LONDON--(BUSINESS WIRE)--The global construction machinery market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased investment in infrastructure. The demand for construction machinery is growing due to the increasing investment in infrastructure projects across the world. For instance, China invested around USD 13.1 billion in the development and construction of the Beijing International Airport, which is designed to handle about 46 million people annually by 2019 and 72 million passengers by 2026. Governments across the world are investing significantly in the development of sports infrastructure and facilities. Thus, the spending on capital-intensive projects and infrastructure development is expected to grow significantly in the next decade, which will augment the growth of the global construction machinery market during the forecast period.
As per Technavio, the growing trend of skyscrapers and mixed-use developments will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global construction machinery market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global construction machinery market: Growing trend of skyscrapers and mixed-use developments
The growing need for infrastructure such as multi-family homes, condominiums, hospitals, hotels, and offices, is leading to an increasing trend of maximizing the available land which is giving rise to skyscrapers. Skyscrapers are very convenient as they accommodate plenty of floor space in a relatively small amount of ground surface, owing to their significant heights. Following the completion of Burj Khalifa, currently the tallest structure in the world, with a height of 829.8 meters, countries across the world are in a race to build the tallest skyscraper. Several high-rise projects are under construction worldwide, which are expected to be completed during the forecast period. Many of these skyscraper projects are mixed-use developments. This trend is expected to have a significant impact on the global construction machinery market in the future.
“Apart from the growing trend of skyscrapers and mixed-use developments, the expansion of manufacturing facilities, new product launches, and growing trend of construction equipment rentals are some other factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global construction machinery market: Segmentation analysis
This market research report segments the global construction machinery market by product (earth-moving machinery, material handling machinery, concrete and road construction machinery, and other machinery) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rising number of projects in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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