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The need for infrastructural development, backed by the increasing road connectivity projects, expected to give a potential market growth for the Asphalt Finishers.
Featured Companies
1. Caterpillar Private Limited
2. CNH Industrial
3. Doosan Infracore
4. Epiroc
5. Hitachi Construction Machinery Co. Ltd
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The construction equipment market has been a vital part of the economy globally. These types of equipment not only helps in decreasing the time involved in the process but also increases the efficiency of the process with less human intervention. Undoubtedly, these equipment are the most capital-intensive investments by the company. Yet, the construction companies are investing heavily in this equipment to control the indirect cost in the long run. The overall global construction market was recorded at USD 110.67 Billion in the year 2014, owing to the increasing demand for infrastructural construction worldwide. According to the recently published Bonafide Research report titled 'Global Construction Equipment Market Outlook, 2025'; the need for abrupt and flawless constructions has propelled the demand in the construction equipment market across the world. The report throws a light on various trends and the technological advancement in the market of construction machinery, which has influenced the sales of the equipment over the years. The higher productivity with optimum fuel usage is the prime factor that the customer looks for in such construction support equipment, as the investment made behind such purchase is high. The dominating earthmoving machinery sector is expected to show a decline in the market share by the forecasted period, while the road construction equipment is expected to show a growth of more than 7%. While the developed countries are expected to increase in demand for the material handling machinery, the economically backward governments are to shift their concentration towards road transportation development, which would be a great support for the economic boost. The pandemic is likely to leave the economy shaken and resulting in a fall of construction and the real estate industry. Moreover, the industry has been facing a shortage of skilled labours over the past few years. As the existing labour force is retiring due to the age factor, the industry is in the struggle to fill up the positions. Even though these machines are designed to meet the labour shortage, the operators need to be technically skilled enough to handle them. In terms of regions, Asia has been the undefeated lead, with more than 35% of the market share. Historically, North America held the second position, which is likely to show a decrease in the share up to an extent of creating the possibility of Europe taking over the position post the forecasted period. The smaller regions of Latin America and the Middle East & African countries are likely to show an increase in the market share. Understanding the fact that an efficient road transport system is a pre-requisite for sustained economic development, the governments have taken into consideration about mending the poor quality roads, giving more scope for the segment equipment to grow. On the other hand, the vertical expansion in constructions is to let the material handling machinery segment cover a market of more than 20%. MAJOR COMPANIES PRESENT IN THE MARKET Caterpillar, Doosan, Epiroc, Hitachi Constructions, JCB, John Deere, Kobelco, Komatsu, Kubota, Liebherr, Metso, Sandvik Mining And Rock Technology, Sany, Terex, Volvo Construction Equipment, Zoomlion CONSIDERED IN THE REPORT • Geography: World Wide • Base year: 2018-19 • Historical year: 2013-14 • Estimated year: 2019-20 • Forecasted year: 2024-25 REGIONS COVERED: • North America • Europe • Asia Pacific • Latin America • Middle East & Africa The report also covers the major countries in the region with a clear comparison of the past performance and the estimated growth of the market in the forecasted period. Also, the market is studied in detail with respect to the different types of the excavators and its purposes regionally. ASPECTS COVERED IN THE REPORT • Market Size By Value for the time period (2014-2019) • Market Size By Value for the time period (2020-2025) • Market Share by Application (2019 & 2025) • Market Share by Machine Type (2019 & 2025) • Market Share by Region (2019 & 2025) • Market Share by Country (2019 & 2025) • Market Share by Company (2019) THE APPROACH OF THE REPORT: We keep an eye on evolving markets and try to evaluate the potentials in the product and services. If we found the market interesting, we start working on it and create the desired table of content considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personals, company owners, dealers, distributors & end-users. Once the questionnaires have been finalized, we start collecting the primary data (majorly through phone calls) and try to understand the market dynamics with regional/tier wise. This process gives us in-depth detail of the market including all present companies, the top-performing product with reasons why they dominate; we get the details of new players and their innovative approach and market trends, dynamics, and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. By this, we get a rough estimate of the market and start checking existing product price variant, trade, production, raw material scenario, policies and regulatory landscape, etc. Then to finalize the market, we start collecting financials of each player present in the market including limited, private limited, and LLPs. Moreover, we perform cross-industry, cross-region analysis of the product, and based on collected primary inputs and using statistical modeling we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but giving more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, and PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validates the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in strategic recommendations’ for new as well as the existing players. The QC team then checks the overall report that includes spell check, data verification and makes the same dispatch ready and error-free. INTENDED AUDIENCE This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the construction machinery and excavator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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