According to the report titled ‘Global Construction Equipment Market Size study, by Product (Earth Moving Machinery, Material Handling Machinery and Concrete & Road Construction Machinery), by Earth Moving Machinery (Excavators, Loaders and Others), Material Handling Machinery (Crawler Cranes, Trailer Mounted Cranes and Truck Mounted Cranes), Concrete and Road Construction Machinery (Concrete Mixer & Pavers, Construction Pumps and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global construction equipment market was valued at USD 169.3 billion in 2020 and is anticipated to grow at a healthy rate of 4% over the next six years, thereby amassing USD 222.79 billion by the year 2027.
 

Inflowing government investments in infrastructure development, rising population leading to rising residential construction, and rollout of innovative products by participants to meet the requirements of diverse industries are the factors driving the growth of global construction equipment market. 
 

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Moreover, surging trend of rental services, and technological advancements are estimated to accelerate market growth in the coming years.
 

On the downside, high cost of construction equipment, and concerns about environmental imbalance induced because of construction activities are anticipated to hamper industry growth during the forecast period. 
 

Based on product type, worldwide construction equipment market is bifurcated into concrete & road construction machinery (construction pipes, concrete mixers & pavers, others), earth moving machinery (loaders, excavators, others), and material handling machinery (truck mounted cranes, crawler cranes, trailer mounted cranes).
 

From the regional standpoint, the market spans across North America (Canada, U.S.), Latin America (Mexico, Brazil), Europe (Germany, Spain, U.K., Italy, France), and Asia Pacific (India, South Korea, Japan, China, Australia). Among these, Asia Pacific market holds a major industry share at present and is projected to show significant growth during the projected timeline, due to factors like increasing investments by the government in infrastructure development, and rising population leading to higher residential construction activities.
 

The competitive landscape of worldwide construction equipment industry is defined by companies such as Terex Corporation, Caterpillar Inc., Volvo Construction Equipment (Volvo CE), Sany Heavy Industry Co. Ltd., Deere & Company, Manitou BF S.A., Komatsu Ltd., Mitsubishi Corporation, Sumitomo Heavy Industries Ltd., and Hitachi Construction Machinery Co. Ltd. among others.