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As mining and construction activity revives following the devastating impact of the 2008 economic meltdown, the construction equipment market is poised to report a compounded annual growth rate of 6.0% between 2012 and 2017, says Transparency Market Research’s latest study. According to a market research report published by the U.S.-based market intelligence firm recently, the global construction equipment market was valued at US$143.6 billion in 2012, and is expected to rise to US$192.3 billion by 2017. These findings are detailed in the report titled “Construction Equipment Market - Global and China Forecast, Market Share, Size, Growth and Industry Analysis, 2011 – 2017.”The construction equipment market was dealt a blow in the 2008 global economic recession but has now shown signs of positive growth with construction activity picking pace. The revitalized construction industry now carries lucrative opportunities for companies in the construction equipment market, especially in developing regions where governments are spending billions on developing public infrastructure. The higher spending power of consumers in the emerging world also heralds a promising opportunity for the commercial construction sector. All of these factors fuse together to form a veritable foundation for the growth of the construction equipment market.
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The report segments the global construction equipment market by type into: Earth-moving equipment, material handling equipment, concrete and road construction equipment and others. Of these, the earth-moving equipment segment held the largest share of the global construction equipment market and is predicted to stand at US$61.7 billion in 2012. According to the report’s findings, in 2012 earth-moving equipment segment alone contributed about 43% of all revenues to the global construction equipment market. The material handling equipment segment is growing rapidly and is projected to post a CAGR of 6.6% between 2012 and 2017, outpacing the growth rate of the total market.
Construction vehicles—a sub-segment of concrete and road construction equipment—is expected to register a strong rate of growth over the report’s forecast period. The construction vehicles market is expected to be worth US$22.9 billion by 2017.
Although there is no dearth of growth drivers in the construction equipment market, there are a few factors that will rein in growth. The uncertainty in economic conditions, unpredictable prices of raw materials, and the enforcement of emission-control norms are expected to impede the growth of the global construction equipment market. All the same, the upward movement in steep prices is expected to hurt the construction industry, and in turn, the construction equipment market.
The report identifies China as the largest construction equipment in the world in 2012, with Europe coming a distant second. According to the report’s findings, about 41.2% of all sales of construction equipment worldwide were attributed to China. Besides China, Europe holds much promise for the construction equipment market. However, Europe’s growth will likely not remain as strong as that of Asia Pacific, where countries such as India and China hold massive demand-generation potential.
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The following companies in the construction equipment market are profiled in the report: Hitachi (Japan), Terex (U.S.), Volvo (Sweden), Caterpillar (U.S.), John Deere (U.S.), Komatsu (Japan), and Liebherr (Switzerland), as well as giants such as Zoomlion and Sany (China).
Key segments of the construction equipment market
Construction Equipment Market by Type
- Earth Moving Equipment
- Excavators
- Loaders
- Others (graders, roller and such others)
Material Handling Equipment
- Crawler Cranes
- Trailer Mounted Cranes
- Truck Mounted Cranes
- Others
Concrete and Road Construction Equipment
- Concrete Mixer & Pavers
- All types of Pumps
- Others
Construction Vehicles
- Parts and Attachment for Construction Equipment
- Agriculture Equipment Market by Type
- Tractors
- Harvesting Equipment
- Plowing and Cultivating Equipment
- Planting and Fertilizing
- Other Agricultural Equipment
Construction Equipment Market by Geography
- U.S.
- Europe
- Asia
- China
- RoW
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