Construction equipment, also known as heavy equipment, are specially designed machinery for performing construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving and grading. The global construction equipment market covers different industries including manufacturing, oil and gas, forestry, military and public works. The global construction equipment market is expected to exhibit steady growth in the forecast period 2015-2020. Growing industrial activities and swift residential & commercial development along with increased investment of government in the infrastructure sector, will lead to an overall rise of the global construction equipment market.
Increasing application of construction equipment in operations such as earthmoving, excavation, and lifting & material handling, is expected to fuel the market for construction equipment. Currently, earthmoving application holds a relatively higher market share as compared to the other applications.
Geographically, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific is presently the largest market for construction equipment and would grow at the highest rate during the forecast period. The growth would primarily be driven by the ongoing developments in the real estate and infrastructure sector, which would foster the demand for construction equipment in this region.
The construction equipment market is segmented based on solution, type, industries, application and geography. Solutions segment includes product and services segments. Product segment includes all the construction equipment including dozer, crane and excavator. Service segment includes rental and maintenance service of the equipment. The application segment includes excavation & mining, lifting & material handling, earth moving, transportation and others. Based on type, the market is segmented into loaders, crane, dozers, forklift and others. Key players operating in the global construction equipment market are Caterpillar Inc., Liebherr Group, Kobe Steel Ltd. (Kobelco), CNH Industrial, Hitachi Construction Machinery, Volvo Construction Equipment and Komatsu Ltd.
KEY MARKET SEGMENTS:
The market is segmented on the basis of solution, type, application, industries and geography.
The global construction equipment market segmentation is illustrated below: