According to a new report by Allied Market Research titled, "Global Construction Equipment Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020," the global construction equipment market is expected to reach $240.97 billion by 2020, registering a CAGR of 8.9% during 2015-2020.
The construction equipment market includes heavy machinery such as loaders, cranes, forklifts, excavators, and dozers, used for earthmoving, material handling, excavation and other applications across different industry verticals. Among the different types of construction equipment, loader and cranes would continue to remain the most preferred type, due to their numerous applications in construction, mining and public works. Loader segment would drive the market significantly by 2020, contributing more than 44% of the total market revenue, due to increased application in earth moving operations. Crane market is growing at a steady rate owing to the growing demand for lifting and material handling from different industries.
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Study: Construction Equipment Market is Expected to Reach $240.97 Billion Globally by 2020
A report by Allied Market Research titled, "Global Construction Equipment Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020," says the global construction equipment market is expected to reach $240.97 billion by 2020.
June 3, 2015
