Technavio Forecasts Worldwide Construction Machinery Market to Grow by USD 31.67 Billion between 2021 and 2025

NEW YORK, Dec. 15, 2021 /PRNewswire/ -- The demand for construction machinery is significantly influenced by growth in the building and construction market. The global building and construction market has witnessed momentous growth during the past few years, and it is anticipated to continue the same trend to continue in the coming years. This is because of the increasing population, rapid urbanization, increasing industrialization, improving economy, increasing disposable incomes, and increasing access to affordable housing.

The principal stages of the construction machinery and heavy trucks market include vehicle design and development; components, parts, and module production; and systems integration and final assembly.

Key Construction Machinery Market Report Highlights:

1. Market growth 2020-2025: USD 31.67 billion
2. Growth momentum & CAGR: Accelerate at a CAGR of 4%
3. YoY growth (%): 2.97%
4. Performing market contribution: APAC at 51%
5. Key consumer countries: China, US, India, Japan, and Germany

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Regional Market Analysis

With 51% of the growth originating from APAC, this region will record a fast growth rate during 2021-2025.

The expanding manufacturing facilities are expected to boost the growth of the construction machinery market in APAC.

Apart from the expanding manufacturing facilities, the two key reasons for the increasing construction machinery market's growth in APAC are:

• Rising number of projects such as roads, dams, airports, and others in China, India, and Japan are driving the region's growth. Some major vendors that operate in APAC are Komatsu Ltd., Hitachi Construction Machinery, SANY Group Co. Ltd., Hyundai Construction Machinery, XCMG Group, and Zoomlion Heavy Industry Science & Technology Co. Ltd.
• The prospects for growth in APAC are encouraging several global construction machinery manufacturers to expand their bases in the region. For instance, in February 2019, Kawasaki Heavy Industries, Ltd. opened a new plant in Bengaluru, India, to manufacture, sell, and provide after-sales services for hydraulic equipment.

For Additional Information about the regional market: Request for a free sample report.

Key Vendors and Vendor Strategies

AB Volvo, Caterpillar Inc.,CNH Industrial NV, Deere & Co.,Doosan Bobcat Inc., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, Terex Corp. are few of the key vendors in the construction machinery market.

The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Vendors are focusing on the expansion of their distribution network on both, online and offline channels. Companies also leverage social media marketing in order to build their brand image.

For instance:

• In April 2021, AB Volvo, collaborated with SSAB on the world's first vehicles that would be made of fossil-free steel.
• In May 2021, Doosan Bobcat Inc. expanded its production in the US and Europe to meet demands.

Download our free sample report to get a brief understanding about various other vendors and the vendors strategies.

Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the construction machinery market.

• Increased investment in infrastructure:

The demand for construction machinery is growing due to the increasing investment in infrastructure projects across the world. For instance, China invested around $13.1 billion in the development and construction of the Beijing International Airport, which is designed to handle about 72 million passengers by 2025.

Governments across the world are investing significantly in the development of sports infrastructure and facilities. The 2022 FIFA World Cup to be held in Qatar is increasing construction spending in the Middle Eastern regions. Qatar's local organization is planning to build nine new stadiums and renovate three existing stadiums for the event. Thus, the spending on capital-intensive projects and infrastructure development is expected to grow significantly in the next decade, which will augment the growth of the global construction machinery market during the forecast period.

To know about a few other market drivers, trends, and challenges.

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SOURCE Technavio