The construction equipment market is projected to reach USD 250.4 Billion by 2026 from USD 208.3 billion in 2021, at a CAGR of 3.8% during the forecast period. This growth is triggered by various factors which cover various aspects, like increase in infrastructure investments post-COVID-19 pandemic is likely to fuel the demand for construction equipment and increasing investments in urban infrastructure are expected to drive the construction sector, and thereby is expected to boost the construction equipment market during the forecast period.
Driver: Increase in infrastructure investments post the COVID-19 pandemic
Construction is among the significantly impacted industries due to the COVID-19 pandemic. Sales of construction equipment have fallen globally. Factors impacting construction equipment manufacturers include investments in infrastructure, residential, commercial, and industrial construction, mine and well construction, and institutional spending. Countries such as the US, UK, China, and India are among the significantly affected countries. However, there is significant demand for projects such as hospitals and other medical facilities, laboratories, and shipping and logistics infrastructure. In addition, some countries have begun moderately reopening activities across sectors, including the construction industry. For instance, China has begun industrial and commercial construction projects. Industrial output increased in April since January as the country began introducing new projects, and demand for construction equipment such as excavators increased significantly.
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Opportunity: Electric and autonomous construction equipment
Electrification is shaping the construction equipment market and offering significant opportunities and design possibilities. Electrification has been increasing in most market segments such as cars, buses, etc., including construction equipment. This has been made possible as advanced technologies are increasingly mature and affordable as they are also increasing regulations on emissions that have changed the future of the construction equipment industry. Several cities around the world have announced bans on the use of diesel within city limits, impacting the operation of construction equipment in these cities. Also, stricter emission regulations are being implemented for heavy machinery and equipment on the global, regional, and local levels in China and European countries. The emission and noise-pollution standards implemented by these regulations can be easily overcome with the use of electric construction equipment. This offers opportunities for construction manufacturers for the introduction of electric variants of existing/new products in the market.
The 100-200HP segment is projected to be the largest market during the forecast period
Construction equipment with this power output allows manufacturers to improve machine capability and downsize the engine to one of lower displacement. This reduces maintenance costs and improves fuel economy and better component layout. Construction equipment with a power output range between 100-200 HP is primarily suitable for road, airport construction projects, and commercial projects.
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