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Global Construction Equipment Market by Services and Key Players Size, Trends and Forecast Till 2023
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The huge demand for heavy construction equipment from emerging economies is an opportunity witnessed in the global market. The major restraints in the market include high cost of heavy construction equipment.
Construction equipment is specially designed machinery used for construction operations. Construction equipment is used for functions including hauling, drilling, paving, excavating and grading.
One of the major developments observed in the global construction equipment market is new product development. The requirements of the manufacturers for adhering to standards set by government for construction equipment makes it essential for the manufacturers to continuously invest in research and development activities and come up with innovative solutions.
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The major players operating in the global construction equipment market include Caterpillar Inc., CNH Industrial, Hyundai Heavy Industries Co. Ltd., Hitachi Construction Machinery Co. Ltd., Volvo Construction Equipment, J.C. Bamford Excavators Limited (JCB), Komatsu Ltd., Liebherr Group, Kobe Steel Ltd. (Kobelco), and Deere & Company.
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