The Global Construction Equipment Industry - Statistics and Future

Update time ::2023-02-23Publisher:hengyuan

A multitude of economies around the world were nurtured by the intensified growth of international trade. A significant increase in exports followed the expansion of international trade relations. The construction industry is heavily dependent on the global economy. As a result of new construction projects, there is often an increase in demand for products. The construction equipment market will grow due to public and private investments into infrastructure projects as urbanization takes off. The North American, Western European, and Asian regions are the most important for this industry. Construction equipment manufacturers in these regions compete in a highly competitive market. It is estimated that the global construction equipment market will reach 140 billion U.S. dollars by 2020. North American construction equipment was estimated to be the second largest market in that same year. Due to their growing firm dynamics and economic capacities, emerging economies, such as India and China, are hotspots for global manufacturing of construction equipment.

Companies in the International Construction Equipment Market

The company dynamically analyzes the changes and new potentials of the market to track profitable projects. The promising growth potential of the construction equipment market has attracted the attention of numerous multinational companies with strategic business plans. Some of the main approaches include expanding product categories and innovative strategies to benefit from short-term monopoly rents. Along with track-type tractors, track-type excavators, and aerial work platforms, wheel loaders rank among the most important product categories emerging in this market. Caterpillar, Komatsu, John Deere and XCMG are the leading companies in construction equipment manufacturing. As the Chinese economy begins to move closer to the technological frontier, a growing number of Chinese companies are taking an increasing share of the global construction equipment manufacturing market. For example, 3 of the world's 12 largest construction machinery manufacturers are Chinese companies.

Outlook for the future global construction market

Before the coronavirus (COVID-19) pandemic, annual spending in the construction industry was worth $12 trillion and was expected to grow 3%. Given the massive economic and social impact of COVID-19, the market is likely to experience a cyclical slowdown. The industry's market size is expected to more than double in just two decades, reaching more than $19 trillion by 2035. Future projects in the construction industry include real estate projects – residential or commercial – as well as infrastructure projects or industrial structures that will shape the way people live. Likewise, the global construction equipment market size is also expected to continue to grow. The market size will grow by 25% in just five years.

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