The construction machinery performs a sequence of operations to achieve a final intent. There are numerous types of construction machinery including crane, excavators, loaders, backloe, truck, and other types of machinery. Depending on the function, the construction machinery can be categorized into different groups such as roading, roofing, drilling, and finishing machinery. These machineries are often used to construct commercial, industrial, and residential buildings across the world.
The key factors contributing towards the growth of the global Construction Machinery market include the rising government spending on various infrastructure activities, increasing the development of smart city projects across the globe, and changing emission regulation worldwide. The increasing investment for the development of public infrastructure and the private sector across the globe coupled with the growing trend of urbanization and industrialization across the world is further propelling the growth of the market. Increasing government initiative for the development of smart cities globally is increasing the demand for construction machinery to achieve the construction timeline. Moreover, renting or leasing of construction machinery and increasing advancement in construction machinery such as autonomous construction machine will create new growth opportunities in the market over the coming years. However, the high cost of various machines is likely to restrain the growth of the market.
Based on machinery type, the Loader & Backhoe segment is expected to grow at a higher CAGR in the market during the forecast period owing to increasing applications in the infrastructure sector such as for loading, grading, dozing, leveling, grabbing, and backfilling.
Based on the Application, the market is segmented into Infrastructure, Commercial Buildings, Residential Buildings, and Industrial Buildings. The Residential segment is anticipated to lead the market over the forecast period owing to the high demand of construction machinery across the developing economies such as China and India driven by the rapid urbanization in these nations. The growing population rate followed by the changing lifestyle is encouraging people to shift towards modern housing systems, thereby boosting the growth of the residential sector in the coming years.
Based on the region, the Asia-pacific is expected to grow at a higher CAGR in the global Construction Machinery market during the forecast period due to improving socio-economic conditions in developing countries such as China, India, and Indonesia. The presence of highly populated countries such as China and India is resulting in increasing construction activities of public projects such as airports, renewable energy projects, and sewer systems, thereby fuelling the growth of the market in this region. Moreover, the majority of the population of this region is migrating from rural to urban areas that fuel the demand for infrastructure projects, which further propel the growth of the market during the forecast period.
Various notable players in the Construction Machinery market include Caterpillar Inc., AB Volvo, CNH Industrial N.V., Liebherr Group, Hitachi Construction Machinery Co., Ltd., Terex Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., Joseph Cyril Bamford Excavators Ltd., Komatsu Ltd., Mitsubishi Heavy Industries Ltd. among others.
- In Mar 2018, Volvo decided to move 3D printing to deliver spare parts to consumers faster and efficiently. This will support to its consumers throughout the life cycle of its equipment.
- In Jan 2018, Komatsu Ltd. acquired Quadco and Southstar Forestry Attachment Operations from Prenbec Equipment, a Canada based company. This acquisition will enhance the product portfolio and enable Komatsu to offer its customers a full range of forestry attachments. Both the companies Quadco and Southstar will operate as independent companies within the Komatsu Group.
The Global Construction Machinery market has been segmented based on the Machinery Type, Application, Drive Type, and Region. Based on the Machinery Type, the market is segmented into Crane, Telescopic Handlers, Excavator, Loaders & Backloe, Motor Grader, Articulated Dump Truck, Asphalt Finisher, Crawler Dozer, Motor Scraper, Rigid Dump Truck, and Others. Based on the Application, the market is segmented into Infrastructure, Commercial Buildings, Residential Buildings, and Industrial Buildings. Based on the Drive Type, the market is segmented into Hydraulic and Electric and Hybrid.
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