The industry is heavily dependent on the global economy. Demand for products is often a result of new construction projects. Investments from public and private sectors into urbanization and infrastructure projects will drive the construction equipment market growth. Important regions for this industry are North America, Western Europe and East Asia. These regions are home to some prominent construction equipment manufacturers who must compete in a highly competitive field. Emerging economies such as India and China are market hotspots due to their government-led infrastructure investments.
Advancements in construction equipment brought rapid urbanization and major infrastructure to reach all over the world. In turn, the high demand for construction equipment has led to a high level of capacity and capability from machinery. The technology continues to make significant progress in efficiency and productivity. Manufacturers must invest heavily into research and development in order to keep up with their rivals. The industry began shifting towards high tech products that utilize connectivity, remote use, autonomous vehicles and electromobility.
