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The global construction equipment market has witnessed slow growth in the last five years. In China, the sales of construction equipment have fallen from a peak of 430,000 units in 2011 to approximately 140,000 machines in 2015, and the same was observed in several other countries. The fall in sales was due to the slowing world economic growth and weak commodity prices. The factors driving the growth of the global market include continuous infrastructure developments, which increases the demand for construction equipment.
The huge demand for heavy construction equipment from emerging economies is an opportunity witnessed in the global market. The major restraints in the market include high cost of heavy construction equipment.
Construction equipment is specially designed machinery used for construction operations. Construction equipment is used for functions including hauling, drilling, paving, excavating and grading. The types of construction equipment used include earthmoving equipment, material handling equipment, and heavy construction vehicles and equipment. Some of these equipment include articulated dump trucks, crawler loaders, mini excavators, asphalt finishers, backhoe loaders, crawler dozers, motor graders, crawler excavators, rigid dump trucks, rough terrain lift trucks and others. The market is growing, due to increase in construction of buildings, roads, healthcare centers, institutes and other infrastructure.
Asia-Pacific is currently the largest market for construction equipment and is estimated to grow at a high rate during the forecast period. The growing industrial activities and swift residential & commercial development, along with increased investment of government in the infrastructure sector is expected to lead to an overall increase in the growth of the global construction equipment market. The economic growth and increased spending on infrastructural activities has played a huge part in providing the necessary boost to the growth of the global construction equipment industry. The earthmoving equipment is the fastest growing segment in the heavy construction equipment market across the globe.
One of the major developments observed in the global construction equipment market is new product development. The requirements of the manufacturers for adhering to standards set by government for construction equipment makes it essential for the manufacturers to continuously invest in research and development activities and come up with innovative solutions.
The major players operating in the global construction equipment market include Caterpillar Inc., CNH Industrial, Hyundai Heavy Industries Co. Ltd., Hitachi Construction Machinery Co. Ltd., Volvo Construction Equipment, J.C. Bamford Excavators Limited (JCB), Komatsu Ltd., Liebherr Group, Kobe Steel Ltd. (Kobelco), and Deere & Company.
Global Construction Equipment Market Segmentation