The construction equipment industry in China is expected to grow at a CAGR of 10.1% from 2012 to 2017. This trend is likely to continue owing to the growth in public projects like schools, railways, better roads, water systems, and other infrastructure.
Albany, NY -- (SBWIRE) -- 10/15/2015 -- Following global economic recovery after the 2008 economic slump, the revival of construction and mining activities has given an impetus to affiliated industries such as earthmoving and construction equipment. For any country0more so for developing countries such as China and India0a robust infrastructure lays the foundation for growth, which paves way for rapid rise in gross domestic product, thence, a better life quality for its population.
The market study on the global market for construction equipment is a top level analysis, which assesses the winning imperatives for market participants and stakeholders to leverage opportunities available in this market.
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Agriculture equipment by type, construction equipment by type, and regional markets are the three perspectives based on which the global market for construction equipment is analyzed in the report. The research report is compiled in a chapter-wise format, with the necessary sections and illustrations that portray operational, financial, and competitive aspects of the global market for construction equipment.
Overview of Construction Equipment Market
In 2011, the global market for construction equipment was estimated at US$ 134.1 bn. In the last couple of years, due to the progressive growth of the construction and mining industries, the construction equipment market is poised to rise at a CAGR of 6.0% from 2012 to 2017. If the figures hold true, the market is expected to be worth US$ 192.3 bn by 2017.
The major factors that are driving the growth of the construction equipment market are: rising lease-based equipment lending practices and increasing investments in infrastructural projects, especially in developing countries. To encourage infrastructural investment by private entities, governments of several countries are offering tax benefits for such undertakings, which is indirectly benefitting the construction equipment market.
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In addition, immigration and influx of population from rural areas to urban areas for better work opportunities has necessitated the need for residential and non-residential construction undertakings, thereby aiding the growth of the construction equipment market.
From a geographical standpoint, emerging economies such as China, Brazil, and India hold promise for the growth of the construction equipment market in the years to come. This is due to the expanding infrastructural developments to cater to the growing IT and services industry.
In 2012, China stood as the largest contributor to the global construction equipment industry accounting for almost 41.2% sales of construction equipment worldwide. The country is expected to retain dominance due to continual development projects such as educational institutions, road networks, railways, water systems, and other infrastructure. As such, the construction equipment industry in China is expected to rise at a 10.10% CAGR between 2012 and 2017.
Europe stood at a distant second from China in terms of market share in 2012. However, in the coming years, demand for construction equipment in Europe will remain stagnant, whereas demand generation in Asia Pacific will remain high.
Major Companies in Construction Equipment Market
Hitachi (Japan), Volvo (Sweden), John Deere (U.S.), Liebherr (Switzerland), Zoomlion (China), Terex (U.S.), Caterpillar (U.S.), Komatsu (Japan), and Sany (China) are the major companies operating in the global market for construction equipment.
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