The report "Construction Equipment Market by Construction Equipment Type, Construction Application, Mining Equipment, Mining Application, and Region (Asia-Pacific, North America, Europe, and ROW) - Global Trends and Forecast to 2021" published by MarketsandMarkets. The market is projected to grow at a CAGR of 4.59%, to reach a market size of USD 134.86 Billion by 2021, while the Mining Equipment Market is projected to grow at a CAGR of 6.42%, to reach USD 136.03 Billion by 2021.
The market is primarily driven by the increased infrastructure activities around the globe and revised government norms regarding construction and mining activities.
Asia-Pacific: The largest and fastest-growing market for construction and mining equipment
The Asia-Pacific region includes key countries such as China, Japan and India. The Construction and Mining Equipment Market in the region is expected to grow at a promising CAGR, owing to the increasing number of infrastructural projects and revised government regulations on mining. Robust economic growth, coupled with the growing population and rapid urbanization, will likely boost construction activities across the Asia-Pacific region.
"Growing infrastructure industry to drive the Construction Equipment Market"
The growth of the infrastructure industry is expected to drive the Construction Equipment Market. This growth can be attributed to upcoming construction projects around the globe, primarily in developing nations. Additionally, major upcoming events, such as the 2016 Olympics in Brazil and the 2018 World Cup in Russia, will likely drive the demand for construction equipment.
"Surface mining equipment to be the largest segment of the Mining Equipment Market"
The surface mining equipment segment is projected to dominate the Mining Equipment Market during the forecast period. The high demand for surface mining equipment can be attributed to the benefits offered by this equipment, such as its user-friendly nature and ability to perform multiple operations in mining activities.
The Construction and Mining Equipment Market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Caterpillar Inc. (U.S.), Hitachi Ltd. (Japan), and Joy Global Inc. (U.S.). Joy Global Inc. has acquired a number of assets, including the dump truck and rock drilling product lines of Mining Technologies International Inc. (Canada) for approximately USD 51.0 Million.