Global Construction equipment market growth over 2018-2024 to be pushed by growing infrastructural developments
Date: 2018-08-16   Author: Saipriya Iyer  Category: #market

Global Construction equipment market growth over 2018-2024 to be pushed by growing infrastructural developments

Heavy investment in road infrastructural developments across the globe will reportedly drive construction equipment market share over 2018-2024. The shifting focus of regional governments toward the development of smart cities mainly across Europe will further enhance the product demand.

Four trends predominant in construction equipment market:

  • As per estimates, in 2017, earthmoving and road-building equipment accounted for 50% of construction equipment market share. The growing number of investments in road infrastructural development for improving transportation facilities and promoting accessibility in remote regions will further push the product demand. Countries like India and Russia have been predominantly using road development and earthmoving equipment for modernizing rail-road facilities, cite reports.
  • Reliable sources claim that the continuous investment in infrastructure development projects across India will reportedly impel APAC construction equipment industry share over the years ahead. The rapid growth in residential and commercial construction activities and shifting focus of regional governments on the development of transport infrastructure is poised to augment the product demand across this region.
  • As per reports, with the rapid industrialization across the globe, concrete construction equipment market will generate considerable revenue with an annual growth rate of more than 5% over 2018-2024. The development of smart concrete materials along with increasing use of excavators for the surface as well as ground-level operations are reported to promote product demand.
  • Europe construction equipment industry is predicted to register a CAGR of 4% over 2018-2024, driven by favorable initiatives taken by regional governments to develop smart cities. Established manufacturing companies across the continent have been looking forward to expanding their global reach which will boost construction equipment market growth across Europe.

The competitive spectrum of construction equipment is inclusive of big shots such as Caterpillar Inc., CNH Industrial, Guangxi LiuGong Machinery Co., Ltd., Doosan Group, John Deere, Hitachi Construction Machinery Co. Ltd., Volvo Construction Equipment, Komatsu Ltd., Metso Corporation, and Palfinger AG.

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Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

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