In the latest research report by Transparency Market Research (TMR), which is a market intelligence company, leading players operating within the construction equipment market are studied in much detail. Hitachi (Japan), John Deere (U.S.), Volvo (Sweden), Liebherr (Switzerland), Terex (U.S.), Zoomlion (China), Komatsu (Japan), Caterpillar (U.S.), and Sany (China) are the key companies operating within the construction equipment market which have been studied in the report.
The report discusses the strategies employed by these companies along with their expansion formula. The business and financial overview of the companies along with their recent developments are also discussed in the report. The study is therefore extremely informative and empowers new entrants as well as those established with powerful decision making abilities so that they can make profitable and smart decisions.
As per Transparency Market Research, the global construction equipment market was worth US$ 192.3 bn in 2017. On the basis of type, the material handling equipment is expected to witness fast paced growth. On the basis of geography, the global construction equipment market is led by Asia Pacific, with China and India at the forefront. Brazil is another country which holds promise of growth. The rapid infrastructure development in all of the nations mentioned above will be the key factor behind the growth of this market. China is having several construction projects in its kitty including development of educational institutions, railway networks, development of roads, water systems, and others. This is expected to be the primary factor behind the growth of the market in China as well as in Asia Pacific.
Trend of Lease-based Equipment Lending to Drive Demand
As per the lead author of this report, the growing lease-based equipment lending trend is one of the major reasons behind the accelerated demand for construction equipment. The growing investments by governments of emerging nations for infrastructure development, including hospital development, road development, railway projects, and school and university construction or developments will bolster the demand for construction equipment market to a great extent. Thus, it is no surprise that among all the regions such as America, Europe, and Africa, and the Middle East, it is Asia Pacific which is leading and shall continue to do so for the next few years. Due to the presence of several developing economies that are growing at a robust pace such as India, China, Japan, Indonesia, and Malaysia, this region holds immense growth opportunities for the construction equipment market.
Volatility in Pricing of Raw Materials to Impact Growth of Market
The report focuses on market drivers as well as those factors that act as obstacles. One of the key factors posing a challenge to the growth of the construction equipment market is the strict emission control norms implemented worldwide. The volatility in the pricing of raw materials will also act as a challenge. Moreover, the increasing cost of the construction equipment will also hurt the growth of the market.