Key vendors to focus on technological innovations to keep pace with the competitive market
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five leading vendors for the global construction machinery market in their latest research report. This report also lists 12 other prominent vendors who are expected to contribute to this market’s growth between 2016-2020.
To identify the top vendors, Technavio’s market research analysts have taken into account the revenue generated by the sales of different types of construction machinery. The types of machinery that are included for the market sizing are:
- Earthmoving machinery
- Material handling machinery
- Concrete and road construction machinery
- Other construction machinery
This Technavio report, under the engineering tools vertical, is based on the synthesis, analysis, and interpretation of information about the global construction machinery market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The global construction machinery market is dominated by many international as well as regional players. Asia is the biggest revenue contributor, as governments in the region focus on developing infrastructure. Vendors in the market space invest in designing, planning, developing, branding, expanding existing facilities, and acquiring new players in the market. The growing focus on technological innovations is expected to play a significant role in driving market growth.
“The recent increase in the number of websites selling fitness equipment and monitoring devices is a major factor that will drive this market’s growth prospects over the next four years. Furthermore, with the increasing penetration of the e-commerce sector, vendors will get numerous opportunities to expand their business and increase their potential customer base,” says Abhay Sinha, a lead analyst at Technavio for engineering tools.
Top five vendors in the construction machinery market space
Caterpillar
Caterpillar manufactures and sells construction and mining machinery, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. Its financial products segment includes retail and wholesale financing for machinery and engines; property, casualty, life, accident, and health insurance; and insurance brokerage services
Key products: Articulated trucks, Backhoe loaders, Asphalt pavers, Compactors, Compact track loaders, Multi-terrain loaders, Dozers, and Excavators.
Hitachi Construction Machinery
Hitachi Construction Machinery engages in the manufacturing, sales, and service of transportation machinery, construction machinery, and other machines and devices. The company operates through a number of production bases such as Technical Research Center and Tsuchiura, Kasumigaura, Hitachinaka, Hitachinaka-Rinko, and Ryugasaki works. The company has 16 subsidiaries and affiliates in Japan and 41 companies overseas.
Key products: Compact wheel loaders, Mini excavators, Medium excavators, and Wheeled excavators.
Komatsu
Komatsu manufactures, develops, and markets construction machinery as well as other machinery. It provides loading, excavation, land-clearing, transportation, forestry, base course, underground construction, and other services.
Key products: Backhoe loaders, Skid-steer loaders, and Compact excavators.
Terex
Terex designs, manufactures, and markets construction machinery and related components, including mini and midi excavators, loader backhoes, wheeled excavators, site dumpers, compaction rollers, skid-steer loaders, and wheel loaders. It also provides specialty equipment like material handlers, concrete mixer trucks, and concrete pavers. These products are manufactured at various locations including Coventry, England; Crailsheim, Germany; South Dakota and Indiana, US; and Greater Noida, India.
Key products: Cranes, Crawler excavators, Backhoe loaders, Skid-steer loaders, and Wheel loaders.
Volvo Construction Equipment
Volvo Construction Equipment is a subsidiary of Volvo. It develops, manufactures, and markets equipment for the construction and other related industries under the brands Volvo, SDLG, and Terex Trucks. It offers a wide range of excavators, backhoe loaders, skid-steer loaders, wheel loaders, and others. The company has 25 service and technical training facilities worldwide.
Key products: Wheeled excavators, Excavators, Backhoe loaders, Skid-steer loaders, and Wheel loaders.
Other prominent vendors in this market include CNH Industrial, Doosan Infracore, Manitou Americas, Hidromek, JCB, Guangxi Liugong Machinery, Lonking Holdings, Sany Heavy Industry, Shantui Construction Machinery, Sumitomo Heavy Industries, XCMG, and Xiamen XGMA Machinery.
A more detailed analysis is available in the Technavio report, Global Construction Machinery Market 2016-2020. Technavio also customizes reports by other regions and specific segments upon request.
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