Global Hybrid Construction Equipment Market Highlights Over 2020-2029
The global hybrid construction market is estimated to grow at a noteworthy CAGR over the forecast period, i.e., 2021-2029. The growth of the market can be attributed to the growing need for residential and commercial space for the increasing population combined with the rising awareness towards environmental conservation. According to the statistics by the World Bank, the global population exceeded 7.674 billion in 2019. Moreover, 55.715% of the world population were living in urban areas as of 2019. The growing need for building houses in the cities to accommodate large population migrating towards the urban areas, is also estimated to act as the major growth driver for the hybrid construction equipment market. Moreover, the urban population, which grew by 1.887% in the year 2019, as per the other statistics by the World Bank, is also anticipated to promote the market growth throughout the forecast period.
Additionally, rising concerns for environmental conservation on a global level is further anticipated to encourage the growth of the market. The environmentally friendly hybrid technology of the construction equipment reuses the energy during the operations which significantly helps to conserve fuel and optimize vehicle performance. As a result, these equipment emit significantly lower amount of unburnt carbon as compared to the conventional construction equipment.
The global hybrid construction equipment market is bifurcated on the basis of end-user into large-scale enterprises and small- & medium-scale enterprises, out of which, the large-scale enterprises segment is predicted to hold the highest market share by the end of 2029, as these enterprises can easily afford the construction equipment. CLICK TO DOWNLOAD SAMPLE REPORT
The market is also segmented by type into excavators, graders, compactors, loaders, dump trucks, and others, out of which, the excavators segment is projected to hold the largest market share by the end of 2029. The growth of the segment can be attributed to the increasing availability of hybrid excavators offered by different market players, along with the fact that the excavators are the most widely used construction equipment owing to their multifunctional properties.
Global Hybrid Construction Equipment Market Regional Synopsis
Regionally, the global hybrid construction equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in the North America is estimated to garner the highest revenue in the market during the forecast period, on the back of constantly rising construction activities in the region. The United States is the largest construction market in the world, with expenditure amounting to more than USD 1 billion. As of 2020, the construction industry holds over 4% of the GDP in the U.S. Moreover, the rising migration to urban areas and infrastructural development of sub-urban areas is projected to generate opportunities for the market growth. As per the statistics by the World Bank, 82.362% of the total population of North America lived in urban settlements, in the year 2019.
Asia Pacific market is anticipated to witness significant CAGR during the forecast period, owing to the surge in urbanization backed by the migration towards urban areas, population expansion and infrastructural development in the region.
The global hybrid construction equipment market is further classified on the basis of regions as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.
Our in-depth analysis of the global hybrid construction equipment market includes the following segments:
- Bull dozers
- Dump trucks
- Large-Scale Enterprises
- Small- and Medium-Scale Enterprises
- Rise in Construction Activities owing to Rapid Urbanization
- Growing Awareness regarding Carbon Emission from Heavy Vehicles
- Higher Costs of Hybrid Construction Equipment
Top Featured Companies Dominating the Market
- Hitachi Construction Machinery Co., Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Caterpillar Inc.
- Komatsu Ltd.
- Deere & Company
- AB VOLVO
- Kobelco Construction Machinery Co. Ltd.
- Takeuchi Mfg. Co. Ltd.
- Groupe Mecalac S.A.S.
- Cummins Inc.
- SANY Group