The global construction equipment manufacturing market should reach $230.9 billion by 2020 from $181.6 billion in 2016 at a compound annual growth rate (CAGR) of 6.2%, from 2016 to 2020.
This research report categorizes the construction equipment manufacturing market by type. Product type include earthmoving, material handling, and building & road construction equipment.
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- 89 data tables and 6 additional tables.
- An overview of the global market for construction machinery manufacturing.
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2020.
- Analyses of the market by segment and by region.
- Insight into the historic and forecast data of the market.
- Description of market dynamics, including drivers and restraints.
- Discussion of key mergers and acquisitions in the market.
- Profiles of major companies in the industry, including: Caterpillar, Komatsu Ltd., Liebherr Group, Volvo Group, Hitachi Construction Machinery Co., Ltd.
Global construction equipment manufacturing market is currently in a very crucial phase of transformation. There is mounting pressure to reduce costs, improve quality and satisfy customers as it has been moving from a provider-driven model to a consumer-driven model. At the same time, developing economies, rapid urbanization, and public and private investments are driving the demand for construction equipment. These factors are, in turn, generating demand for construction equipment manufacturing to meet high expectations.
The market for construction equipment manufacturing reached a value of $182 billion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% to $231 billion by 2020.
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The market for construction equipment manufacturing is somewhat consolidated with a few large players dominating the market. Major players in the market are Caterpillar, Komatsu Ltd., Liebherr Group, Volvo Group, among others. Earthmoving accounted for the largest share of the market for construction equipment manufacturing in 2016 at REDACTED. The highest growth is projected to come frommaterial handling, which is forecast to grow at a CAGR of REDACTED.
Asia Pacific is the largest market for construction equipment manufacturing, accounting for around 51% of the global market. It was followed by North America and Western Europe. Going forward, Asia Pacific is expected to witness the fastest growth in the construction equipment manufacturing market, estimated at a CAGR of REDACTED, followed by the Middle East, expected to grow at a CAGR of REDACTED.
China is the largest market in terms of value and is driving the market for construction equipment manufacturing. India and China are expected to have the fastest growth, growing at a CAGR of REDACTED and REDACTED, respectively.
The market is challenged by restraints such as increasing demand for machine rentals and leasing and reduction in free trade.
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