Major players in the construction machinery market are Caterpillar Inc.; Komatsu; Hitachi Construction Machinery Co Ltd; Liebherr; Volvo Construction Equipment; Deere & Company; Zoomlion Heavy Industry Sci & Tch Co Ltd; Terex Corporation, Sany Heavy Industry Co. LTD; and XCMG Construction Machinery Co Ltd.
The global construction machinery market is expected to grow from $204.24 billion in 2020 to $226.97 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $321.21 billion in 2025 at a CAGR of 9.1%.
The construction machinery market consists of sales of construction machinery, surface mining machinery, and logging equipment by entities (organizations, sole traders, or partnerships) that produce construction machinery, including backhoes, bulldozers, construction and surface mining-type rock drill bits, construction-type tractors, and attachments, off-highway trucks, pile-driving equipment, portable crushing, pulverizing and screening machinery, powered post hole diggers, road graders and surface mining machinery (except drilling).The construction machinery market is segmented into earthmoving; material handling; and building & road construction equipment.
Only goods and services traded between entities or sold to end consumers are included.
The construction machinery market has been observing multiple strategic initiatives such as partnerships and innovative product launches over recent years.Major companies in the market are continuously focusing on collaborating with other companies to expand their product portfolio and geographical presence.
For instance, in July 2018, Caterpillar Inc, US-based construction machinery and equipment manufacturer announced the partnership agreement with Newmont Mining, a US-based gold producer to develop underground vehicle automation technology.The companies together plan to focus on Caterpillar’s semi-autonomous system for underground loaders and improving existing technology.
Similarly, in July 2018, Hitachi Construction Machinery Co., Ltd. collaborated with Whitehaven Coal to design an Autonomous Haulage System (AHS) to support the company’s mining operations in North West New South Wales.
The construction machinery market covered in the report is segmented by product into earthmoving; material handling; building & road construction equipment; autonomous construction equipment and by application into excavation & mining; lifting & material handling; earth moving; transportation; others.
In April 2019, The Toro Company, a US-based company that designs, manufactures, and sells construction equipment acquired The Charles Machine Works, Inc.Oklahoma Corporation and parent company of Ditch Witch for $700 million.
The acquisition is expected to bring together the leading brands of The Toro Company’s with The Charles Machine Works, Inc.’s product portfolio to better serve the needs of end-use customers of the company. The Charles Machine Works, Inc. is a US-based company engaged in the manufacturing and distribution of underground construction machinery and equipment.
Increasing investment in infrastructure is anticipated to contribute to the construction machinery’s market growth.According to the World Economic Forum, the investment in infrastructure worldwide is projected to reach $79 trillion by 2040.
According to Acuris, financial news and data firm in January 2020, the investment in infrastructure in India increased by 25% to $28.74 billion in 2019. The surge in investments in infrastructure is likely to generate higher demand for construction machinery and equipment, thereby driving the growth of the construction machinery market.
The COVID19 outbreak acted as a major restraint on the construction machinery market during 2020.The rapid surge in the number of people suffering from coronavirus forced the government to impose lockdowns resulting in the temporary closure of many businesses.
Large infrastructure building projects were kept on hold due to social distancing practices imposed worldwide.This led to decreased demand for construction machinery and companies in the market had to halt or slow down the production that impacted the revenues of the market.
For instance, Hitachi Construction Machinery Co., Ltd., a Japan-based construction company engaged in manufacturing and sales of construction and transportation machinery announced the halt of production at many sites including Russia, the Middle East, Africa, and Asia during COVID19 lockdowns.
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