The "Construction Equipment Market by Type (Excavator-Crawler & Mini, Loader-Backhoe, Skid-steer, Wheel, Dozer, Dump Truck, Others), Electric Equipment, Propulsion, Power Output, Application, Rental, Aftertreatment Device and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Construction Equipment Market Size is Projected to Reach USD 205.0 Billion by 2025, from USD 169.3 Billion in 2020, at a 3.9% CAGR.
Rapid urbanization, increasing development of infrastructure in emerging economies of Asia, an increase in population and migration to cities, and a rise in disposable income drive the growth of the construction equipment market in Asia, and North America. The increasing number of infrastructure projects and mega construction projects are anticipated further to fuel the demand for construction equipment during the forecast period.
The demand for dump truck market, by electric construction equipment, is expected to the largest market owing to increasing demand for hybrid trucks
Dump trucks, also known as the dumpers/ tipper dumpers/ tipper trucks, are used to carry materials such as sand, gravel, or dirt and waste materials from the site in surface and underground mining applications. It is equipped with hydraulic pistons in the front and an open-box bed hinged at the rear, which allows the materials to be dumped at the delivery site. Dump trucks are preferred generally for off-road applications with a terrain slope below 30 degrees.
Major companies in the global electric dump truck market include Komatsu Ltd., Caterpillar, and Epiroc. A major chunk of the global electric dump truck market is currently held by hybrid mining dump trucks due to their higher capacity, power output, fuel efficiency, and reduced maintenance cost.
Demand for Diesel Oxidation Catalyst (DOC) segment is expected to be the fastest-growing segment throughout the forecast period
A DOC is mainly used to filter carbon and hydrocarbon emissions using palladium and aluminum oxide as a catalyst. It breaks down carbon and hydrocarbon into carbon dioxide and water, respectively. Since 2014, all diesel vehicles are equipped with DOCs. The reduction in HC and CO emissions using DOCs is estimated to be about 60-90%.
In Asia Pacific, OEMs/manufacturers comply with the latest emission norms by adding DOC as a filtration device. This device is used in all emission standards, such as Stage III, Stage IV/Tier 4, and V/Tier 5 final equipment. As the Asian economies are moving toward more stringent emission norms, the use of DOC for emission reduction is expected to increase during the forecast period.
Asia Pacific is projected to be the largest market throughout 2025
Asia Pacific is estimated to be the largest market due to an increase in infrastructure development in China, India, Japan, and Indonesia. The construction equipment market has experienced growth in the number of projects such as dams, airports, and hydroelectric projects. Many international companies have started their manufacturing plants in this region.
Some man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. The region is estimated to be the most populated in the world, which creates immense opportunity for the construction equipment market to grow.
Some of the major projects driving this region's construction equipment market are the Songdo International Business District in South Korea and China-Pakistan Economic Corridor. These mega projects have led to an increase in investments and construction activities, thereby driving the region's construction equipment market.
Caterpillar Inc. (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co., Ltd (Japan), and Volvo Construction Equipment (Sweden) are the leading manufacturers of construction equipment in the global market.
For more information about this report visit https://www.researchandmarkets.com/r/flewrn
View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005760/en/
Contacts:
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
