The global construction equipment market, driven by infrastructural developments in emerging economies, is poised to grow by 6.0% to a valuation of US$192.3 billion by the end of 2017. As per a recent market research report, the global construction equipment market amounted to US$143.6 billion in 2012.

Emerging Economies Contributing to Construction Equipment Market

India, China, and Brazil are some of the major emerging economies, contributing to the growth of the global construction equipment market during the forecast period. The Brazil construction equipment market seems to be well placed with infrastructural advancements, political stability, and economic growth. The Middle East and Africa are expected to exhibit promising growth in their construction equipment market, as new construction OEMs are ready to enter the market.

Increase in infrastructural developments have led to better contribution from these countries. China leads the market with a 40% share of sales in the global construction equipment market. In China, the construction equipment market is projected to develop at a CAGR of 10.1% in the period from 2012 to 2017. Irrespective of import restrictions in countries such as India, Brazil, and China, their economies are steadily growing.

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Demand from the construction equipment market in Europe will be average in upcoming years. Growth in public development projects such as roads, railways, schools, and water systems, will help China grow faster during the forecast period. Compared with other regions, Asia has been the promising market for global construction equipment. Asia will continue to lead the global construction equipment market in coming years. India, along with China, has driven the market due to improved performance of the mining and construction industries. Wheel loaders and excavators are the two dominant product segments of the entire construction equipment market.

Factors driving the construction equipment market

The global construction equipment market is driven by investments in infrastructural development. Volvo, Caterpillar, and Komatsu have evolved as key players in the manufacture of construction equipment. By rapidly implementing technology advancements in the manufacturing process of construction equipment, these players are setting perfect examples for others.

Growth in investments by the government in several infrastructural activities has helped the developed countries to contribute further. Support from the government in the form of eliminating current tax compulsions and lowering the tax burden has helped the players implement technology advancements with minimal inconvenience. Additionally, increasing demand from the industrial and real estate sectors has played a major role in developing the construction equipment market globally. Lease-based equipment assists the construction equipment market to overcome the market challenges.  

With the help of market opportunities such as global expansion by acquiring infrastructure advancements, demand from real estate, and focus on research and development, the global construction equipment market is ready to overcome the challenges it faces. Some of the challenges that the construction equipment market needs to tackle are differences in restrictions and import duties, security concerns, and strict emission regulations.

The overall market is segmented into construction equipment market, construction vehicles market, and agriculture equipment market. The global construction equipment market is forecast to grow faster by applying new marketing strategies such as brand value creation, value addition to the customers, new product development, and globalization with marketing tie-ups.

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