The booming requirement for housing and the surging investments being made in the infrastructure sector, on account of the rising urbanization rate, are fueling the expansion of the global construction equipment market. As a result, the market reached ~$180 billion revenue in 2020, according to P&S Intelligence.
In order to reduce the spread of the COVID-19 disease, the governments of several countries announced lockdowns, which caused the closing down of factories and manufacturing facilities. Furthermore, due to the imposition of social distancing measures and movement restrictions, construction activities came to a halt. This subsequently hampered the progress of the construction equipment market.
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The market is divided into material handling machinery, concrete & road construction machinery, and earth moving machinery, depending on product. Out of these, the earth moving machinery category is predicted to hold the largest share in the construction equipment market in the forthcoming years. This will be because these machines perform various tasks such as soil grading, trench digging, demolition, dirt and rock removal, and foundation laying.
Under the power output segment, the 101–200 horsepower (HP) category held the largest market share in 2020. This was ascribed to the surging usage of construction equipment having a horsepower range of 101–200, due to their several benefits. Moreover, a favorable power-to-weight ratio allows the equipment to provide better fuel efficiency and reduces the operating costs for contractors and equipment operators.
Geographically, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the construction equipment market till 2030. This will be because of the launch of numerous construction projects in the regional countries for catering to the demands of the surging urban population. This is being witnessed in India, South Korea, China, and Japan, where extensive residential infrastructure development is fueling the demand for construction equipment.
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The players operating in the construction equipment market are launching product for strengthening their position in the market. For example,
In March 2020, a new electric mini excavator was launched by Komatsu in Japan. The PC30E-5 is aimed mainly at the rental industry and delivers excavation performance comparable to the one delivered by internal combustion models having a similar power output, while generating no exhaust and reducing the noise of the vehicle significantly.
In April 2019, AB Volvo announced that it would launch a range of electric wheel loaders (L20 to L28) and compact excavators (EC15 to EC27) in 2020 and end the manufacturing of diesel engines for these models. The organization says that the diesel engine remains the best and most-appropriate power source for its bigger machines, but the battery technology and electric propulsion is proving to be highly suitable for its smaller systems.
Hitachi Construction Machinery, Caterpillar Inc., Terex Corporation, Volvo Construction Equipment, Joseph Cyril Bamford Excavators Ltd., Liebherr AG, Sany Heavy Industry Co. Ltd., Doosan Infracore, and Deere & Company are some of the major players in the global construction equipment market.