Hybrid Construction Equipment Market size is anticipated to grow at substantial growth rate during the forecast period i.e., between 2024-2036.
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 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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Regional Scope |
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The 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.
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.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By End–User |
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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 industry is set to account for largest revenue share by 2036, 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.
Asia Pacific market is anticipated to witness significant CAGR during the forecast period, owing to the surge in urbanization backed by the migration
Author Credits: Shweta Patidar
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