Construction equipment is those machineries and heavy duty vehicles which are specially designed so construction activities. There main function is to perform different construction function under the power. They have ability to perform different function such as drilling, paving, grading, hauling, excavating, hoisting and other. Many manufacturers are trying to make new advances in these machines so they can improve their speed and efficiency. This equipment is available in different sizes and divided into four main types’ earth moving equipment, material handling equipment, construction vehicle and construction equipment. Crawler Excavator, crawler dozer, articulated dump truck, mini excavators, road roller, RTLT- masted, skid steel loader, wheeled excavator and other are some of the common types of the construction equipment which are used. These machines are very beneficial as they have the ability to save time as well as labor cost.
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Some of the factors responsible for the growth of this market are:
The global construction equipment market is segmented on the basis of equipment type which is further divided as articulated dump truck, asphalt finisher, backhoe loader, crawler dozer, crawler excavator, crawler loader, mini excavators, motor grader, motor scraper, road roller, rigid dump truck, RTLT-Masted, RTLT-Telescopic, skid-steer loader, wheeled excavator, wheeled loader <80 hp, and wheeled loader >80hp; equipment category as earthmoving equipment, material-handling equipment, heavy construction vehicles, and other equipment; application as infrastructure, commercial buildings, residential buildings, and industrial buildings; power output as <100 hp construction equipment, 101–200 hp construction equipment, 201–400 hp construction equipment, and >400 hp construction equipment; emission regulation Stage as Stage II, Stage III, Stage IIIA, Stage IIIB, Stage IV, Stage V, Stage VI, Tier 3, Tier 4, Tier 5; propulsion type as diesel, gasoline, CNG/LNG/RNG; solution as products, and services; drive type as hydraulic, electric &hybrid and end- users as oil & gas, public works & rail road, forestry & agricultural, manufacturing, military, and mining.
Some of the launches and acquisitions by some prominent player in the market are as follow:
“According to Data Bridge Market Research, global construction equipment market is expected to rise to an estimated value by registering a substantial CAGR of 5.1% in the forecast period of 2019-2026”
Few of the major competitors currently working in global construction equipment market are Caterpillar, AB Volvo, Komatsu Ltd, CNH Industrial N.V., Liebherr Group, Hitachi Construction Machinery Co., Ltd., Terex Corporation., Deere & Company., Zoomlion Heavy Industry Science&Technology Co., Ltd., Atlas Copco (India) Ltd, Sandvik AB, WIRTGEN GROUP, Ammann Group, Manitowoc, ASTEC INDUSTRIES, INC., Doosan Corporation, XCMG Group, Hyundai Heavy Industries Co., Ltd. and SANY GROUP among others.
Construction equipment is very helpful for the contractor as they help them to complete their work faster and that too without any default. Using this equipment also saves money and also improves the quality. They also can perform multiple tasks at a time. This is the reason they are facing a high demand in the market.
Global Construction Equipment Market – Industry Trends and Forecast to 2028