The construction equipment industry includes Excavators, Backhoe, Bulldozers, Graders, Loaders and so others. Some of the major factors for the growth of the construction equipment industry before pandemic include the continuous growth in infrastructural sector, rising adoption of construction equipment for building constructions in developing economies and growth in the construction of high rise buildings. Considerable investment by the government in transport, energy and housing projects is also augmenting the demand for construction equipment all across the globe. 

Due to the COVID-19 pandemic, one of the most affected sectors is building & construction. Numerous countries have been lockdown and most of the construction activities have been halted. Construction sites have to face the lack of workers due to pandemic. Moreover, the government of many countries is providing billion as relief packages, which results raise in the debt of the respective countries. In a couple of years to balance their debt, the government could allocate fewer funds to infrastructure development projects which will indirectly impact the demand for construction equipment. 

The global construction equipment industry report is segmented based on earthmoving equipment, material-handling equipment, heavy construction equipment vehicles, and other equipment. The earthmoving equipment segment is expected to get affected significantly due to the COVID-19 pandemic. The effect of COVID-19 on the construction equipment industry can be observed in all the regions including North America, Europe, Asia-Pacific, and Rest of the World. The US and the European countries are most affected due to the COVID-19 pandemic. Around 400,000 confirmed cases in the US and around 670,000 cases in Europe have been registered so far. Due to which construction and its equipment industry are expected to get affected significantly in both regions. 

Major companies affected due to COVID-19 in the construction equipment industry include Caterpillar, Inc., Liebherr-International AG, Mitsubishi Corp., Joseph Cyril Bamford Excavators Ltd., Komatsu Ltd., Volvo CE, CNH Industrial N.V., and others. Due to the lockdown and lower demand, the companies have to temporarily shut down their manufacturing units all across the globe. For instance, Hitachi Construction Machinery Group announced to reschedule the production at its four Japanese plants in April and May due to lower demands. On 5th February 2020, CNH Industrial shut down its 28 out of 30 European assembly plants for two weeks due to supply chain constraints. In March 2020, JCB also shut down its manufacturing plant in UK for two weeks. 

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on the global construction equipment industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the construction equipment industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the global construction equipment industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global construction equipment industry.
• Insights about market determinants which are stimulating the global construction equipment industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.