Research Nester’s recent market research analysis on “Construction Equipment Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global Construction Equipment market in terms of market segmentation by equipment type, propulsion type, application, end user, and by region.
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Adoption of Technologically Advanced Equipment to Promote Global Market Share of Construction Equipment
Consumers all over the world call for technological improvements and more fuel-efficient equipment in order to support their construction activities. Increased equipment will enable to reduce labor costs, monitor the work carried out at each stage of the process, and lead to a reduction in operating costs. Players are looking for ways to expand their business by providing products, services, or solutions in view of the new values that take full advantage of ICT and the Internet of Things (IoT) technologies. Moreover, they are involved with designing and deploying sophisticated facilities that meet the needs of their customers while dealing with issues relating to society and the environment.
Some of the major growth factors and challenges that are associated with the growth of the global Construction Equipment market are:
Growth Drivers:
• Government Orders Telematics and e-Call Services
• Growing use of Construction Equipment in Infrastructure Industry
Challenges:
The battery, due to its size and mass, is the most broad component of an electric construction vehicle which may have a major influence on power performance as well as maneuverability. In addition to increasing the weight, larger batteries can also prolong the operation and make it more difficult for the machine to move or maneuver. In addition, one of the biggest barriers to battery costs continues to be the adoption of electric construction equipment. Over the past few years, lithium batteries have decreased but their cost is still high enough to compete with today's diesel engines. In addition, there could be a considerable inconvenience with regard to the time it takes for electrical construction equipment to charge. Depending on the capacity and power of the charger, it may take several hours to charge a full battery. In a longer or continuous project, it can lead to difficulties in using electrical construction equipment. Therefore, this factor is expected to hamper the growth of the market.
Some other factors such as strict regulations and international trade policies, and concerns regarding the environment may hamper the growth of the construction equipment market.
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By propulsion type, the global Construction Equipment market is segmented into Diesel, ICE, Electric, CNG/LNG. Over the course of the projected period, the diesel category is expected to have the greatest share of 40%. Due to its consistent performance and significant torque production, diesel construction equipment is the most widely used type of machinery in the world. It is important for managing medium- to heavy-duty tasks in any working environment. Moreover, diesel-powered vehicles can be a suitable option because the technology is well-established and tested, and spare parts and after-sales care are easily accessible and reasonably priced. It is therefore anticipated that these elements will propel the segment's expansion.
By region, the Asia Pacific Construction Equipment market is to generate the highest revenue by the end of 2036. The rise of online retailers, the capacity to rent machinery, government spending on infrastructure development, and higher capital spending are all probably factors in this region's economic expansion. Concurrently, China's government has made investments in housing projects, renewable energy, and regional infrastructure, which is driving up demand for construction equipment. An estimate states that China built over 6.5 million new residential dwellings in 2021, an increase above previous years. Consequently, it is anticipated that each of these variables will contribute to the market's rapid growth in the region.
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