The global construction equipment market is growing rapidly with the technological advancements and the wide adoption of this equipment across the construction industry which is burgeoning, worldwide. The largest end-use market for this product is infrastructure especially in emerging markets like India, China, and Brazil. Furthermore, the growing infrastructural development activities along with the rapid urbanization are increasing the market growth for this equipment.
Acknowledging the traction, the market is perceiving currently, Market Research Future (MRFR) in its recently published study report asserts that the already thriving global construction equipment market growing further will reach USD 200 Bn. posting approx. 8 % CAGR from 2014 to 2022.
The fervent players leading the global construction equipment market include Caterpillar Inc., AB Volvo, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Heavy Industries Construction Co. Ltd., J.C. Bamford Excavators Limited, Liebherr Group, Kobe Steel Ltd., AB Hyundai Heavy Industries Co., Ltd., and Atlas Copco.
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The competitive market of construction equipment appears to be fragmented due to numerous companies are churning the market competition. Constant innovations and technologies generate strong investment opportunities. Market players strive to commercialize other techniques that can lower the production cost.
These players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities to gain the competitive advantage. Alongside the other strategies adopted by vendors in the market include greater commercialization of their products, promotion initiatives through trade exhibitions, and increased collaboration.
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The Asia Pacific accounted for the lion's share in the global construction equipment market owing to the rapidly growing population, rapid industrialization and urbanization that has given a solid boost to the construction industry, and the improved standard of living of the people in the region backed by the improving economic conditions the region is witnessing.
Burgeoning construction sector in India and China, growing due to the increasing per capita income substantiates the market growth for construction equipment in these countries and in the region.
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