A few key elements that are anticipated to impede the expansion of the worldwide market are the high cost of the product and contractors’ propensity to use rental equipment. Instead of being in charge of owning vehicles, contractors are more likely to rent the construction equipment for the duration of the project. Ownership of construction equipment entails substantial financial commitments that affect other corporate operations.
According to Markntel Advisors, “Construction Equipment Market Size- By Type of Equipment, By Application, By Power Output, By Propulsion Diesel, Gas- Regional Outlook, Competitive Strategies and Segment Forecast to 2029” state that the Construction Equipment Market is estimated to reach US$156 billion by 2023 and grow at a CAGR of around 3.01% during the forecast period 2024-2029.
The continuous transition of consumers upgrading outdated technology through retrofitting and renovation from traditional to automated equipment is a noteworthy development in the market. Prominent and powerful companies in the construction sector are making good efforts to achieve more efficiency and tighten the supply chain in an effort to boost production.
COVID-19 Impact on the Market:
Due of the COVID-19 outbreak, the market for construction equipment was severely impacted during the lockdown time. The industries most impacted were infrastructure and construction. Nevertheless, by the end of 2021, the market had rebounded.
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Key Players of Construction Equipment Market:
The Key Players of Construction Equipment Market are Caterpillar, Komatsu, Volvo, CNH Industrial, Hitachi Construction, Liebherr, John Deere, Terex, CEAT Limited, Dooson, JCB, Others.
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Construction Equipment Market Segmentation:
The MarkNtel Advisors report on the Construction Equipment Market Analysis, identifies, and highlights the key trends and drivers that are affecting each segment. The market has been further divided into the following categories by the report:
Based on Type of Equipment: Construction Equipment Market is Segmented as: Earthmoving Equipment, Material Handling, Other Construction Equipment.
Based on Application: Construction Equipment Market is Segmented as: Power & Utilities, Mining, Hospitality, Residential, Healthcare & Residential Institutes, Manufacturing Units.
Based on Region: The study also includes data for North America, South America, Europe, Middle East & Africa, Asia-Pacific.
Why Choose MarkNtel Advisors Report?
☛ Well-known Business Prospects – Our accurately analysis market research report serves as a treasure map for discovering potential markets and novel product avenues. It provides in-depth insights into customer preferences, approaches, and unmet needs. Additionally, it facilitates comprehensive comparisons of products and services.
☛ Thoughtful Customer Insight – A market report provides the marketing department with an in-depth understanding of customer requirements and desires. This knowledge can be harnessed to enhance products, adjust pricing, and refine advertising strategies.
☛ Empowering Data-Backed Judgment – Our comprehensive Market research encompasses a wide spectrum of activities, including precise market sizing, detailed segment analysis, accurate demand forecasting, competitor identification, and meticulous pricing trend monitoring. These metrics are rigorously quantified and measurable, furnishing you with a robust foundation for crafting distinctive strategies driven by empirical evidence.
Related Report:
Indonesia Construction Equipment Rental Market Research Report: Forecast (2023-2028)
India Construction Equipment (CE) Market Research Report: Forecast (2023-2028)
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