According to a new market report published by Credence Research Inc “ Construction Equipment Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,“ the construction equipment market is expected to reach US $ 230.5 Bn by 2022, the market for construction equipment is expected to grow in the construction sector. In addition, flexible credit policies are also required. Growing construction represents a positive outlook for the construction equipment industry.
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Earth moving equipment accounted for the largest revenue share compared to other type of construction equipment in 2014. The earth moving equipment includes loaders, excavators, bulldozers and other equipment used for trench digging, foundation building, loading and other earth movingapplications. The demand for earth moving equipment is expected to grow with increasing urbanization across the world.Loaderis the most selling earth moving equipment type in terms of volume. Material handling equipment is expected to see the fastest growththroughthe forecast period. Rising investment in energy sector and construction of bridges to improve transportation network.
asiaPacific is the largest regional market for construction equipment and accounted for in the global construction equipment market. Rising investment inconstructionSector in India and China to support their economic developments. In North America and Europe demand for construction equipment is expected to increase steadily withreplacementof old equipment with advanced equipment. China is the largest individual market for the construction of the United Statesand Russia.
The global construction equipment market is dominated by Caterpillar. Someother recognizedKomatsu, Japan, Hitachi, Volvo, Sweden, Zoomlion, Sany, Doosan, Terex, and John US). Global manufacturers are facingchallenge from low cost Chinese manufacturers particularly in emerging and price sensitive markets.
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