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Global construction equipment market size to reach USD 222.79 billion valuation by 2027

Global construction equipment market size to reach USD 222.79 billion valuation by 2027

tower cranes at construction site and city background

The research report on ‘global construction equipment market’ presents a strategic workplan for entrepreneurs and investors for the period 2021-2027.

Pune, India, (GLOBE NEWSWIRE) — According to MarketStudyReport, global construction equipment market share was remunerated at USD 169.3 billion in 2020 and is anticipated to record a y-o-y growth rate of 4% over 2021-2027, eventually accumulating a valuation of USD 222.79 billion by the end of study period.

The study also offers a detailed analysis of the sub-markets, including product type, along with geographical landscape, thus revealing the prominent opportunities for investment in the upcoming years. An exclusive study of industry value chain, from the suppliers to the distributors and consumers, is entailed in the document.

Increasing investments by governments to develop infrastructure, rising population leading to increase in residential construction, along with launch of innovative products by established players for catering to the needs of several industries are the major factors catalyzing the market growth.

As per the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in the U.S., the housing completion rate in August 2021 was 1,330,000 units, which was 9.4% higher as compared to the housing completion rate in August 2020, which was 1,216,000 units.

In addition, increasing trend of rental services, coupled with technological advancements are positively swaying the industry dynamics.

Speaking of negatives, increasing environmental imbalance due to rising use of construction equipment, along with high cost of these equipment are likely to hamper the overall market progression over the period of 2021-2027.

Geographical outlook

The regional analysis of global construction equipment market consists of North America, Asia Pacific, Europe, and Latin America.

Experts cite that Asia Pacific market is likely to garner significant returns over the assessment period owing to increasing investment by government in infrastructure development, and growing population resulting into augmented residential construction activities in the region.

Summarizing the competitive scope

Prominent players swaying the worldwide construction equipment industry dynamics are Terex Corporation, Sumitomo Heavy Industries Ltd., Sany Heavy Industry Co. Ltd., Mitsubishi Corporation, Manitou Group, Volvo Construction Equipment, Hitachi Construction Machinery Co. Ltd., Deere & Company, Komatsu Ltd., and Caterpillar Inc.

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