Global Construction Machinery Market Trends And Strategies Of Major Players In The Construction Machinery Market 2021-2030
3 Sep, 2021
The construction machinery market consists of sales of construction machinery, surface mining machinery, and logging equipment by entities (organizations, sole traders, or partnerships) that produce construction machinery, including backhoes, bulldozers, construction and surface mining-type rock drill bits, construction-type tractors, and attachments, off-highway trucks, pile-driving equipment, portable crushing, pulverizing and screening machinery, powered post hole diggers, road graders and surface mining machinery (except drilling). The construction machinery market is segmented into earthmoving; material handling; and building & road construction equipment. Only goods and services traded between entities or sold to end consumers are included.
Global Construction Machinery Market Size And Drivers:
The global construction machinery market is expected to grow from $204.24 billion in 2020 to $226.97 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%. 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 $321.21 billion in 2025 at a CAGR of 9.1%. The growing demand for construction machinery market to meet the needs of the rising investment in infrastructure is expected to drive the global construction machinery.
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Trends In The Global Construction Machinery Market
The construction machinery market has been observing multiple strategic initiatives such as partnerships and innovative product launches over recent years. Major companies in the market are continuously focusing on collaborating with other companies to expand their product portfolio and geographical presence. For instance, in July 2018, Caterpillar Inc, US-based construction machinery and equipment manufacturer announced the partnership agreement with Newmont Mining, a US-based gold producer to develop underground vehicle automation technology. The companies together plan to focus on Caterpillar's semi-autonomous system for underground loaders and improving existing technology. Similarly, in July 2018, Hitachi Construction Machinery Co., Ltd. collaborated with Whitehaven Coal to design an Autonomous Haulage System (AHS) to support the company’s mining operations in North West New South Wales.
Global Construction Machinery Market Segments:
The global construction machinery market is further segmented –
By Product: Earthmoving, Material Handling, Building & Road Construction Equipment, Autonomous Construction Equipment
By Application: Excavation & Mining, Lifting & Material Handling, Earth Moving, Transportation, Others
By End User: Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, and Others
By Geography: The global construction machinery 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 Construction Machinery Market At:https://www.thebusinessresearchcompany.com/report/construction-machinery-global-market-report
Construction Machinery Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides construction machinery market overviews, analyzes and forecasts market size and growth for the global construction machinery market, construction machinery market share, construction machinery market players, construction machinery market segments and geographies, construction machinery market’s leading competitors’ revenues, profiles and market shares. The construction machinery market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.