Construction equipment market tipped for 9.2pc growth
The Asia-Pacific region has been identified as the world’s largest market for construction equipment as the industry heads for a compound annual growth rate of 9.2 per cent between 2016 and 2022, according to Allied Market Research’s Construction Equipment Market Report.
The report also forecasts that the global construction equipment market is expected to garner US$288.8 billion by 2022.
AMR says that the APAC region hit top spot in 2015, ahead of North America, due to substantial investments by the region’s governments in the manufacturing and infrastructure sectors.
"In terms of market by product type, the loader segment accounted for the largest market share of around 45 per cent in 2015, due to the widespread adoption of loaders in construction, mining, and public works industries," the report says, adding that the segment is projected to remain dominant throughout the forecast period.
"Collectively, cranes and excavators accounted for a market share of 35 per cent in 2015, and are expected to witness notable growth during the forecast period, owing to the increasing usage of this equipment for lifting heavy loads, material handling, mines and many other purposes."
The ‘lifting & material handling’ application is anticipated to be the fastest growing segment during 2016-2022, the report says.
Looking at forecasts by industry, the ‘public works & railroad’ industry is set to grow at the fastest rate and account for around 45 percent of the global construction equipment market revenue by 2022. This sector accounted for the largest share in 2015.
AMR says the ‘oil & gas’ and mining industries together accounted for 28 per cent of global market revenue in 2015 and are expected to grow at a "notable" pace during the forecast period. The report primarily attributes this to the increasing demand for earthmoving, drilling, trenching and similar equipment in the industry.
Key players identified in the Construction Equipment Market Report are Volvo, Caterpillar, Komatsu, Doosan, Hitachi, JCB, Kobe Steel, Liebherr, Atlas Copco and CNH.
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