Market Overview
The global construction equipment market is anticipated to register a significant market expansion of 4.63% during the review period to reach a market value of USD 134,363.8 million by 2026. The global market growth is set off by different variables such as increment in foundation speculations post-COVID-19 pandemic is probably going to fuel the interest in developing hardware and expanding interests in the metropolitan framework is supposed to drive the development area, and accordingly is supposed to support the development gear market during the estimate time frame. Nevertheless, the accelerating raw material prices are expected to restrain the market during the forecast period.

The construction equipment market expansion is propelled by the technical advancements in the construction industry and their use. Additionally, the infrastructural expansion and rapid urbanization are enhancing market growth. The largest end-use market for this product is infrastructure, especially in developing countries such as India, China, and Brazil. Moreover, the highest growth is experienced by the construction equipment market due to the heavy investments done in the infrastructure market. Also, the aim of accommodating smart commercial and residential infrastructure is fuelling the market in the future.

Market Segmentation
The global Construction Equipment Market has been segmented based on Type, Fuel Type, Application, and Region.

In terms of type, the market is classified as excavators, Crawler Excavators, Mini Excavators, Loaders, Wheeled Loaders, Dozers, Skid Steer Loader/Compact Track Loader, Tractor Loader Backhoes, Graders, and Compaction Equipment.
The fuel type segment includes Diesel, Gasoline, and Others. The application segment is made up of Construction, Infrastructure, Oil & Gas, Mining, Irrigation/Channel Clearing, Industrial Application, Quarrying, Military, Agriculture, and Rental.

Regional Analysis
Geographically, the global construction equipment market has been segmented into China, India, Russia & Belarus, Turkey & Caucasus, Southeast Asia, the Middle East, and Africa.

China is anticipated to lead the global market having the largest market contribution in 2019.

The Middle East is one of the quickest developing territorial markets in the global construction equipment market. Different construction megaprojects like the megacity, NEOM, in Saudi Arabia, and enormous football arenas in Qatar for the FIFA World Cup in 2022 are supposed to drive the construction business in the locale. Also, the construction of high rises and counterfeit islands in Dubai is supposed to drive the construction equipment market in the Middle East during the gauge time frame. Furthermore, the region is arising as a well-known travel industry center. The land section in the locale is extending at a fast speed and is seeing a huge expansion in the construction of non-private structures and framework projects, particularly in nations like Saudi Arabia and the UAE.

Coronavirus considerably affects the construction business across North America, yet the lawful repercussions vary from one area to another and agree to contract. The construction business has been seriously hit by the flare-up attributable to the stopping of construction projects in North America. Nations, including the US and Canada, have briefly halted the creation and construction projects. The general construction industry is confronting a few difficulties because of the pandemic, and a large portion of the lodging projects are supposed to stay under construction because of disturbances in supply chains, income imperatives, and creation closure.

Key Players
The key competitors in the global construction equipment market include AB Volvo, Caterpillar Inc., Komatsu Ltd, Terex Corporation, CNH Industrial, Hitachi Construction Machinery Co. Ltd, Liebherr Group, J C. Bamford Crawled Excavators Limited, SANY Heavy Industry CO. LTD, XCMG, Hyundai Heavy Industries Ltd, Sandvik Group, Riwal, Cramo Plc, and Atlas Copco AB.

The post Construction Equipment Market – Forecast to 2026 first appeared on CRI Report.

Insights on segments based on equipment category:
Based on the category of equipment, the market is segmented into earth moving equipment, concrete equipment, material handling equipment, road construction equipment, and material processing equipment. Clearance of mining and construction (road building and real estate) projects in recent years have led the earth moving segment to occupy a major share of the construction equipment market, followed by concrete equipment, and material handling equipment.

Insights on segments based on equipment type:
Backhoe loaders, crawler excavators, mobile compressors, mobile cranes, compaction equipment, wheeled loaders, and crawler dozers are the most common construction equipment used in India. Among these, backhoe loaders had the highest market share in 2018, mainly due to its versatile applications.
Market trends:
The Ministry of Road Transport and Highways has implemented its ‘Value Engineering Program’, which directs constructors to use innovative technologies, materials, and equipment that can reduce the overall project cost and adverse effect on the environment.
Market drivers:
The Indian government has recently invested in the infrastructure sector. Substantial investment in the development of infrastructure in India is supposed to increase the demand for different kinds of construction equipment.
The real estate market in India is expected to expand at a CAGR of ~11.54%, to reach a value of
~INR 12,0104.2 Bn by 2020, from ~INR 7004.34 Bn in 2015. The demand for construction equipment is increasing considerably in India due to the growth of the real estate market.

Market challenges:
Stringent regulations, along with increasing environmental concerns delay approvals for real estate projects in India. This, in turn, increases the overall budget of projects while slowing down the processes. Heavy equipment is rented and lie unused for months. As a result, in India, the revenue of the construction equipment market is limited. The secondary market for used construction equipment is yet to develop. This prevents the resale of equipment, which in turn reduces the overall revenue of the secondary construction equipment market.

Companies covered:

1. Action Construction Equipment Ltd.
2. Bharat Earth Movers Ltd.
3. Escorts Ltd.
4. Gujarat Apollo Industries Ltd.
5. Hercules Hoists Ltd.
6. JCB India Pvt. Ltd.
7. L&T Construction & Mining Machinery
8. Triton Valves Ltd.
9. Universal Construction Machinery and Equipment
10. Volvo Construction Equipment India

Customization available

The post Construction Equipment Market in India (2018–2023) first appeared on CRI Report.