Demand Supply Scenario of Construction Equipment Market to Remain in Equilibrium During the Forecast Period

Demand Supply Scenario of Construction Equipment Market to Remain in Equilibrium During the Forecast Period

The globe is witnessing a tremendous rise in infrastructure development and construction projects particularly in residential and commercial sector due to rising industrialization and urbanization over a while now. This development can be seen in terms of projects like road construction, smart cities, airports, residential and commercial complexes. Such projects are demanding the deployment of efficient and sophisticated construction equipment and tools.

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The growing product demand is significantly driving the growth of global construction equipment market. Reportedly, the market size is estimated to exceed USD 155 billion by 2027.The industry growth is further backed by the burgeoning demand for advanced construction equipment in construction companies to minimize accidents on sites, improve worker safety, and enhance the working capabilities for reducing the work time.

Increasing application of construction equipment market is prompting the major players to focus on the development of enhanced offerings that can effectively meet the consumer demand. For instance, in 2019, LiuGong announced the launch of its new-generation F-series excavators designed especially for North America, Western Europe and China, .

Construction equipment, especially concrete equipment is in high demand on account of rising road building activities across different countries. In addition, increasing government initiatives for road construction is further supporting the product adoption. To illustrate, in 2020, the UK based government owned company, Highways England, announced a budget of £27.4 billion to invest in the country’s strategic road network over the span of 2020 and 2025. This will instigate the deployment of concrete machines in the following years.

Concrete equipment is further classified into crushers, asphalt pavers, batching plants, concrete pumps and transit mixers. Of these, the demand for mixers and pavers is significantly increasing for road construction as these machines help in faster and timely completion of projects.

The industry is gaining massive traction in Europe owing to increasing government investments for the development of transport infrastructure in the region. In 2019, the European Commission had announced investing nearly USD 500 million towards the promotion of digitalization and enhancement of road safety. This is expected to fuel the demand for construction equipment market in the region.

The rising demand in the region is encouraging the manufacturers to launch new offerings to cater to the surging consumer demand. Quoting an instance, in 2020, Hyundai launched HX85A, its new compact excavator in the UK and European markets. According to the company, the new machine has been developed considering the demand from customers requiring a powerful excavator suitable for urban environments.

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Impact of COVID-19 on construction equipment market growth

The industry growth had been affected to some extent in 2020 due to the ongoing COVID-19 crisis and lockdown restrictions that halted the construction activities as well as the domestic and international trade which reduced the sales of construction equipment. However, several governments are gradually lifting the lockdown and relaxing the restrictions. As a result, the market is anticipated to show a steady growth in 2021 and beyond.

Table of Contents (ToC) of the report:

Chapter 1   Methodology and Scope

1.1    Methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry insights and validation

1.1.4    Scope, definition and forecast parameters    Definitions    Assumptions, methodology and forecast parameters

1.2    Region wise impact analysis of COVID-19

1.2.1    North America

1.2.2    Europe

1.2.3    Asia Pacific

1.2.4    Latin America

1.2.5    MEA

1.3    Data Sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Construction Equipment Market Summary

2.1    Construction equipment industry 360° synopsis, 2016 – 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Product trends

Chapter 3   Construction Equipment Market Insights

3.1    Industry segmentation

3.2    Impact of COVID-19 on construction equipment industry landscape

3.2.1    Global outlook

3.2.2    Regional impact    North America    Europe    Asia Pacific    Latin America    MEA

3.2.3    Industry value chain    Research & development    Manufacturing    Marketing    Supply

3.2.4    Competitive landscape    Strategy    Distribution network    Business growth

3.3    Industry ecosystem analysis

3.3.1    Component suppliers

3.3.2    Technology providers

3.3.3    Manufacturers

3.3.4    End use landscape

3.3.5    Distribution channel analysis

3.3.6    Vendor matrix

3.4    Technology & innovation landscape

3.4.1    IoT & AI

3.4.2    Telemactis

3.4.3    Autonomous construction machinery

3.5    Regulatory landscape

3.5.1    ISO standards    ISO 4310    ISO 8686    ISO 10245-1:2008    ISO 12480-1    ISO 23815-1    ISO 12482    ISO 23814    ISO 19432:2012

3.5.2    North America

3.5.3    Europe

3.5.4    Asia Pacific

3.5.5    Latin America

3.5.6    MEA

3.6    Industry impact forces

3.6.1    Growth drivers    Introduction of new technologies for construction machinery    Rising infrastructure investments globally    Positive outlook of construction industry in India and China    Increasing construction equipment rental demand in Europe and North America    Growing population migration toward urban areas globally    Increasing construction and industrial development projects in Russia    Rising worker safety concerns on construction sites in India    High investments in refurbishment and maintenance activities in Japan    Rapid growth in infrastructure development in BRIC countries    Growing number of public infrastructure development projects in Latin America    Proliferation of in mining projects in Middle Eastern and Latin American countries    Increasing smart city development and public private partnership projects in MEA

3.6.2    Industry pitfalls & challenges    Cyclic nature of application industries    Unavailability of qualified & skilled operators    High capital investments to procure new construction equipment    Fluctuations in oil prices    High cost of maintaining construction equipment

3.7    Growth potential analysis

3.8    Porter's analysis

3.8.1    Supplier power

3.8.2    Buyer power

3.8.3    Threat of new entrants

3.8.4    Threat of substitutes

3.8.5    Internal rivalry

3.9    PESTEL analysis

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