The recent years has experienced high demand in construction equipment which is directly proportionate to the demand of the construction industry. Equipment manufacturers have developed innovative and efficient machines that take care of various functions in the construction industry. Some of the equipment being manufactured and used currently includes portable concrete mixers and pumps, loaders, articulating lift, winches, cranes and excavators, and other ancillary equipment.
The use of different equipments in the construction process ensures faster completion of projects and reduces dependency on labor. Developments of construction equipment are making the construction industry more capital intensive than the conventional labor intensive construction industry. Manufacturers of construction equipment have maintained state of the art facilities for the development of such products. The main focus of manufacturers has been on maintaining fuel economy and to meet the global emission norms. The latest trend being implementation of a tracking device and communication device through which the owner of the machine is informed about the functioning of the machine through messages forwarded on their phones.
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The construction equipment industry refers to the sector involved in the manufacturing, sales, and distribution of machinery and equipment used in construction projects. It encompasses a wide range of equipment, including heavy machinery, vehicles, tools, and systems that are essential for various construction activities, such as earthmoving, material handling, excavation, concrete and asphalt production, and building construction.
Construction Equipment Industry Futuristic Scope:
The construction equipment industry has a promising future with several key trends and advancements shaping its scope. Some of the futuristic aspects include:
Construction Equipment Industry Merger & Acquisition:
Caterpillar and Bucyrus: In 2011, Caterpillar, a leading manufacturer of construction and mining equipment, acquired Bucyrus International, a manufacturer of mining equipment, in a deal valued at around $8.8 billion. This acquisition allowed Caterpillar to expand its product offering and strengthen its position in the mining industry.
Volvo Construction Equipment and Terex: In 2014, Volvo Construction Equipment acquired the hauler manufacturer Terex Trucks from Terex Corporation. This acquisition allowed Volvo to expand its product portfolio and strengthen its presence in the off-highway articulated hauler market.
Wacker Neuson and Koshin: In 2018, Wacker Neuson, a German manufacturer of construction equipment, acquired the concrete consolidation equipment manufacturer Koshin. This acquisition helped Wacker Neuson expand its product range in the concrete segment.
Hitachi Construction Machinery and Deere-Hitachi Construction Machinery: In 1988, Hitachi Construction Machinery formed a joint venture with Deere & Company, resulting in the establishment of Deere-Hitachi Construction Machinery Corporation. This partnership aimed to combine the strengths of both companies in the construction equipment market.
Key Segments in Chemicals Market:
The construction equipment market can be segmented based on various factors. Here are some key segments commonly used to classify the construction equipment industry:
Subsegments in Chemicals Market:
Within the broader construction equipment market, there are several sub-segments that further categorize the different types of equipment based on specific criteria. Here are some sub-segments commonly observed in the construction equipment industry:
Material Handling Equipment:
Concrete and Road Construction Equipment:
Construction Equipment Market Eco-system:
The construction equipment market industry operates within a complex eco-system that involves various stakeholders, including equipment manufacturers, distributors, suppliers, contractors, rental companies, and end-users. The eco-system also includes regulatory bodies, industry associations, financial institutions, and technology providers. These entities collaborate and interact to ensure the development, production, distribution, and utilization of construction equipment to meet the demands of the construction sector.
Top players in Construction Equipment Market:
The top players in the construction equipment market were as follows:
High Growth Opportunities in Construction Equipment Market
The construction equipment market offers several high-growth opportunities. Here are some key areas that present significant potential:
Challenges in Construction Equipment Market
The construction equipment market faces several challenges that can impact manufacturers, suppliers, and customers. Here are some significant challenges in the construction equipment market:
Construction Equipment Market High CAGR Geography
The construction equipment market was experiencing high Compound Annual Growth Rates (CAGR) in several geographic regions. Here are some regions that were witnessing significant growth in the construction equipment market:
The recent years has experienced high demand in construction equipment which is directly proportionate to the demand of the construction industry. Equipment manufacturers have developed innovative and efficient machines that take care of various fun ....see more