According to a new market research report "Construction Equipment Market by Type (Excavator - Crawler and Mini, Loader-Backhoe, Skid-steer, Wheeled and Other Equipment), Category, Emission Regulation, Aftertreatment Device, Power Output, Application, Rental Equipment, and Region - Global Forecast to 2025", published by MarketsandMarkets, the market is projected to grow at a CAGR of 4.52%, to reach a market size of USD 199.18 Billion by 2025, from an estimated USD 146.17 Billion in 2018. The market is driven by the increasing government spending on various infrastructure activities, development of smart cities, and changing emission regulations across the world.
"Infrastructure to be the fastest-growing application in Construction Equipment Market"
Infrastructure is the fastest-growing application of construction equipment. It is expected to drive the market. This growth can be attributed to the upcoming construction projects around the globe, primarily in developing nations such as China and India. Additionally, major events such as the FIFA World Cup in 2018 in Russia and in 2022 in Qatar is likely to drive the demand for construction equipment in these regions.
"Crawler Excavator equipment to be the largest segment of the Construction Equipment Market"
A reasonable growth is shown by crawler excavator equipment during the forecast period. The high demand for this construction equipment is attributed to its benefits such as ease of use and an ability to perform multiple operations in construction activities. Wheeler loader is projected to be the second-largest construction equipment segment during the forecast period.
''Asia Pacific to remain the largest market for construction equipment over the forecast period"
The Asia Pacific region includes key countries such as China, Japan, and India. The Construction Equipment Market in the region is expected to remain the largest owing to the increase in infrastructural development projects and population migration from rural to urban areas. Robust economic growth, along with increasing need for housing and office spaces will be boosting the construction activities across the Asia Pacific region.
Major players covered in the Construction Equipment Market study are Caterpillar (US), Komatsu (Japan), Terex (US), CNH Industrial (the Netherlands), Liebherr (Switzerland), JCB (UK), and Hitachi Construction Machinery (HCM).