What Does Construction Equipment Market Say?
Construction equipment market report deeply probes the market by components, verticals, and regions. The construction equipment market outlook report provides an unbiased and detailed analysis of the ongoing elevator and escalator market trends, opportunities/high growth areas, and market drivers which would suggest the stakeholders draw and streamline their market strategies according to the current and future market tendencies.
India as a Future of Construction Equipment Market
India construction equipment market is projected to witness immense growth during the coming years owing to the increasing expenditure on infrastructure facilities. Anything used for digging, leveling, or hauling comes under heavy equipment. Rapid urbanization and modernization drive the need for construction equipment owing to the growth in the market.
Moreover, the rising number of malls, offices schools, or houses backed by the increasing population is leading to the growth of the market. Adopting capital-intensive techniques backed by the shortage of labor drives the need for construction equipment.
The private and public facility expansion project in rural and urban areas for the development is driving the need for construction equipment. Rising automation due to unskilled labor and the need for cost and time management in the completion of the project beholds the growth of the market.
Factors helping in growth of Construction Equipment Market
- According to 6Wreseach, the construction equipment market size is projected to register growth during the forecast period 2020-2026. Rapid urbanization and infrastructure development including expansion of metro, industries, and residential areas drive the need for construction equipment.
- An increasing number of end-use applications for construction equipment is the root cause fueling up the construction equipment market growth rate. Increasing infrastructural development and growth in construction activities especially in developing economies will further create growth opportunities for the construction equipment market. Rising industrialization and huge investments in the construction sector to meet industrial and residential infrastructure will induce growth in the demand for construction equipment.The texas vehicle Department of Motor Vehicles (TxDMV) manages vehicle registration for the state. Before you hit the road, make sure you’ve got your registration
- Rising disposable income coupled with the rapid growth of the urban population is initiating increased investment in constructing houses and buildings which initiates the adoption of construction equipment during the forecast period.
- Further, increasing construction activities encourage individuals or firms for foreign direct investment, in particular, business and projects which would benefit the deployment of construction equipment and would spur the growth of the market.
Challaenges of Construction Equipment Market
However, the construction industry has been severely impacted due to the COVID-19 pandemic, including owners, developers, contractors, subcontractors, and supply chain vendors. The nature of the effect varies depending upon the regions and infrastructure projects.
Construction activities have been on pause for months leading to shut down of various construction projects. Construction is one of the industries which were badly affected due to the COVID-19 pandemic. Sales of construction equipment have fallen globally.
Factors affecting construction equipment manufacturers include infrastructure, residential, commercial, industrial construction, and institutional spending. The partial or complete lockdown has staggered the renting of construction equipment. However, after the lifting of the restriction the market is expected to grow during the forecast period owing to the resumption of construction activities.
Potential regions for Construction Equipment Market
Globally, In Asia pacific region, India and China have been playing an important role in construction equipment demand backed by the majority of the population occupied with agricultural activities where enormous use of construction equipment like tractors is leading to the use of tiling, and planting fields and ensure efficient farming is likely to support the rise in momentous demand for construction equipment and would prompt the use of global construction equipment market in the upcoming six years.
Additionally, based on the region, the Latin American construction equipment market is likely to shape the market landscape increase the need to adopt construction equipment, especially in the mining industry.
Mexico holds the largest share in the mining industry as it is attributed as the top gold and copper exporter. It is leading to bring in lucrative opportunities for the investors and industrialists. Mexico is expected to instigate the use of construction equipment at mining. Ongoing Exploration activities in this country would accelerate the growth of the Latin America construction market in the coming years.
FAQs related to Construction Equipment Market
What equipment is used in construction?
Construction Industry normally deals with industrial equipment. Heavy gadgets like bulldozers, shovels. excavators etc are used in construction.
Who is the largest manufacturer of the construction equipment market?
Caterpillar (CAT) is considered the market leader in the construction equipment market. British Construction Magazine has placed it in the topmost ranking according to its market share OF 15.53%
How many excavators are sold every year?
The global market of mini and heavy excavators showed a positive rise in growth in 2021 despite Pandemic Covid-19. An increase of 24% market share was projected with sales of 500,000 units.
How many heavy equipment dealers are there in the US?
The US faced a 0.8 % decline in its construction equipment market due to covid-19. Yet it has a good potential market for construction equipment. 3151 construction equipment businesses were recorded in the US in 2021.
How do you market construction equipment?
Marketing construction equipment is a bit difficult task. Industrial products like heavy machinery can be marketed by running a robust website with good pictorial evidence. PPC campaigns can be run to market heavy-duty equipment. In addition to that expert opinions pave the way to market and sell construction equipment.