Increase in economic growth, rise in industrial, residential, commercial development, and rise in public-private partnerships are expected to propel the growth of the global construction equipment market. The market across Asia-Pacific dominated the global market, accounting for more than two-fifths of the market. The product segment held the largest share in 2016, accounting for nearly four-fifths of the total market.

Portland, Oct. 09, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global construction equipment market was pegged at $170.82 billion in 2016 and is projected to garner $288.80 billion by 2022, registering a CAGR of 9.1% from 2016 to 2022.

Rise in industrial, residential, commercial development, global economic growth, and increase in public-private partnerships have boosted the growth of the global construction equipment market. However, government regulations regarding carbon emission and rise in oil prices hamper market growth. On the contrary, the surge in government investments in infrastructure development is expected to create lucrative opportunities in the near future.

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The global construction equipment market is segmented on the basis of solution type, application, industry, and geography. Based on the solution type, the market is divided into product, rental, and maintenance. The product segment held the largest share in 2016, accounting for nearly four-fifths of the total market. However, the services segment is projected to register the fastest CAGR of 9.8% during the forecast period.

On the basis of application, the market is categorized into earthmoving, lifting & material handling, excavation, transportation, and mining. The lifting & material handling segment is estimated to manifest the fastest CAGR of 12.1% during the forecast period. However, the earth moving segment held the largest share in 2016, contributing nearly two-fifths of the market.

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The global construction equipment market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated the global market, accounting for more than two-fifths of the market. Moreover, the region is expected to register the fastest CAGR of 10.3% during the forecast period.

The market report provides an in-depth analysis of the major market players such as AB Volvo, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Kobe Steel Ltd., Atlas Copco AB, Caterpillar Inc., Doosan Heavy Industries & Construction Co. Ltd., J.C. Bamford Excavators Limited, and Liebherr Group. The market players have adopted several strategies such as partnerships, collaborations, mergers & acquisition, and product launch to maintain their foothold in the market.

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