Construction Equipment Market is anticipated to exceed USD 170 billion by 2024. The globally flourishing construction sector is surging the demand for high-performance machinery that aids in reducing human involvement in the construction process. The rapid growth in the number of construction activities is exerting pressure on the existing human resources. The demand for sophisticated construction equipment that reduces the overall capital investment will contribute to the construction equipment market growth.
The Asia Pacific construction equipment 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. Initiation of projects, such as South-North Water Transfer Project in China, will propel the industry demand in the region. The development of smart city projects in Singapore will surge the demand for high-performance machinery.
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.
Growth drivers
• Implementation of advanced technologies in construction equipment
• Increasing infrastructure investments globally
• Growing construction industry in China & India
• Rising equipment rental demand in North America & Europe
• Increasing rate of urbanization in the North America & Europe
• Increasing infrastructure and industrial projects in Russia
• Growing urbanization and safety concerns in India
• Growing reconstruction and maintenance activities in Japan
• Rapid infrastructure development in BRIC countries
• Recovering construction sector in Latin America
• Increasing investment in mining projects across Latin America & MEA
• Rising number of public private partnership projects in MEA
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Romano Pisciotti, Motor Parts Industry (MPI) – ITALMOTOR
IVECO Dealer, Nigeria