Global Market Insights Inc. announces the launch of its latest report on the construction equipment market featuring the key industry trends across the product and regional landscape. The company projects the global construction equipment market size to surpass $170 billion by 2024.
High product demand across the energy and telecom sectors is slated to drive the industry growth over 2018-2024. Rapid urbanization trends and infrastructure development across the BRIC countries have further stimulated the industry expansion.
As per the report, the latest advancement in technologies such as GPS, remote tracking, telematics, embedded sensors, and real-time tracking machinery have significantly driven the global construction equipment industry trends.
The earthmoving and road building machinery market is forecast to register a CAGR of 4% over 2018-2024. The considerable rise in construction activities have fueled the demand for sophisticated construction equipment and machines for commercial and residential projects. Robust product demand for excavators that are being used for underground and surface level operations is further expected to propel the earthmoving and road building machinery market over 2018-2024.
The Europe construction equipment market accounted for more than $30 billion in 2017 and is further projected to grow at a significant rate over the coming 6 years. The regional growth is primarily driven by increased governmental focus on refurbishment and upgradation of existing infrastructure and rising smart city projects.
The key players profiled in the report are Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., XCMG Group, Metso Corporation, J.C. Bamford Excavators Limited, Komatsu Limited, Liebherr Group, John Deere, Sany Group, Tadano Limited, The Atlas Copco Group, CNH Industrial, Wacker Neuson, Doosan Group, Volvo Construction Equipment, Zoomlion Heavy Industry Science & Technology Co. Ltd., Sumitomo Heavy Industries, Ltd., Palfinger AG. The companies have been profiled in terms of their SWOT assessment, product portfolio, and strategic outlook.
The report also enlists the challenges for the potential investors which chiefly includes the high operational and maintenance costs and stringent regulations enforced by the government.