“Infrastructure to be the fastest-growing application in Construction Equipment Market”
Infrastructure is the fastest-growing application of construction equipment. It is expected to drive the market. This growth can be attributed to the upcoming construction projects around the globe, primarily in developing nations such as China and India.
A reasonable growth is shown by crawler excavator equipment during the forecast period. The high demand for this construction equipment is attributed to its benefits such as ease of use and an ability to perform multiple operations in construction activities. Wheeler loader is projected to be the second-largest construction equipment segment during the forecast period.
The Asia Pacific region includes key countries such as China, Japan, and India. The Construction Equipment Market in the region is expected to remain the largest owing to the increase in infrastructural development projects and population migration from rural to urban areas. Robust economic growth, along with increasing need for housing and office spaces will be boosting the construction activities across the Asia Pacific region.