Construction Equipment Market

Market Leader - Construction Equipment Market

The global construction equipment market size is projected to reach USD 205.0 billion by 2025, from an estimated value of USD 169.3 billion in 2020, at a CAGR of 3.9%. The increasing expansion and investment in infrastructure projects, coupled with the focus on zero-emission construction equipment, is expected to bolster the demand for construction equipment in the near future.

The construction equipment market is dominated by Caterpillar Inc. (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co., Ltd (Japan), and Volvo Construction Equipment (Sweden). These companies developed new products, adopted expansion strategies, undertook collaborations & partnerships, and used mergers & acquisitions to gain traction in the construction equipment market.

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Caterpillar is expected to be a leading player in the construction equipment market due to its diversified product portfolio for various applications. The company reported multiple developments such as new product launches, expansions, and acquisitions in 2018-2020. For instance, in August 2019, Caterpillar announced the release of nine new Cat D3 Series Skid Steer Loader (SSL) and Compact Track Loader (CTL) models. These new machines offer quality, comfort, performance, improved operator experience, and track loader stability. An industry first, the D3 Series models also support a line of new Smart Attachments. This advanced machine technology recognizes certain attachments and tailors the controls and operator information to match the tool and the task. Primary respondents also ranked this company as a leading player in the construction equipment market.

Volvo Construction Equipment is the fifth leading key player due to its product portfolio, partnerships, and advanced technology construction equipment. For instance, in January 2020, Volvo Construction Equipment (Volvo CE) debuted two new asphalt paver models for its North American range at ConExpo-Con/Agg 2020 – the P5110B tracked and P5170B wheeled pavers. Built for both heavy commercial and light highway tasks, the machines offer easy maintenance and strong performance coupled with significant fuel savings. The company has a strong presence in the Asia Pacific. Its business strategies, such as new product launches and expansions, also offer it a competitive edge.

Related Reports:

Construction Equipment Market by Type (Excavator-Crawler & Mini, Loader-Backhoe, Skid-steer, Wheel, Dozer, Dump Truck), Electric Equipment, Propulsion, Power Output, Application, Rental, Aftertreatment Device, and Region - Global Forecast to 2025

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Report Code
AT 2838
RI Published ON
11/3/2020
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