Construction equipment value to hit $241bn by 2020
Industry profile report highlights loader and crane markets; double digit growth in certain segments
The global construction equipment market is expected to reach $240.97 billion by 2020, registering a compound annual growth rate (CAGR) of 8.9% from 2015-2020.
According to a report by Allied Market Research, titled Global Construction Equipment Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020, ‘construction equipment’ encompasses loaders, cranes, forklifts, excavators, and dozers used for earthmoving, material handling, excavation and applications across industry verticals.
The loader segment in particular is expected to drive the market significantly by 2020, contributing more than 44% of the total market revenue, due to increased application in earth moving operations. Across the market, applications in excavation and mining will grow notably at a CAGR of 9.5%.
Alongside this, steady growth is anticipated in the crane market for uses across a wide range of lifting and material handling applications, which are expected to grow at a relatively faster CAGR of 12.4%.
The report also determined that the market shares of products and services would hover in the ratio of 80:20 throughout the analysis period. Companies profiled in the report include Caterpillar, Volvo, Hitachi, JCB and Komatsu.
Industries expected to drive this growth include public works and rail road sector, due to the increasing number of infrastructural projects worldwide. Other prominent end-user industries include oil & gas, mining and manufacturing.
Globally, the Asia Pacific market will experience the quickest growth, with a CAGR of 10.2%.