The global construction machinery market is expected to display higher growth rate by next five years. The construction machinery market is subject to witness a substantial growth due to the growing investment by government authorities and private bodies for public & commercial infrastructure, particularly in the developing economies across the globe.
Additionally, shifting trend towards rental services of heavy-duty machinery has led to high-end demand for construction machinery in the last few years. Globally, the construction machinery market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for market players to invest in research and development of the construction machinery industry.
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Increasing demand from residential sector for construction machinery or equipment due to rapid urbanization, majorly in developing economies such as India and China is expected to trigger market growth over the forecast period. Additionally, rapid urbanization has led to infrastructural development such as residential buildings, schools, colleges, clinics, roads and commercial spaces. Massive funding from local government to cater to these demands for the public infrastructure is predicted to drive market expansion in the upcoming years.
Moreover, improvement in the existing infrastructure is one of the key drivers for robust market growth. Introduction of off-highway machinery, manufactured with the help of high strength materials are propelling the market growth as well. High strength materials are capable of withstanding harsh environmental condition that are essential while performing heavy-duty tasks.
In addition, most of the heavy-duty construction machinery exhibit a longer lifespan up to ten years, thus offering cost-effective solution for small to medium-sized businesses. Increase in the number of independent and small-scale builders or contractors is expected to benefit market growth in years to come. However, higher intimal cost of these machinery and lack of financial capacity to own the heavy-duty equipment by independent and small-scale builders or contractors are anticipated to negatively affect market performance.
In addition, numerous construction projects need construction equipment on temporary basis. Many companies prefer reusing existing machineries due to their longer life span along with additional improvement to boost up their profit margin, thus limiting the market progress to greater extent. Yet, increase in number of rental services for construction machinery is expected to boost market advancement in the near future. Growing profitability in the rental business segment is expected to offer lucrative growth opportunities for industry players over the forecast period. The recent technological advancement in building & construction sector coupled with development of novel products such as wheel loader, hybrid excavator and compact track loader are propelling market demand for construction machinery over next five years.
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The construction machinery market is broadly divided into three major segments based on product type such as earth moving, material handling, and concrete & road construction machinery. Earth moving machinery is considered as one of the fastest growing segment in the construction machinery market with substantial revenue generation in the last couple of years. Growing demand of earth moving machinery is attributed to high-end demand form mining sector. The material handling segment has also witnessed massive growth, in the last few years owing to increasing demand for mini excavators and other such machines.
The construction machinery market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in heavy-automotive sector, high-end demand for heavy construction equipment such as motor graders and loaders, and existence of well-established industrial infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the construction machinery market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising commercial infrastructural activities, increasing governmental funding for public infrastructure, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the construction machinery market are Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Atlas Copco AB, Liebherr Group, and The Volvo Group.
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