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.
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:
Our in-depth analysis of the global hybrid construction equipment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Worldwide increase in infrastructure development activities along with rising environmental awareness are some of the major factors driving the market growth.
The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021-2029.
High price of hybrid construction equipment is one of the major factors estimated to hamper the market growth.
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.
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.
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.
The market is segmented by type, end-user, and by region.
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.
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