Mar 13 2014
Research and Markets has announced the addition of the "Construction Equipment Market in Europe 2014-2018" report to their offering.
The analysts forecast the Construction Equipment market in Europe to grow at a CAGR of 1.25 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing public infrastructure projects. The Construction Equipment market in Europe has also been witnessing the increase in the renting of construction equipment. However, the increasing cost of construction equipment could pose a challenge to the growth of this market.
Key vendors dominating this space are AB Volvo, Caterpillar Inc., JC Bamford Excavator Ltd., and Komatsu Ltd.
Other vendors mentioned in the report are Doosan Group, Hitachi Construction Machinery Co. Ltd., Larsen & Toubro Ltd., Liebherr Group, Liugong Machinery Co., Terex Corp., and Zoomlion Heavy Industry Science and Technology Co.
Commenting on the report, an analyst from the team said: Though many organizations across the industry prefer to have the latest construction equipment technology to improve their productivity, some SMEs find it difficult to buy such equipment due to the high cost. The increasing competition among vendors is also forcing vendors to differentiate themselves by providing innovative value-added services. Therefore, construction equipment vendors are offering construction equipment such as excavators, wheel loaders, motor graders, crawler cranes, truck cranes, and truck-mounted cranes on a rental basis. This allows cost-driven organizations in developing countries to opt for the latest construction equipment at minimal cost, thereby improving their operational productivity. Thus, the option of renting encourages customers to use a wide range of construction equipment.
According to the report, the Construction Equipment market in Europe is driven by several growth factors, and an increase in public infrastructure projects is one of the major drivers. Due to the rapid development of the Eastern European region, increasing growth of public infrastructure has led to the demand for construction equipment.