The construction equipment market size is projected to grow from USD 180.4 billion to USD 223.1 billion by 2027, at a CAGR of 4.3% for the same period. The base year for the report is 2021, and the forecast period is from 2022 to 2027.
The market is expected to witness growth due to some of the major factors such as rapid urbanization, increasing development of infrastructure in emerging economies, an increase in population and migration to cities, and an increase in disposable income.
The construction equipment market is dominated by major players such as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), Xuzhou Construction Machinery Group (China), and SANY Group (China). These companies have adopted expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing 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 types of applications. The company reported various developments such as new product launches, expansions, and acquisitions in 2019-2022. In March 2022, Caterpillar launched Cat AP600, AP655, AP1000, and AP1055 asphalt pavers that offer fuel efficiency, simplified operation, and more comfort, as featured in F-series pavers.
Komatsu Ltd. is a ranked player due to its focus on new product developments, partnerships, and collaborations. For instance, in March 2022, the company entered into a partnership with Honda Motor Co., Ltd. (Japan) and jointly developed the PC01E-1 electric micro excavator. It has majorly focused on new product developments to gain a competitive edge over the competitors with advanced and refined machinery.
Xuzhou Construction Machinery Group (XCMG) is the largest construction equipment manufacturer in China. The company has product portfolio includes hoisting machinery, shovel machinery, compaction machinery, concrete machinery, road machinery, pile construction machinery, fire fighting machinery, and construction machinery spare parts. It has covered more than 183 countries and regions worldwide, with one-stop, integrated, highly efficient, and convenient pre-sales, sales, after-sales, and financing services. It has 14 manufacturing bases and 300+ distributors worldwide. It offers wheeled loaders, wheeled excavators, backhoe loaders, crawler dozers, and cranes, among other equipment.
Hitachi Construction Machinery Co., Ltd is a subsidiary of Hitachi Ltd. and functions as its construction machinery division. It offers wheeled loaders, wheeled excavators, backhoe loaders, crawler dozers, and cranes, among other equipment. It has manufacturing facilities in Europe, North America, and Asia. To compete in the market, the company has adapted the strategy to innovate its products and focuses on new product developments. It has collaborated to expand its market reach. In June 2021, Hitachi Construction Machinery Co., Ltd collaborated with ABB (Switzerland) to develop an engineless, full battery rigid frame dump truck with a customized onboard energy storage system, reducing greenhouse gas emissions and offering a solution towards a net zero emission pathway.
SANY Group is one of the largest heavy equipment manufacturers in the world and has a presence in 120 countries. The company offers concrete machinery, hydraulic excavators, hoisting, road, piling, wind turbines, port, and mining machinery. It offers construction equipment such as hydraulic, mini & medium excavators, as well as crawlers, mobiles, towers, and truck-mounted cranes. It also offers wind turbines, motor graders, rollers, pavers, wheels, excavator loaders, and cold planers.
Construction Equipment Market by Type (Excavator-Crawler & Mini; Loader-Backhoe, Skid-steer, & Wheel; Dozer, Dump Truck, Compactor, Crane), Electric Equipment, Propulsion, Power Output, Rental, Aftertreatment Device and Region - Global Forecast to 2027
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