Our in-depth analysis of the global hybrid construction equipment market includes the following segments:
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Worldwide increase in infrastructure development activities along with rising environmental awareness are some of the major factors driving the market growth.
Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021-2029.
Ans: High price of hybrid construction equipment is one of the major factors estimated to hamper the market growth.
Ans: The market in North America will provide the highest growth opportunities throughout the forecast period on the back of rising construction activities in the region.
Ans: The major players in the market are Hitachi Construction Machinery Co., Ltd., Caterpillar Inc., Komatsu Ltd., Deere & Company, AB VOLVO, Kobelco Construction Machinery Co. Ltd., Takeuchi Mfg. Co. Ltd., Cummins Inc., SANY Group, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: The excavators segment is anticipated to hold the largest market size by the end of 2029, owing to the increasing availability of these excavators in the market, backed by their multifunctional uses.