The global construction equipment market size is projected to reach $208.36 billion by 2020, based on a report by Grand View Research.
Rapid growth of infrastructure projects along with urbanization is expected to drive industry growth over the forecast period. In addition, increasing investments from government in the infrastructure sector and the growing application of the advanced technology in operations including material handling, excavation and earth moving are expected to drive demand.
The report segments the construction equipment market based on product and region. Request a copy of the report.
Key findings include:
- Earth moving machinery accounted for over 40 percent of the overall market in 2013, and is expected to remain the largest product segment over the forecast period. Material handling machinery includes crawler cranes, as well as truck mounted and trailer mounted cranes, and is expected to grow at the fastest rate of 5.7 percent from 2014 to 2020;
- Concrete mixers and pavers are expected to be the largest and fastest growing sub-segment of concrete and road construction equipment; and
- Asia Pacific accounted for over 50 percent of the global market share in 2013, which can primarily be attributed to considerable revenue generation from China.