The global market for construction equipment is expected to grow at a compound annual growth rate of 3.8 percent between 2021 and 2026, taking it from 208.3 billion dollars in 2021 to 250.4 billion dollars in 2026. It is anticipated that Asia-Pacific will dominate the market during the duration of the forecast. Because of the rise in the number of large-scale construction projects in this area, including dams, airports, and hydroelectric projects, the market for construction equipment has expanded, and as a result, a significant number of multinational corporations have established production facilities in this area. The region is home to a number of the man-made wonders and outstanding construction projects in the world, including the Beijing New International Airport (China) and the South to North Water Transfer Project (China), both of which are located in China. According to some estimates, this part of the world has the highest population density, which presents a tremendous expansion opportunity for the market for construction equipment.
Wheeled Loader 80 HP) to have the highest proportion of the market for construction equipment, based on the kind of equipment.
Machines with a wheeled loader that has more than 80 horsepower are regarded to be standard. The primary purposes served by this machinery are loading and unloading operations as well as the transportation of bulk materials in the construction, quarry, and crushing industries. They find widespread application in the construction of large-scale infrastructure, including roadways and highways, railroads, dams, ports, and airports.
A market sector that is dominant due to the huge amount of demand across the globe is diesel.
Diesel engines are typically favoured in construction machinery because of the need for substantial amounts of torque as well as their dependability. However, as a result of more rigorous emission requirements around the world, the demand for CNG, LNG, and RNG is expanding at an alarming rate. It is anticipated that the diesel segment would dominate the construction equipment market in terms of volume in the year 2021. As a result of rising investments in the region’s infrastructure, Asia has emerged as the world’s most dynamic market for construction machinery.
The largest market for construction equipment can be found in the Asia-Pacific region.
It is anticipated that the Asia-Pacific region would hold the greatest market share, both in terms of value and volume. Because of the rise in the number of large-scale construction projects in this area, including dams, airports, and hydroelectric projects, the market for construction equipment has expanded, and as a result, a significant number of multinational corporations have established production facilities in this area. The region is home to a number of the man-made wonders and outstanding construction projects in the world, including the Beijing New International Airport (China) and the South to North Water Transfer Project (China), both of which are located in China. According to some estimates, this part of the world has the highest population density, which presents a tremendous expansion opportunity for the market for construction equipment.
The Songdo International Business District in South Korea and the China–Pakistan Economic Corridor are two of the prominent projects that are propelling the construction equipment industry in this region. These megaprojects have resulted in a surge in expenditures and activity related to construction, which has driven demand for construction equipment in the region.
Key Market Participants:
Komatsu (Japan), Hitachi Construction Machinery (Japan), and Zoomlion are three of the most important companies in this sector that are based in Asia (China). Both the provision of services and the manufacture of tangible goods are within the purview of these businesses. In the paper, major firms such as Caterpillar Inc. from the United States, Komatsu Ltd. from Japan, Xuzhou Construction Machinery Group (XCMG) from China, Sany Heavy Industries from China, and Zoomlion from China are covered.
