Demand for Wheeled Excavators is Poised to Expand at a CAGR of over 4.0 % During the Forecast Period of 2020 to 2030

The construction equipment market is poised to expand at a CAGR of over 4% during the forecast period of 2020 to 2030. Construction equipment is specially designed machinery used to perform construction operations in various industries such as mining, construction, ports, manufacturing, and forestry, among others. This equipment is used for various functions such as drilling, hauling, excavating, paving, and grading.

The COVID-19 pandemic is having a negative impact on the building and construction industry. Due to the imposition of lockdowns, most construction activities were halted in many countries, though now things are improving. Due to the pandemic, key manufacturers are witnessing fluctuation in demand, which mainly changes market trends. Manufacturers are also developing temporary solutions to avoid the impact COVID-19 on the global construction equipment market. According to the Committee for European Construction Equipment (CECE), the European construction equipment industry will be impacted by 60%.

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Construction Equipment Market: Insights by Ownership

Construction equipment rental business has been gaining traction due to rising cost of purchasing equipment, increasing economic uncertainty, lack of capital, technology up-gradation, and unpredictable construction and infrastructure growth. Rising infrastructure development projects across the globe will drive the construction equipment rental business. Construction companies and contractors are shifting their preferences toward equipment rental services to save cost on construction machines. The construction equipment market will account for nearly 85% of the overall value opportunity during the forecast period.

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Manufacturers are venturing into providing rental services, which is encouraging the demand for construction equipment. This, in turn, will push manufacturers to offer rental and leasing services. For instance, Hyundai Construction Equipment engages in offering these rental and leasing services to customers. Such rental and leasing services by equipment manufacturers are foreseen to drive the expansion of the construction equipment market size over the coming years.

Despite challenges posed by COVID-19, the construction industry is set to regain traction by 2021, owing to government initiatives to improve infrastructure and stabilize the economic condition caused by the pandemic. For instance, the US Transportation Department announced US$ 906 Mn investment through the Infrastructure for Rebuilding America (INFRA) discretionary grant program. This, in turn, is anticipated to trigger the use of construction equipment, consequently driving their demand and sales.

 

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Key Segments of Construction Equipment Market

Fact.MR’s study on the construction equipment market offers information divided into five key segments— equipment, power output, end use, ownership, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

 

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The Construction Equipment Market research answers important questions, including the following:

1. • Why Construction Equipment Market players are focusing on the business expansion in region?
   • Which regulatory authorities have granted approval to the application of Construction Equipment Market

1. • What are the pros and cons of the Construction Equipment Market the environment?

• Why players are targeting the production of segment?
• What are the strategies implemented by emerging players in the global Construction Equipment Market?

The Construction Equipment Market report serves the readers with the following data:

• In-depth analysis of supply-side and demand-side trends.
• Direct and indirect impacts of the growth of relevant markets on the Construction Equipment
• Importance of segment in various regions.
• Accurate Y-o-Y growth of the global Construction Equipment
• Consumption trends among individuals across the globe.

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