Construction Mirror Article detail

Based on the product type, the market is segmented as earthmoving and road-building equipment, material handling & cranes, and concrete equipment. The earthmoving and road-building equipment segment led the market in 2021 and is expected to maintain its dominance during the forecast period. Compaction equipment, excavators, loaders, and backhoes are the machines included in this segment. The government authorities' strong emphasis on the development of a well-connected road network to support growing freight transports will propel the growth of the segment. Also, the backhoe segment is expected to grow at a significant rate on account of its ability to perform versatile operations which include clamping, dozing, digging, and back dragging at construction sites. Moreover, new product launches in the backhoe segment with advanced features, and technologies will drive the growth of the market during the forecast period.   Which region offers the best opportunity and growth?In terms of regions, Asia-Pacific is estimated to be the leading region in the market, owing to the emergence of online retail services, availability of machines on rental basis, and increasing government investments in infrastructure development in the region. Furthermore, China is likely to hold the largest share of the market on account of the large number of emerging companies in the market that are manufacturing technology-driven construction machines. The government in China is investing in public infrastructure and renewable energy, along with residential projects, which is ultimately increasing the demand for construction machinery in the region.