The market is estimated to grow at a noteworthy CAGR during the forecast period, i.e., 2021-2029, owing to the increasing construction activities worldwide in sync with the rising awareness regarding the adverse impact of traditional construction equipment on the environment. Moreover, the rising awareness for environment conservation in form of various government and non-governmental initiatives is anticipated to positively impact the growth of hybrid construction equipment market. Additionally, the growing population combined with the global shift towards urbanization, which is increasing the demand for construction of residential and commercial spaces, is projected to promote the market growth.
Research Nester released a report titled “Hybrid Construction Equipment Market – Global Demand Analysis & Market Opportunity Outlook 2029” which delivers detailed overview of the global hybrid construction equipment market in terms of market segmentation by type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The market is segmented on the basis of end-user segment into large-scale enterprises and small- & medium-scale enterprises. Out of the two, the large-scale enterprises segment is estimated to hold the highest market share by the end of 2029, as these customers can easily afford the hybrid construction equipment. Based on type, the market is segmented into excavators, graders, compactors, loaders, dump trucks, and others. Among these segments, the excavators segment is projected to hold the largest market share by the end of 2029 owing to the wide utilization of excavators for different construction purposes.
Geographically, the market is divided into five major regions, among which the market in the North America is considered to generate highest revenue during the forecast period, on account of increasing infrastructural development and construction activities. The U.S. construction market is estimated to hold over 4% of the nation’s GDP in the year 2020. Moreover, the growing urban population in the region, which has increased the need for residential and commercial space to accommodate the increasing population, is estimated to promote the market growth. The statistics by the World Bank stated that the total urban population of North America recorded 82.362% as of 2019.
Additionally, Asia Pacific is estimated to witness significant CAGR throughout the forecast period on the back of increased construction activities which can be attributed to the exponentially growing population, migratory movement from rural to urban areas and rising commercialization in the region. The constant economic development of the countries, such as, China, Japan, Malaysia and India among others, is anticipated to drive the market growth.
Rapid Urbanization and Infrastructural Development and Growing Climate Change Activism
According to the data by the UN Population Division, in the year 2019 55.715% of the total world population lived in urban areas.
The exponential growth in population is generating a growing need for basic human needs, such as, shelter, which is expected to raise the demand for construction of houses, offices, hospitals and other essential buildings. This escalating demand for construction activities is estimated to encourage the market growth throughout the forecast period. Furthermore, the rising awareness for environmental issues is estimated to play a key role in the growth of hybrid construction equipment market. For instance, global environmental conservation initiatives, such as, the Paris Agreement, are aimed to reduce greenhouse gases emission which is likely to promote the demand for hybrid construction equipment owing to the lower carbon emissions from these equipment.
However, these equipment are more expensive than their conventional counterparts, which is likely to hamper the market growth.
This report also provides insights on the existing competitive scenario of some of the key players of the hybrid construction equipment market which includes company profiling of Hitachi Construction Machinery Co., Ltd. (TYO: 6305), Caterpillar Inc. (NYSE: CAT), Komatsu Ltd. (TYO: 6301), Deere & Company (NYSE: DE), AB VOLVO (STO: VOLV-B), Takeuchi Mfg. Co., Ltd. (TYO: 6432), Groupe Mecalac S.A.S, Cummins Inc. (NYSE: CMI), SANY Group (SHA: 600031) and Kobelco Construction Machinery Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hybrid construction equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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