Industry Insights
Construction equipment market has been witnessing strong growth over
the last few years on account of increasing demand from construction
sector across the globe. Construction equipment demand has been
increasing owing to increasing government spending on infrastructure
development including residential and non- residential projects in
emerging countries such as India, china and Brazil.
Continuous growth in infrastructure is anticipated to enhance the
application scope of construction equipment. Increasing mining
activities is the key factor expected to drive the market over the
foreseeable period. Due to the scarcity of crude oil and natural gas,
major mining industries started operating at deep sea levels.
Increasing mining activities in deep sea level and ultra-deep sea level
require advanced equipment for the safe operation of mining activities.
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This requirement of advanced equipment for mining activities has been
supporting the construction equipment market growth over the last few
years and the trend is expected to continue over the forecast period.
Handling construction equipment requires skilled labor and complete
observance with safety regulations. High operating and maintenance cost
of this equipment is the key challenge for market players to handle
their working capital. Moreover, reducing green house gases emission and
meeting regulatory mandates from EPA is one of the challenging factors
for the market participants. Technological development facilitated the
real time monitoring in order to detect and monitor equipment failure.
Product Insights
Earth Moving equipment was the largest product segment in 2013 on
account of increasing demand from construction activities such as
foundation building and trench digging. Earth moving equipment mainly
comprises loaders, excavators, loaders and graders. Among all earth
moving equipments, loaders held the major share in 2013, and are
expected to hold their position over the foreseeable period. Material
handling equipment is anticipated to witness strong growth over the next
five years on account of significant growth in application areas.
Material handling materials mainly include trailer mounted cranes,
crawler cranes and truck mounted cranes.
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Concrete and road construction equipment has been witnessing strong
demand over the last few years on account of increasing construction
projects across the BRICS region. Growing residential and non
residential projects coupled with increasing population in India and
China is anticipated to boost the demand for construction sector over
the forecast period. Increasing demand for construction is anticipated
to augment construction equipment market growth over the next five
years. Increasing government spending on infrastructure development
including roads, metro rails, flyovers and commercial complexes is
anticipated to surge the market growth over the forecast period.
Regional Insights
Asia pacific was the largest regional market for construction
equipment over the last few years and is expected to remain the dominant
regional market over the next five years. Increasing construction
activities on account of infrastructure development in emerging nations
such as India and China is the key factor expected to drive the market
in this region. Asia Pacific has given tough competition to well
established North America and Europe markets over the last few years.
North America has been witnessing significant growth over the recent
past on account of increasing demand from coal mining industries in this
region. Growing Infrastructure in Brazil is anticipated to boost the
construction equipment demand in the region over the forecast period.
Competitive Insights
Major market players in Europe and North America has been increasing
their investment in R&D for the development of technologically
advanced equipment to lower the production cost and meet the mandates
set forth by regulatory boards such as EPA. Major players in
construction equipment market include Caterpillar Inc., Komatsu Limited,
Hitachi Construction Machinery Co., John Deere, Terex Company and CNH
Global.
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