Allied Market Research recently published a report entitled, “World Construction Equipment Market – Opportunities and Forecasts, 2014 – 2022” and it states that the world construction equipment market may generate up to USD 288.8 billion (AUD 387 billion) by 2022, growing at a compound annual growth rate (CAGR) of 9.2% from 2016 to 2022. Per the data that were use in the analysis, Asia-Pacific is the biggest market for construction equipment due to the substantial investments by the government in the infrastructure as well as manufacturing sector, it is followed by North America.
With regard to product type, it seems that the loader segment has the largest share at about 45% in 2015; this is due to the widespread use of loaders in the construction, public works, and mining industries, among others. This particular segment is predicted to remain assertive all throughout the forecast period. It is important to note that excavators as well as cranes are accounted for a market share of approximately 35% in 2015 and it is expected to achieve a notable growth during the forecast period. The increasing usage of the abovementioned equipment for material handling, heavy loads, and mines, among other purposes contribute to this.
In terms of market by industries, public works together with railroad industry has the biggest share in 2015. This is because the equipment here are extensively utilised for the construction of highways, roads, airports, and many other infrastructures. To add, the segment is expected to grow at the fastest from 2016 to 2022 and the increasing amount of infrastructure projects across the globe is responsible for such phenomenon.
In the study, the market is divided by solution into products as well as services. The products segment occupies a significant share of the overall market, but the service market, which include repairing as well as leasing of equipment is foreseen to experience a faster growth in developing countries because of the increasing demand for rented as well as leased construction equipment among mid-sized as well as small construction companies.