Construction Equipment Market is Projected to hit $170 billion by 2024

Global Construction Equipment Market Report offers market size, share, overview, segmentation by types, application, countries, key manufactures, cost analysis, industrial chain, sourcing strategy, downstream buyers, marketing strategy analysis, distributors/traders, factors affecting market, forecast and other important information for key insight.

The adoption of frequent facility and dealer network expansion strategies is also deemed to emerge highly beneficial for the players in construction equipment industry. Driven by the growing demand for construction machinery along with the rapidly propelling infrastructural development activities, construction equipment market will surpass a revenue collection of USD 170 billion by the end of 2024.

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Construction equipment market, on the grounds of surging investments in infrastructural development, has been witnessing a rather appreciable growth rate. The rising trends in industrialization and urbanization across the globe have also been majorly propelling the need for construction equipment. Considering the rapid growth of the construction industry, the market giants have been expanding their regional reach via renewed dealerships across myriad geographies. The changing focus of construction equipment suppliers toward establishing long-term relationships with customers and renowned OEMs is poised to boost industry growth over the years ahead.

The rise in the sales of construction equipment across European countries has been encouraging leading product manufacturers to invest in research and development activities to launch new product portfolios. In addition, many construction and earthmoving equipment manufacturers have been focusing on expanding their regional footprints with mergers and acquisitions as well as with new facility establishments. These initiatives incidentally, are also being supported by many regional finance companies, pushing the growth of the construction equipment market further.

In addition to capacity expansion, Molson and BGF plan to work on further acquisitions. Incidentally, Molson has already secured the distribution rights of the Terex Finlay machinery for Wales, England, and the Channel Islands. The combined approach of service providers and financial companies to invest in the improvement of existing infrastructure is certain to influence Europe construction equipment market trends.

Molson, one of UK’s construction equipment specialists, secured a £6.3 million investment from UK’s most active investment company, BGF. With the help of this investment, it is planning to expand its sales and aftersales services of construction equipment across UK. Additionally, it is looking forward to constructing a new parts center and extra depots as well.

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The U.S. based farm equipment supplier Bonnel collaborated with a leading manufacturer of multipurpose tractors, Multihog. With this partnership, Bonnell became an exclusive Multihog distributor across Indiana, Illinois, Iowa, and Wisconsin. The on-going development of sidewalks and small roadways across this region would propel the requirement of Multihog’s tractors, which could easily work in tight alleys, sidewalks, and small roadways. This incidence validates that frequent collaborations among distributors and product manufacturers will considerably enhance the construction equipment market size over the years ahead.

In European countries, the increasing involvement of the regional governments in infrastructure development has been generating lucrative opportunities for the construction equipment market contenders. More precisely, the shifting focus of governments and regulatory bodies toward the deployment of renewable energy facilities along with the implementation of smart city development programs have been tremendously pushing the need for construction equipment. In line with the rapidly growing number of construction activities, the sales of construction and earthmoving equipment across UK grew considerably in the second quarter of 2018 as compared to the same period in 2017.

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