The Asia Pacific construction equipment (machinery) market will witness a strong growth owing to the growing government focus toward the construction sector.

Sellbyville, DE -- (SBWire) -- 12/10/2018 --The construction equipment market size in Europe was over USD 30 billion in 2017 and is anticipated to grow owing to the increasing focus of several government organizations on the refurbishment of the existing infrastructures. The growing significance of smart connected cities will favor the industry growth in the region.

In terms of residential construction, 2017 was a record year in France with 497,200 dwellings receiving authorization for the construction in 2017 and 418,900 commencing the construction. Several countries in Europe recovering from the financial crisis will provide growth opportunities for the construction equipment market growth. The government of UK is also implementing steps to support local players, who have the potential of expanding in the international markets.

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The Asia Pacific construction equipment (machinery) market will witness a strong growth owing to the growing government focus toward the construction sector. Initiatives, such as Make in India and Made in China 2025, supporting the infrastructure sector will favor the industry growth.  

Over the last few years, construction equipment market has emerged as one of the leading revenue generating business verticals owing to the surging involvement of myriad geographies in infrastructural developments. As of now, most of the countries have been investing in massive construction projects to fulfill the requirement of housing, commercial establishments, and enhance the nation's GDP in general. In accordance, the requirement of automated and advanced machinery support has observed an upsurge, gradually propelling construction equipment industry share.

Construction Equipment Market, By Product

Earthmoving & Road Building Equipment
 

Backhoes
Excavators
Loaders
Compaction Equipment
Others
 

Material Handling & Cranes
 

Storage & Handling Equipment
Engineered Systems
Industrial Trucks

Bulk Material Handling Equipment
 

Concrete Equipment
Concrete Pumps
Crushers
Transit Mixers
Asphalt Pavers
Batching Plants

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The demand for automated storage and material handling equipment in warehouses will drive the construction equipment market growth. Furthermore, the rise in the number of tall buildings and skyscrapers across various regions will surge the demand for cranes over the forecast timespan.

China has recently invested more than USD 10 billion in the development of the world's longest bridge in its Pearl River Delta. This 50-km long sea crossing project will enhance the mobility across three major cities including Macau, Zhuhai, and Hong Kong. This transportation development project is likely to help the city government improve cross-city trading which will ultimately strengthen the economy of the country.

The high initial and maintenance costs of the machinery discouraging the adoption of the equipment for small-scale construction projects will hinder the construction equipment market growth. Construction projects with limited monetary resources are still preferring traditional manual construction techniques over modern machinery. Equipment incorporated with the latest technologies, such as GPS and IoT, is further increasing the overall equipment cost, thereby restricting the construction equipment market growth.

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The major players operating in the construction equipment market include Volvo Construction Equipment, Caterpillar, Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., CNH Industrial, Zoomlion Heavy Industry Science & Technology Co., Ltd., Kobelco Construction Machinery Co., Ltd., Terex Corporation, Liebherr, and Sany Group. The industry is characterized by new product launches and expansion of product portfolio to enhance its market presence. Competitive pressure in the industry is compelling the industry participants to invest in new technologies, which will favor the construction equipment market growth.