The global trends in the construction industry show a steady increase from 2020 after the COVID-19. The market revenue is estimated to grow at a compound annual growth rate (CAGR) of 9%, from $11,491.42 billion in 2020 to $12,526.4 billion in 2021 (Intrado 2021). The effective control of the epidemic in most countries, the expanding population base, and the development of public infrastructures are considered as three primary reasons for the market booming.
CNBC revealed on May 10 that Joe Biden has backed $2.3 trillion in infrastructure spending. Even though the Democrats and Republicans are still not reaching an agreement on what constitutes infrastructure and not sure about the method of payment, it is a clue that the construction industry in the United States will continue to grow strongly.
As the entire market grows, the sub-market, construction equipment market share is also experiencing an increase. The market size was anticipated at $124.7billion in 2019 and it is estimated to rise at a CAGR of 4.3% to $173.03billion between 2020 and 2070 (Grand View Research 2020).
Earth-moving machinery accounts for the most share of the construction equipment market. Based on the data from 2019, Excavator stood for the dominate position in the market.
However, with stricter emission policies likely in some countries, equipment companies and owners should stay updated on new eco-friendly equipment information. Sole traders or small businesses may not be able to afford brand-new excavators, therefore, the equipment rental business is likely to be booming with the increase in equipment demand. The import and export of equipment and spare parts will also bring substantial sales for the global earth-moving equipment market.
Overall, there is a lot of chance in the global earth-moving equipment market. As a professional and reliable aftermarket parts supplier, FridayParts is willing to build long-term partnerships with heavy equipment sellers/owners, parts wholesalers, and heavy-duty mechanics. We aim to keep providing quality aftermarket parts at a reasonable price and help you to fix all heavy equipment issues as soon as we can!
Check our online store FridayParts.com to find the right parts.
Construction Global Market Report 2021: COVID-19 Impact and Recovery to 2030
Infrastructure plan should cost up to $800 billion, McConnell says ahead of Biden meeting
