The global construction equipment market is expected to reach $240.97 billion by 2020, registering a CAGR of 8.9 percent during 2015-2020, according to a new report by Allied Market Research.
The construction equipment market includes heavy machinery such as loaders, cranes, forklifts, excavators, and dozers, used for earthmoving, material handling, excavation and other applications across different industry verticals.
Companies profiled in the report include Caterpillar, Volvo, Hitachi, JCB and Komatsu.
Among the different types of construction equipment, loader and cranes would continue to remain the most preferred type, due to their numerous applications in construction, mining and public works.
Loader segment would drive the market significantly by 2020, contributing more than 44 percent of the total market revenue, due to increased application in earth moving operations. Crane market is growing at a steady rate owing to the growing demand for lifting and material handling from different industries.
Key findings in the report include:
- Lifting & material handling application would grow at a relatively faster CAGR of 12.4 percent during 2015-2020, in comparison to all the other applications;
- Public work activities would continue to drive the global construction equipment market over the analysis period;
- Excavation & mining application involving the use of construction equipment would grow notably at a CAGR of 9.5 percent during 2015-2020; and
- The market in Asia Pacific region is expected to grow at a CAGR of 10.2 percent during 2015-2020.