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 3. 9% CAGR. Rapid urbanization, increasing development of infrastructure in emerging economies of Asia, an increase in population and migration to cities, and a rise in disposable income drive the growth of the construction equipment market in Asia, and North America.
New York, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Equipment Market by Type, Electric Equipment, Propulsion, Power Output, Application, Rental, Aftertreatment Device and Region - Global Forecast to 2025" - https://www.reportlinker.com/p05404285/?utm_source=GNW
The increasing number of infrastructure projects and mega construction projects are anticipated further to fuel the demand for construction equipment during the forecast period.
The demand for dump truck market, by electric construction equipment is expected to the largest market owing to increasing demand for hybrid trucks
Dump trucks, also known as the dumpers/ tipper dumpers/ tipper trucks, are used to carry materials such as sand, gravel, or dirt and waste materials from the site in surface and underground mining applications.It is equipped with hydraulic pistons in the front and an open-box bed hinged at the rear, which allows the materials to be dumped at the delivery site.
Dump trucks are preferred generally for off-road applications with a terrain slope below 30 degrees. Major companies in the global electric dump truck market include Komatsu Ltd., Caterpillar, and Epiroc. A major chunk of the global electric dump truck market is currently held by hybrid mining dump trucks due to their higher capacity, power output, fuel efficiency, and reduced maintenance cost.
Demand for Diesel Oxidation Catalyst (DOC) segment is expected to be the fastest-growing segment throughout the forecast period
A DOC is mainly used to filter carbon and hydrocarbon emissions using palladium and aluminum oxide as a catalyst.It breaks down carbon and hydrocarbon into carbon dioxide and water, respectively.
Since 2014, all diesel vehicles are equipped with DOCs.The reduction in HC and CO emissions using DOCs is estimated to be about 60–90%.
In Asia Pacific, OEMs/manufacturers comply with the latest emission norms by adding DOC as a filtration device.This device is used in all emission standards, such as Stage III, Stage IV/Tier 4, and V/Tier 5 final equipment.
As the Asian economies are moving toward more stringent emission norms, the use of DOC for emission reduction is expected to increase during the forecast period.
Asia Pacific is projected to be the largest market throughout 2025
Asia Pacific is estimated to be the largest market due to an increase in infrastructure development in China, India, Japan, and Indonesia.The construction equipment market has experienced growth in the number of projects such as dams, airports, and hydroelectric projects.
Many international companies have started their manufacturing plants in this region.Some man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region.
The region is estimated to be the most populated in the world, which creates immense opportunity for the construction equipment market to grow.
Some of the major projects driving this region’s construction equipment market are the SongdoInternational Business District in South Korea and China–Pakistan Economic Corridor. These megaprojects have led to an increase in investments and construction activities, thereby driving the region’s construction equipment market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: OEM – 70%, Rental Companies - 30%
• By Designation: C Level - 40%, and Others – 60%
• By Region: Asia Pacific - 50%, Europe - 20%, North America – 15%, Middle East and ROW - 15%
Caterpillar Inc. (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co., Ltd (Japan), and Volvo Construction Equipment (Sweden) are the leading manufacturers of construction equipment in the global market.
The study segments the construction equipment market and forecasts the market size based on Equipment Type (Articulated Dump Truck, Asphalt Finisher, Backhoe Loader, Crawler Dozer, Crawler Excavator, Crawler Loader, Mini Excavator, Motor Grader, Motor Scraper, Rigid Dump Truck, Road Roller, RTLT Masted, RTLT Telescopic, Skid-Steer Loader, Wheeled Excavator, Wheeled Loader >80 Hp, Wheeled Loader <80 Hp), Electric construction equipment by type (Dump Truck, Loader, Dozer, Excavator, Motor Grader), Engine Capacity (<5L, 5-10L, >10L), by Aftertreatment device (Diesel Oxidation Catalyst (DOC), Diesel Particulate Filter (DPF), Exhaust Gas Recirculation (EGR), Selective Catalytic Reduction (SCR)), Construction Equipment Rental market by Application (Commercial, Infrastructure, Residential), by Application (Commercial, Infrastructure, Residential), By Propulsion type (Diesel, CNG/LNG/RNG), By Power Output (<100 HP, 101–200 HP, 201–400 HP, >400 HP), Equipment category (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicle, Other Equipment), By Emission regulation (Stage II, Stage III, Stage IIIA, Stage IV, Stage V, Stage VI, Tier 4, Tier 5) and region (Asia, Europe, North America, Middle East and Rest of the World).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall construction equipment market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05404285/?utm_source=GNW
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