Building And Road Construction Equipment Global Market To Reach Value Of About $58 Billion In 2025
2 Sep, 2021
The building and road construction equipment market consist of sales of building and road construction equipment by entities (organizations, sole traders or partnerships) that are engaged in manufacturing building and road construction machinery and equipment such as road roller machine, asphalt mixing plant, forklift truck, crawler excavator, truck crane, and others.
Global Building And Road Construction Equipment Market Size And Drivers:
The global building & road construction equipment market is expected to grow from $37.65 billion in 2020 to $41.67 billion in 2021 at a compound annual growth rate (CAGR) of 10.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $57.88 billion in 2025 at a CAGR of 8.6%. Infrastructure development in emerging and developed countries propelled the building and road construction equipment market.
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Trends In The Global Building And Road Construction Equipment Market
The manufacturing companies in building and road construction equipment are concentrating on upgrading their technologies. The technology advancements aim to increase safety, productivity, connectivity of equipment, and decrease maintenance issues and costs. For instance, in March 2020, Komatsu, a Japan-based construction equipment manufacturer introduced hydraulic excavators*1 equipped with the KomVision Human Detection and Collision Mitigation System of the company. The excavators are designed by advancing the 'KomVision' bird-view camera system equipped with conventional models in the Japanese market. The system identifies humans across the excavator and avoids the excavator from moving when the system detects people whenever the excavator starts to travel or swing. In October 2020, Volvo Construction Equipment, a USA-based manufacturer of construction equipment launched Volvo Active Control, an automated grading machine control system available on excavators EC250E, EC220E, and EC300E across North America. This system allows the operators to conveniently get the right depth and angle, reducing grading times by up to 45%.
Global Building And Road Construction Equipment Market Segments:
The global building and road construction equipment market is further segmented –
By Product Type: Motor Graders, Road Roller, Wheel Loaders, Concrete Mixer, Bulldozers, Others
By Application: Building Construction, Road Construction
By Equipment Category: Earthmoving Equipment, Material-Handling Equipment, Heavy Construction Vehicles, Other Equipment
By Geography: The global building and road construction equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Building And Road Construction Equipment Market At:https://www.thebusinessresearchcompany.com/report/building-and-road-construction-equipment-global-market-report
Building And Road Construction Equipment Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides building and road construction equipment market overviews, analyzes and forecasts market size and growth for the global building and road construction equipment market, building and road construction equipment market share, building and road construction equipment market players, building and road construction equipment market segments and geographies, building and road construction equipment market’s leading competitors’ revenues, profiles and market shares. The building and road construction equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.