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NEW YORK, July 19, 2022 /PRNewswire/ — The increased investment in infrastructure is notably driving the Construction Machinery Market growth, although factors such as the growing second-hand machine market may impede the market growth. Moreover, the construction machinery market value is set to grow by USD 31.67 billion, progressing at a CAGR of 4% from 2020 to 2025, as per the latest report by Technavio.
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Construction Machinery Market: Exhaustive Insights on Key Driver
The demand for construction machinery is growing due to the increasing investment in infrastructure projects across the world. 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. 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. Some construction projects were on hold owing to the COVID-19 pandemic-induced restrictions and norms. However, governments across the world are looking forward to investing in healthcare infrastructure and building hospitals.
Construction Machinery Market: Effective Insights to Tackle Major Challenge
Several manufacturing and mining industries in the US and Europe, especially in countries such as Romania and Germany, were closed because of high labor costs and strict pollution laws. This has resulted in the increased availability of second-hand machines. Many Asian contractors and mining companies are eager to buy second-hand European construction machinery such as excavators at low prices. By using second-hand machines, contractors can control their capital investments as these machines are available at affordable prices. The small manufacturers find it challenging to buy new European machines due to their high costs. Once refurbished and reconditioned, these machines become as good as new ones. The growing second-hand machine market will limit the demand for new construction machinery.
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Some of the Top Players of the Construction Machinery Market:
The construction machinery market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Moreover, to make the most of the opportunities and recover from post COVID-19 impact, market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Construction Machinery Market Split by Product
Construction Machinery Market Split by Geography
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Imperative Insights on the following aspects:
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The global construction machinery market is a part of the global construction machinery and heavy trucks market. The global construction machinery and heavy trucks market was valued at $257.97 billion in 2020. The global construction machinery market was a fragmented industry that was in a phase of growth in 2020. By 2025, the market structure would continue to be fragmented. Its lifecycle stage would continue to be in the growth phase.
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The COVID-19 pandemic had a devastating impact on the construction sector in APAC. Some countries, such as India and Thailand, are easing their COVID-19 regulations and norms. For instance, as of July 2021, Thailand’s national COVID-19 task force has agreed to relax restrictions on some incomplete construction projects that can cause damage or danger.
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Related Reports:
Construction Machinery Market Scope
Report Coverage
Details
Page number
120
Base year
2020
Forecast period
2021-2025
Growth momentum & CAGR
Accelerate at a CAGR of 4%
Market growth 2021-2025
$ 31.67 billion
Market structure
Fragmented
YoY growth (%)
2.97
Regional analysis
APAC, North America, Europe, South America, and MEA
Performing market contribution
APAC at 51%
Key consumer countries
China, US, India, Japan, and Germany
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled
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, and Terex Corp.
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization preview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Content:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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