Construction Equipment Market 2020| Application and Future Forecast by 2026

Construction Equipment Market 2020| Application and Future Forecast by 2026

eTurboNews Syndication:

Selbyville, Delaware, United States, September 10 2020 (Wiredrelease) Global Market Insights, Inc –:The construction equipment market may cross USD 160 billion by the year 2026. The construction equipment market is likely to witness tremendous growth given to increasing industrialization and urbanization activities worldwide. The market is observing a substantial rise in the adoption of high-performance construction equipment across mining, forestry, industrial and agricultural applications. 

Shifting trend towards the deployment of modern equipment to lower heavy reliance on labor in construction activities could enhance product demand.

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However, rapid spread of COVID-19 has dampened the growth of construction equipment market. Construction activities around the world have come to a temporary halt due to a shortage in raw materials and labor. Additionally, the crisis has triggered a sense of financial insecurity among consumers, affecting sales of new residential spaces. Nonetheless, analysts predict that the market may be up and running by 2021, as the world steps into a post-COVID-19 era.

Mentioned below are some of the ongoing trends stimulating construction equipment demand:

Proliferating demand for concrete equipment –

Increasing number of road and highway expansion projects could massively benefit the concrete equipment segment growth. Needless to mention that concrete is a key raw material required for building roads and other infrastructures. Countries are recognizing the importance of concrete in highway development projects, which may boost the demand of concrete equipment.

Speaking on highway projects, in March 2019, the Government of India launched new National Highway projects that were worth USD 15.9 billion. Projects like this will require concrete equipment like pavers and mixers to massively aid in timely and quick completion of the road construction.

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Lucrative growth opportunities across Europe-

Europe is regarded as a prominent region for construction equipment companies owing to surging number of residential infrastructure and construction projects across countries like Russia and the UK. According to a report published by EIB Investment, in 2018, the European Union dedicates almost 1.8% of its GDP towards investment in infrastructure.

The region is also slowly moving towards autonomous and electric construction equipment as consumers adopt more technologically advanced devices for their industrial applications. In addition to this, growing prevalence of renting construction equipment could broaden the business horizon for European service provider companies, allowing them to employ high-quality equipment for their projects.

Adoption of strategic business plans –

Companies operating in the construction equipment industry are concentrating on forming strategic alliances with technology providers and other industry players to strengthen their product lineup. Taking July 2020 for instance, Hyundai Robotics partnered with Hyundai Engineering & Construction (HEC) to build advanced products for the construction industry. The two divisions of Hyundai Heavy Industries inked a memorandum of understanding to join forces on research and development of construction robotics. 

Table of contents for this research [email protected]

Report Content

Chapter 1.   Methodology and Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope, definition and forecast parameters    Definitions    Assumptions, methodology and forecast parameters

1.2.  Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2.   Executive Summary

2.1.  Construction equipment industry 360° synopsis, 2015 – 2026

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Product trends

Chapter 3.   Industry Insights

3.1.  Industry segmentation

3.2.  Impact of COVID-19 on construction equipment industry landscape

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3.2.1. Global outlook

3.2.2. Regional impact    North America    Europe    Asia Pacific    Latin America    MEA

3.2.3. Industry value chain    Research & development    Manufacturing    Marketing    Supply

3.2.4. Competitive landscape    Strategy    Distribution network    Business growth

3.3.  Industry ecosystem analysis

3.3.1. Component suppliers

3.3.2. Technology providers

3.3.3. Manufacturers

3.3.4. End use landscape

3.3.5. Distribution channel analysis

3.3.6. Vendor matrix

3.4.  Technology & innovation landscape

3.4.1. IoT & AI

3.4.2. Telemactis

3.4.3. Autonomous construction machinery

3.5.  Regulatory landscape

3.5.1. ISO standards    ISO 4310    ISO 8686    ISO 10245-1:2008    ISO 12480-1    ISO 23815-1    ISO 12482    ISO 23814    ISO 19432:2012

3.5.2. North America

3.5.3. Europe

3.5.4. Asia Pacific

3.5.5. Latin America

3.5.6. MEA

3.6.  Industry impact forces

3.6.1. Growth drivers    Integration of advanced technologies in construction machinery    Increasing investments in infrastructure development across the globe    Rapidly growing construction projects in China and India    Rising demand for equipment rental in North America and Europe    Growing urbanization in North America and Europe    Rising number of infrastructural and industrial projects in Russia    Increasing safety concerns and urbanization in India    Growing number of maintenance and refurbishment activities in Japan    Rapid development of construction industry in BRIC countries     Recovering construction industry in Latin America     Growing investments in mining projects in Latin America and MEA     Rising public private partnership projects in MEA

3.6.2. Industry pitfalls & challenges    Instability of application industries    Lack of skilled and qualified machinery operators    High initial costs of construction equipment    Fluctuating oil prices    High maintance cost of construction equipment

3.7.  Growth potential analysis

3.8.  Porter’s analysis

3.8.1. Supplier power

3.8.2. Buyer power

3.8.3. Threat of new entrants

3.8.4. Threat of substitutes

3.8.5. Internal rivalry

3.9.  PESTEL analysis

About Global Market Insights:

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