In this report, Technavio covers the present scenario and growth prospects of the Global Construction Tractors Market for 2015-2019. To calculate the market size, the report considers the consumption value of construction tractors worldwide.
“Construction companies across the globe are now focused on sustainable development of projects, as they intend to receive energy-efficiency certifications. These certifications mandate construction companies to reduce emission and pollution throughout the project life cycle. Hence, manufacturers are more inclined towards development of energy-efficient and user-friendly construction tractors,” said Soumya Mutsuddi, one of Technavio’s lead industry analysts for construction research.
“Technical competence of construction equipment manufacturers is a key buying criterion for customers. Thus, increased R&D efforts by construction equipment manufacturers will lead to the development of advanced energy-efficient construction tractors over the next four years,” added Soumya.
Global construction tractors market by region 2014
Source: Technavio research
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Americas: largest region for the global construction tractors market
Revenue generated by the construction tractors market in the Americas was close to USD 12.22 billion in 2014. The steady surge of economy in the Americas coupled with increased construction spending across multiple sectors such as transportation, energy, residential, and commercial will drive the demand for construction tractors during the forecast period.
In addition, spending on sports infrastructure and revamping of public transportation are expected to increase construction activities during the forecast period. In 2014, the revenue generated by the wheeled tractors segment in the Americas was close to USD 7.98 billion and the bulldozer tractors segment was valued at close to USD 4.24 billion during the same period. Both these segments are anticipated to fuel the market over the next four years.
EMEA: second largest region for the global construction tractors market
The revenue generated by the construction tractors market in EMEA was close to USD 5.39 billion in 2014. Rise in investments in the construction market in European countries such as Germany and Italy is due to the growth of the earthmoving equipment market, and it is expected to boost the demand for construction tractors.
In addition, Middle Eastern countries such as Saudi Arabia, Dubai, and Qatar have already committed large investments for major infrastructure development projects in the GCC. This further drives the demand of construction tractors until 2019. For instance, in 2014 Saudi Arabia announced an investment of close to USD 30 billion for seaport infrastructure development. To address the needs of Saudi Arabia's growing population, its government has planned a number of large-scale construction projects. In June 2015, the Saudi government announced USD 800 million worth of investments for construction of mega projects in the country. These developments will therefore surge the demand for construction tractors through 2019.
Construction tractors market in APAC
Revenue generated by the construction tractors market in APAC was close to USD 3.99 billion in 2014. The construction market's growth in leading APAC countries such as China, Japan, and India will lead to a rise in demand for construction tractors during the forecast period.
Multiple government initiatives to improve infrastructure development across the region coupled with the rise in demand for new housing construction in Japan, and increased investment in construction for upcoming events such as the 2020 Olympics, due to be held in Tokyo, are its major market growth drivers. Replacement and refurbishment of aging office buildings will also likely drive growth in the commercial construction sector and positively impact the construction tractors market during the forecast period.
Browse related reports:
- Construction Tractor Market in South Korea 2015-2019
- Earthmoving Equipment Market in Italy 2015-2019
- Earthmoving Equipment Market in UK 2015-2019
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