Construction Equipment Market Shows Sign Of Revival
15 Jun 2015
The Economic Times, reported that the demand in sectors including mining as well as construction equipment segment would show signs of revival by the end of the present fiscal coupled by a sharp rise in 2016 financial year. The construction equipment sector is believed to grow through October 2015 – March 2016, fuelled by requirement mining and construction equipment believed to soar by approximately six to seven percent during the forecast period 2015 to 2016, paired by a rapid growth of 20 % to 25 % through 2016 to 2017. Last month JCB made is clear that it intends India to emerge as one of its biggest market in terms of revenue generation by the end of 2018. Albeit several major construction equipment manufacturers such as Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Kobe Steel, Ltd. (Kobelco), Volvo Construction Equipment and Liebherr Group have been experiencing a challenging condition in Asia –Pacific in the past because of the complete economic downtrend, believes need to rise post monsoon, as government bodies in the aforementioned is planning to offer infrastructure a great push.
Recently, the Allied Market Research published a report titled “Global Construction Equipment Market - Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2014 – 2020.” As per the report the loader market in specific is believed to drive the industry notably by the end of 2020, adding over 44 percent of the overall industry revenue because of the growth in its application in the earth moving activities. In addition the report brings into light across the segment, operations especially in excavation as well as mining would rise significantly by CAGR of 9.5 percent. Eyeing the bountiful opportunities in the years to come Hyundai Heavy Industries a major shipbuilder and a leading manufacturer of the construction equipment, disclosed earlier this month that it has handed over construction equipment of 500,000th to one of its reputed clients. To top it all, Italy’s major construction equipment manufacturing company MAIT created a wave in the aforesaid industry by designing as well as certifying a wind turbine. To sum it all up , eyeing major market players plan expansion strategies , invest heavily on R & D and remain optimistic about the upwards trend in the construction equipment manufacturing industry its future looks promising.
Research Analyst at Allied Market Research
Ranjan has over 4 years of experience in market research and consulting across multiple domains which include technology, FMCG and durable consumer goods, heavy machinery, and automotive. He has hands on expertise in predictive and exploratory research projects for studying regional and global demand potential, market estimation & forecast, perceptions; analyzing macro and micro markets in terms of key gaps and opportunities. Ranjan is part of multiple consulting as well as syndicated report assignments and is actively involved in all the stages of project completion from planning, execution to delivery as per clients satisfaction.