The increasing urban population would increase the demand of public transports and better road networks. With the help of advanced technologies, the road networks are expected to have smart concrete materials used in its constructions. This is expected to grow the demand for the more dynamic equipments that would fulfil the requirements of the contractors. The global concrete & road machinery market would be affected due to the Covid-19 breakout, which had made the industry to come to a pause, in order to control the transmission of the virus. Due to this, the market would fall back to a value less than USD 27 Billion by 2020. Due to the nature of the market, and the increasing concentration of the governments in developing transportation networks, the market of concrete & road machinery is to grow at an anticipated CAGR of more than 6% during the forecasted period, also the highest in the construction equipment segment. This change in the market value is well supported with the government policies and major events scheduled, which is well quoted in the report 'Global Concrete and Road Construction Equipment Market Outlook, 2025'; published by Bonafide Research.
The major companies in this equipment segment are Caperpillar, JCB, Liebherr, XCMG, Zoomlion, etc. The most common road construction machinery is a cement mixer, used in mixing the raw materials directly at the sites where it is to be utilized. These compact machineries are much of advantageous as it reduces the human labour involvement up to a greater extent. These equipments held a share of more than 60% and are expected to decline, due to its drawbacks of being difficult in transporting and a quick use of concrete. Compactors and road rollers are referred as construction equipments that are used in smoothening the ground to ensure that there are no air pockets that would reduce the quality of the roads. These machineries are common in the industry for its ease of use in providing a proper finishing to the roads.
The Asia Pacific region leads the global concrete & road machinery market by holding more than a quarter of the market share in the year 2019. The reason for the demand in the market can be attributed to the large number of rural regions in the regions, which are still deprived of basic road connectivity. In addition, the region's existing road networks are of poor quality, which are in a constant demand for repairing or rebuilding. Following Asia, the North America was contributing less than 30% expected to decline to third position.
Over the past years, the construction equipment market in the Latin America region has witnessed a significant growth owing to the increase in road development programs undertaken by the government in the region. Due to the availability of labour at cheap rate and the potential of making, profit for a longer period, have encouraged many private players to invest in the road construction project. The implementation of the Smart City projects across various countries globally, has given rise to the demand for road construction machineries. The rapid development of smart city technology needs a firm foundation.
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