The construction equipment market report thoroughly covers the market by components, verticals, and regions. The construction equipment market outlook report provides an unbiased and detailed analysis of the ongoing elevator and escalator market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The India construction equipment market is projected to witness immense growth during the coming years owing to the increasing expenditure on infrastructure facilities. Anything used for digging, leveling, or hauling comes under heavy equipment. Rapid urbanization and modernization drive the need for construction equipment owing to the growth in the market. Moreover, the rising number of malls, offices schools, or houses backed by the increasing population is leading to the growth of the market. Adopting capital-intensive techniques backed by the shortage of labor drives the need for construction equipment. The private and public facility expansion project in rural and urban areas for the development is driving the need for construction equipment. Rising automation due to unskilled labor and the need for cost and time management in the completion of the project beholds the growth of the market.
According to 6Wreseach, the construction equipment market size is projected to register growth during the forecast period 2020-2026. Rapid urbanization and infrastructure development including expansion of metro, industries, and residential areas drives the need for construction equipment. An increasing number of end-use applications for construction equipment is the root cause fueling up the construction equipment market growth rate. Increasing infrastructural development and growth in construction activities especially in developing economies will further create growth opportunities for the construction equipment market. Rising industrialization and huge investments in the construction sector to meet industrial and residential infrastructure will induce growth in the demand for construction equipment.
Rising disposable income coupled with the rapid growth of the urban population is initiating increased investment in constructing houses and buildings which initiates the adoption of construction equipment during the forecast period. Further, increasing construction activities encourage individuals or firms for foreign direct investment, in particular, business and projects which would benefit the deployment of construction equipment and would spur the growth of the market. However, the construction industry has been severely impacted due to the COVID-19 pandemic, including owners, developers, contractors, subcontractors, and supply chain vendors. The nature of the effect varies depending upon the regions and infrastructure projects. Construction activities have been on pause for months leading to shut down of various construction projects. Construction is among the significantly impacted industries due to the COVID-19 pandemic. Sales of construction equipment have fallen globally. Factors affecting construction equipment manufacturers include infrastructure, residential, commercial, industrial construction and institutional spending. The partial or complete lockdown has staggered the renting of construction equipment. However, after the lifting of the restriction the market is expected to grow during the forecast period owing to the resumption of construction activities.
Globally, In Asia pacific region, India and China have been playing an important role in construction equipment demand backed by the majority of the population occupied with agricultural activities where enormous use of construction equipment like tractors is leading to the use of tiling, and planting fields and ensure efficient farming is likely to support the rise in momentous demand for construction equipment and would prompt the use of global construction equipment market in the upcoming six years. Additionally, based on the region, the Latin American construction equipment market is likely to shape the market landscape increase the need to adopt construction equipment, especially in the mining industry. Mexico holds the largest share in the mining industry as it is attributed as the top gold and copper exporter and is leading to bring in lucrative opportunities for the to be investors and industrialists and is expected to instigate the use of construction equipment at mining some to ensure efficient work and is estimated to shape the market landscape of Latin America construction equipment market and as a result, is expected to boost the growth of the Latin America construction market in the coming years.