Europe Construction Vehicles Market to Surpass USD14 Billion in 2020
Growth
in economic and political stability, rising investments and EU’s Europe 2020
initiative to drive construction vehicles market in Europe through 2020
Europe has
been witnessing sluggish economic growth after the global recession in 2008.
Countries like Spain and Greece are still reeling under the aftershock of
Eurozone crisis that further took a heavy toll on economic stability of these
nations in the form of significantly low production rate, high public and
private debts, etc. Despite that some countries such as the UK and Germany
exhibited modest growth over the past few years. Construction sector, in
particular, was deeply affected by the economic turmoil that still continues in
some parts of Europe. These factors tremendously contributed to steep decline
in construction vehicle sales in Europe.
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According to a
recently released TechSci Research report, “Europe Construction Vehicles Market Forecast and Opportunities, 2020’’, construction vehicles market in Europe is likely
to cross USD14 billion in 2020. Major factors driving the market include growth
in commercial infrastructure including offices, warehouses, hotels, etc. as
well as residential infrastructure through the forecast period. However, public
work infrastructure is estimated to witness a moderate growth rate of around 5%
in the same year. In 2014, Caterpillar, Inc. emerged as the market leader in Europe
construction vehicles market, and is likely to continue its leadership until
2020 also. Other major players dominating the market include Komatsu Ltd. and
Liebherr Group, which have strong footprint in the entire Europe.
“Easy
availability of financing options at low interest rates, significant
developments in real estate sector, and new construction and infrastructure
projects approved by government are among the key market drivers. Europe is
turning into a highly competitive market with manufacturers differentiating
themselves through their product portfolio. In order to do so, companies are
offering value-added services across various market segments, thereby creating
a brand image for themselves. Renting/leasing of construction equipment is one
of the novel trends prevailing in Europe construction vehicles market. However,
the availability of rental options is largely restraining sales of new
construction vehicles.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
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“Europe Construction
Vehicles Market Forecast and Opportunities, 2020” has analyzed the potential of the construction
vehicles market in Europe and provides statistics and information on market
sizes, shares and trends. The report will suffice in providing the intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers and key challenges faced by the
industry.
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