The global construction equipment market size is expected to reach USD 112.52 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.8% over the forecast period. Increasing government spending on developing public infrastructure has been a major factor driving market growth. In addition, growing trend of renting used construction equipment has led to rise in demand for construction equipment.
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Earth moving machinery accounted for the highest market share in 2017. Increasing demand for large and mini excavators, backhoe loaders, and such other heavy construction equipment from developing countries is driving the market growth. Although China is considered as a market leader for these equipment, the country has faced a steep decline in sales over the last few years. The concrete and road construction machinery segment is anticipated to grow at the highest CAGR of 7.0% over the forecast period.
Concrete and road machinery include equipment such as asphalt pavers, rollers, and transit mixers used in road development of roads and transportation of concrete material. For instance, in U.S., investment in roadways construction is expected to increase from nearly USD 91.0 billion in 2016 to USD 99.0 billion by 2020.
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Further key findings from the report suggest:
- Earth moving machinery segment is anticipated to grow at CAGR of 3.8% from 2018 to 2025
- Excavator is the largest earth moving machinery segment and is anticipated to reach USD 46.41 billion by 2025 owing to increasing construction and mining activities in Asia Pacific, and Middle East and Africa
- North America is leading the construction equipment market with a value of USD 27.88 billion in 2017
- Key players including Caterpillar Inc.; Komatsu; Hitachi Construction Machinery; Liebherr and Volvo Construction Equipment dominated the global market in 2017.