Worldwide Construction Equipment Market Forecast - 2027
Global Construction Equipment Market by Type (Excavator-Crawler and Mini, Loader - Backhoe, Skid-steer, Wheeled and Other Equipment), By Category (Earthmoving Equipment, Material-Handling Equipment, Heavy Construction Vehicles and Other Equipment), By Application (Infrastructure, Commercial Buildings, Residential Buildings, and Industrial Buildings) and By Region (North America, Europe, Asia Pacific, South America, & Middle East, & Africa)
Global Construction Equipment Market shows substantial growth due to emerging income and industrialization across the globe
The global construction equipment market expected to increase at better CAGR in the forecast periods, 2020-2027, due to increased urbanization, large-scale investment in infrastructure and industrial sectors, and increased construction activities in emerging economies. Improvements in facilities for government and private companies and expansion in material transportation leads to drive the construction equipment market in the future periods. Additionally, the rising demand for smart housing and smart buildings and various government-initiated schemes have emerged the need for the global construction equipment market.
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The construction equipment market has shown the sluggish slowdown in past years due to financial crises and the economic downturn. However, there is a steady rise in the industry due to increasing urbanization and industrialization activities going across the globe. Further, the rising demand for the construction equipment market has increased owing to factors like rising pollution levels from construction activities, which is severely affecting health issues to the population, such as Asthma, Bronchitis, and others. Addition to it, the mortality rate of among premature and young population have increased.
According to the World Bank, around 5.5 million premature deaths are witnessed due to pollution caused by the construction industry.
Nowadays, due to government stringent rules and regulations concerning pollution level, construction companies are adopting electric or hybrid vehicles to reduce carbon emission, new technical tools that do not harm the environment, and along with it, saves time and money. Moreover, heavy construction equipment is rented by many construction companies as they are highly expensive; thus, most construction companies take equipment on rent to utilize the cost and increase productivity. Construction equipment also used in excavation and demolition with the increased demand for excavations of precious mineral and metal mining activities around the world.
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Last Update : 17 February 2020
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|Item Owner : Vidhya Nigam|
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