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Compact Construction Equipment Market Analysis & Opportunity Assessment, 2014 - 2020

Oct 16, 2014 | Chemicals & Materials | FMI

Construction equipment are used for construction activities such as making pavements, laying bitumen layers and drilling. The equipment help in easy maneuverability on rough terrains and inaccessible construction fields. The pace of enhancement, reconditioning and development of infrastructure across the globe has initiated the usage of specialized compact equipment in the construction sector. Compact construction equipment include compact excavators, compact loaders, small trucks, site dumpers, wheel loaders, mini rollers, power drills, material handlers, power lifts and other equipment.

Growth in real estate investment, housing sector,urbanization andnew production or process facility installationalong with improving living standards, development of special economic zones, and growing telecommunication sector is driving the demand for construction equipment. Asia-Pacific presents the largest opportunity for compact construction equipment due to rising urbanization, increasing number of upcoming highway and railway projects, stable economic conditions and growing per capita income. Africa and South America present moderate volume and high growth for this market in the near future.

The market for compact construction equipment is expected to follow the trend of developments inthe global construction industry.At present, the industrial construction and infrastructure construction segments are growing at a CAGR between 7% and 10%. The construction equipment market in developing economies is also expected to grow at a CAGR between 15% and 20% in the near future. These factors would fuel the growth of the compact construction equipment market.Leading construction equipment providers in the compact construction equipment industry are Caterpillar, Volvo, Hitachi Construction Machinery and Mitsubishi.