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Building And Road Construction Equipment Global Market Report 2023
Major players in the building and road construction equipment market are AB Volvo, Caterpillar Inc, Komatsu Ltd, Liebherr Group, Hitachi Construction Machinery Co. Ltd, J.C. Bamford Excavators Ltd, Terex Corporation, The Atlas Copco Group, Deere & Company, and Sany Group.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Building And Road Construction Equipment Global Market Report 2023" - https://www.reportlinker.com/p06282466/?utm_source=GNW
The global building & road construction equipment market will grow from $175.54 billion in 2022 to $194.84 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The building & road construction equipment market is expected to grow to $282.41 billion in 2027 at a CAGR of 9.7%.
The building and road construction equipment market consists of sales of asphalt mixing plants, forklift truck, crawler excavator, truck crane, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The building and road construction equipment refer to self-propelled or towed equipment used directly in building and road construction.
Asia Pacific was the largest region in the building and road construction equipment market in 2022.Western Europe was the second-largest region in the building and road construction equipment market.
The regions covered in the building and road construction equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of building and road construction equipment are motor graders, road rollers, wheel loaders, concrete mixers, bulldozers, and other product types.Motor graders are being used to finish grade the rough grading performed by heavy CE like scrapers and bulldozers.
The equipment categories are earthmoving equipment, material-handling equipment, heavy construction vehicles, and other equipment categories. The various applications involved are building construction, and road construction.
Infrastructure development in emerging and developed countries propelled the building and road construction equipment market.Emerging and developed countries’ governments and private sector are focusing on developing the infrastructure to keep up the GDP, meet the growing population needs, meet the levels of urbanization, and increase connectivity by developing highways and expressways.
For instance, the total Indian investment in road construction was worth $22.4 billion with private investment accounting for 14% of the total investments. Furthermore, according to the World Bank, the private sector infrastructure investment commitments for low- and middle-income countries were valued at $76.2 billion in 2021, which was a 49% increase from 2020 globally. Governments and private sectors of developed and emerging sectors focus on infrastructure developments and require high-tech equipment for the construction process to make it easy and less time-consuming which further acts as a major driver for the building and road construction equipment market’s growth.
The high cost of equipment and initial setup is expected to hinder the building and road construction equipment market.The cost of equipment consists of the purchase price, sales tax, shipping cost, installation cost, and financing charges at the time of acquisition of the equipment.
A new full-size excavator can cost between $100,000 and $500,000, where companies are required to make high investments, as the purchase also involve additional costs, adding to the financial burden on companies and hindering the construction and road construction equipment market.
The manufacturing companies in building and road construction equipment are concentrating on upgrading their technologies.The technology advancements aim to increase safety, productivity, and connectivity of equipment and decrease maintenance issues and costs.
For instance, in March 2020, Komatsu, a Japan-based construction equipment manufacturer introduced hydraulic excavators*1 equipped with the KomVision Human Detection and Collision Mitigation System the company.The excavators are designed by advancing the ’KomVision’ bird-view camera system equipped with conventional models in the Japanese market.
The system identifies humans across the excavator and avoids the excavator from moving when the system detects people whenever the excavator starts to travel or swing.In October 2020, Volvo Construction Equipment, a USA-based manufacturer of construction equipment launched Volvo Active Control, an automated grading machine control system available on excavators EC250E, EC220E, and EC300E across North America.
This system allows the operators to conveniently get the right depth and angle, reducing grading times by up to 45%.
In March 2020, K-Tec Earthmovers Inc. (K-Tec), a Canadian company that manufactures efficient earthmoving scrapers for construction and mining sites merged with Ashland Industries (Ashland), a USA-based manufacturer of earthmoving equipment for the agricultural, industrial, and construction sectors. The merger is expected to allow both companies to offer an extensive product line of earthmoving scrapers in the industry. The combination also expects to provide shorter lead times for customers and accelerated product design and launch.
The countries covered in the building and road construction equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The building and road construction equipment market research report is one of a series of new reports that provides building and road construction equipment market statistics, including building and road construction equipment industry global market size, regional shares, competitors with a building and road construction equipment market share, detailed building and road construction equipment market segments, market trends and opportunities, and any further data you may need to thrive in the building and road construction equipment industry. This building and road construction equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282466/?utm_source=GNW
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