Global Construction Equipment Market to Grow at 5.7% from 2014 to 2020

The global market for construction equipment is expected to reach $208.36 billion by 2020, according to a new study by Grand View Research.

Driving the growth will be a number of infrastructure projects on a global scale for the market over the next six years.

Increasing mining activities which require the use of construction equipment are also expected to positively impact the industry over the forecast period.

Technological development has led to the use of advanced machinery that offers considerable benefits over traditional mechanical equipment. Availability of options such as leasing of construction equipment to drive cost effectiveness is also expected to fuel market growth over the forecast period.

A few specifics:

• Earth moving machinery accounted for over 40% of the overall market in 2013, and is expected to remain the largest product segment over the forecast period.
• Material handling machinery includes crawler cranes, as well as truck mounted and trailer mounted cranes, and is expected to grow at the fastest rate of 5.7% from 2014 to 2020.
• Concrete mixers and pavers are expected to be the largest and fastest growing sub-segment of concrete and road construction equipment.

The report, “Construction Equipment Market Analysis By Product (Earth Moving Machinery, Material Handling Machinery, Concrete & Road Construction Equipment) And Segment Forecasts To 2020” is available at: http://www.grandviewresearch.com/industry-analysis/construction-equipment-market-analysis.

Category: Featured, General Update