According to a research report titled ‘Construction Equipment Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, construction equipment market is anticipated to grow significantly through 2027.
 

Due to proliferation of public infrastructure development and road building activities, increased investments in building of smart cities, and technological improvements, the construction equipment market is expected to grow substantially through 2027.
 

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For the unversed, construction equipment refers to all heavy-duty vehicles that are designed to perform a variety of construction-related jobs, prevalently earth-moving operations. Today, a wide range of technologically advanced construction equipment are used for road construction, underwater and other types of marine construction work, as well as building and structural construction projects.
 

By product terrain, excavator sub-segment of earthmoving & road building equipment is cited to grow in the coming years due to increasing utilization in small- and large-scale constructions to remove constructional waste and excavate construction materials. Numerous road & infrastructure building activities, in consort with usage for placing large rocks & armors in marine construction are fostering the adoption of excavators.  
 

Considering the geographical landscape, construction equipment market spans across North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Russia), Asia Pacific (India, Japan, China, South Korea), Latin America (Brazil, Mexico), and Middle East & Africa (UAE, Saudi Arabia, South Africa).
 

North American market is expected to accrue modest revenues over 2021-2027, owing to public infrastructure development and road construction operations. In fact, excavators market in North America is poised to be worth USD 4 billion by the year 2027.
 

The MEA market size is expected to rise at a CAGR of 3% during the forecast timeline. The expansion is backed by increased investments in the construction of smart cities and development of a robust transportation network.
 

Coming to competitive arena, the major players in construction equipment market are CNH Industrial N.V., Caterpillar Inc., Doosan Corporation, Hitachi Construction Machinery Co. Ltd., Guangxi LiuGong Machinery Co. Ltd., Joseph Cyril Bamford Excavators Ltd. (JCB), Kobelco Construction Machinery USA Inc., Komatsu Ltd., Palfinger AG, Zoomlion Heavy Industry Science & Technology Co. Ltd., XCMG Group, Wacker Neuson SE, Volvo CE, Manitowoc Company Inc., Atlas Copco Group, Terex Corporation, Tadano Ltd., Sumitomo Heavy Industries Ltd., SANY Group, and Liebherr Group.