large-scale infrastructure projects across the globe. Rapid urbanization has contributed to the demand for sophisticated machines for residential & commercial projects. The rise in the urban population has put a tension on the existing services such as road networks and public transport. Furthermore, the advent of smart concrete materials will support the concrete equipment industry over the forecast timespan. Excavators are increasingly being used for below-ground operations and surface level operations, surging their demand for building & mining activities.

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Major Chapters from the Table of Contents(TOC);

Construction Equipment (Machinery) Market, By Product

• Material Handling & Cranes :

• Storage & Handling Equipment
• Engineered Systems
• Industrial Trucks
• Bulk Material Handling Equipment

• Earthmoving & Road Building Equipment :
• Backhoes
• Excavators
• Loaders
• Compaction Equipment
• Others

• Concrete Equipment:
• Concrete Pumps
• Crushers
• Transit Mixers
• Asphalt Pavers
• Batching Plants

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The construction equipment market size in Europe was over USD 30 billion in 2017 and is anticipated to grow owing to the increasing focus of several government organizations on the refurbishment of the existing infrastructures. The growing significance of smart connected cities will favor the industry growth in the region.

In terms of residential construction, 2017 was a record year in France with 497,200 dwellings receiving authorization for the construction in 2017 and 418,900 commencing the construction. Several countries in Europe recovering from the financial crisis will provide growth opportunities for the construction equipment market growth. The government of UK is also implementing steps to support local players, who have the potential of expanding in the international markets.

Key players in the construction equipment market are Volvo Construction Equipment, Caterpillar, Inc., Komatsu Ltd., Sany Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., Terex Corporation, Liebherr Group, Hitachi Construction Machinery Co., Ltd., XCMG Group, and CNH Industrial. The construction equipment market is slightly fragmented with few companies holding a dominating market share.

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The industry is characterized by new product launches with companies focusing on introducing new solutions with advanced features to enhance the offerings and expand their footprint. Furthermore, attractive growth opportunities in the sector coupled with the support of the government is facilitating the entry of new players in the construction equipment market.

Browse Related Reports:
1. Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024
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