According to a recent report published by Allied Market Research, titled, “Construction Equipment Market by Solution Type, Equipment Type, Type, Application, and Industry: Global Opportunity Analysis and Industry Forecast, 2020–2027,” The global construction equipment market accounted for $184,500 million in 2019 and is expected to reach $261,047 million by 2027, registering a CAGR of 4.3% from 2020 to 2027. In 2019, Asia-Pacific dominated the global construction equipment market, in terms of revenue, accounting about 44.0% share of the global construction industry, followed by Europe, North America, and LAMEA.
Construction equipment are specially designed machinery used for performing construction operations. This equipment are used for different functions such as drilling, hauling, excavating, paving, and grading. The global construction equipment market covers different industries such as construction & infrastructure, manufacturing, and oil & gas.
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The intelligence report by Allied Market Research is the solid outcome of deep study and arduous assessment of numerous dynamics modeling the growth of the Construction Equipment market. Allied Market Research fosters a highly efficient team of experts, strategists, analysts, and industry specialists who provide proper frameworks and approaches to make efficient decisions. Their systematic analysis and insights help executives steer through their critical priorities with utmost confidence.
The meticulous scrutiny of the countless forces influencing the dynamics of the market, guides business ventures in understanding various consumer schemes & proposals. The clients then happen to utilize perspectives to perk up customer experience in the fast-paced business milieu.
Analysis of the Covid-19 scenario-
Outbreak of the Covid-19 pandemic has had a preposterous impact on the lives of people. Most of the business verticals across the world were highly affected. The Construction Equipment market report doles out a compact overview of the Covid-19 impact on the industry. Moreover, it takes in a micro- and macro-economic impact assessment. The report further cites the market extent and share as one of the major impacts of the pandemic. At the same time, it offers a detailed overview of the influence of COVID-19 on the Construction Equipment market supply chain.
Last but not the least; the market report focuses on the key approaches incorporated by the industry players throughout the global health crisis. In a nutshell, the Construction Equipment market report offers an overview of pre- as well as post-Covid-19 impact exploration
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Key Market Segments
- BY SOLUTION TYPE
- BY EQUIPMENT TYPE
- Heavy construction equipment
- Compact construction equipment
- BY TYPE
- BY APPLICATION
- Excavation & mining
- Lifting & material handling
- Earth moving
- BY INDUSTRIES
- Oil & gas
- Construction & infrastructure
Key Findings of the Study:
- On the basis of solution type, the products segment generated the highest revenue in 2019.
- On the basis of equipment type, the heavy construction equipment segment was the highest revenue contributor in 2019.
- On the basis of type, the loader segment was the highest revenue contributor in 2019.
- On the basis of application, the earth moving segment was the highest revenue contributor in 2019.
- On the basis of industries, the construction & infrastructure segment was the highest revenue contributor in 2019.
- Based on region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- Based on region, Asia-Pacific contributed the highest construction equipment market revenue in 2019, followed by Europe, North America, and LAMEA.
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