Request Sample
Request Methodology
Description
The construction equipment market was valued at USD 162 billion in 2020, and it is anticipated to reach USD 229 billion by 2027, registering a CAGR of over 6.1% during the forecast period 2021 -2027. Construction equipment is a type of machinery designed used for the purpose of performing construction operations. Such equipment is also used for various functions like grading, drilling, hauling, paving, and excavating. Different industries come under construction equipment markets like oil & gas, construction & infrastructure, and manufacturing. Even if, the construction sector is low presently and affecting the sales of construction equipment, the market is anticipated to recover during the estimated period soon. The construction industry is slowing, which is harming new construction equipment sales; nevertheless, the market is likely to improve throughout the forecast period. The rising emphasis on public-private partnerships is expected to be one of the causes driving the growth (PPP). These collaborations are defined as a joint venture between the government and the private sector for the construction of public infrastructure. There are several manufacturers entering into offering rental services to encourage the demand for construction equipment. Consequently, it will enable manufacturers to provide rental as well as leasing services. For example, Hyundai Construction Equipment firm provides such leasing and rental services to customers and this will drive the construction equipment market growth. In spite of the negative impact of COVID-19 on the construction industry, it stated setting to recover traction by 2021 because of the government initiatives for augmenting as well as stabilizing the financial circumstance caused by COVID-19. US Transportation Department made an announcement of doing investment through the infrastructure to rebuild America discretionary grant program. As a result, this investment is evaluated to increase the construction equipment use and drive their demand in the market.
