LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global construction machinery market since 2016 and the market is poised to grow by USD 47.65 billion during 2019-2023, progressing at a CAGR of more than 6% during the forecast period. Request free sample pages
Read the 132-page report with TOC on “Construction Machinery Market Analysis Report by product (earthmoving machinery, material handling machinery, concrete and road construction machinery, and other machinery), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2019-2023”.
The market is driven by increasing investment in infrastructural development. In addition, increasing construction of skyscrapers and mixed-use developments are anticipated to drive the growth of the construction machinery market.
Governments across the world are making significant investments in infrastructural development and facilities. For instance, the Indian Government announced significant funding for the development of several infrastructural development projects in its recent budget. It includes the development and construction of industrial corridors, Dedicated Flight Corridors (DFC), Bharatmala Pariyojana, the Sagarmala Programme, and the UDAN scheme that focuses on connectivity. The increased spending on such capital-intensive projects and infrastructural development is expected to boost market growth during the forecast period.
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Major Five Construction Machinery Companies:
AB Volvo owns and operates its business through various segments such as trucks, construction equipment, buses, Volvo Penta, Group Functions & Other, and financial services. The company offers a wide range of construction machineries such as crawler excavators, wheeled excavators, compact excavators, articulated haulers, and others.
Caterpillar Inc. owns and operates the business through various segments such as construction industries, resource industries, energy & transportation, and financial products segment. The company offers a wide range of construction machinery including backhoe loaders, excavators, trucks, and wheel loaders.
Deere & Co.
Deere & Co. owns and operates its business across segments such as agriculture and turf, construction and forestry, financial services, and other revenues. Some of the popular construction machinery offered by the company include articulated dump trucks, backhoes, crawler loaders, dozers, motor graders, and tractor graders.
Hitachi Construction Machinery Co. Ltd.
Hitachi Construction Machinery Co. Ltd. owns and operates the business through the construction machinery and solution segment. The construction machinery offered by the company includes mini excavators, wheel loaders, medium excavators, cranes and foundation machines, and rigid dump trucks.
Komatsu Ltd. owns and operates the business through segments such as construction, mining, and utility equipment, retail finance, and industrial machinery and others. The company offers a range of construction machinery such as hydraulic excavators, wheel loaders, bulldozers, motor graders, dump trucks, and mini excavators.
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Construction Machinery Product Outlook (Revenue, USD Billion, 2019 - 2023)
- Earthmoving machinery
- Material handling machinery
- Concrete and road construction machinery
- Other machinery
Construction Machinery Regional Outlook (Revenue, USD Billion, 2019 - 2023)
- North America
- South America
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