Market Insight-European Construction Machinery Market Overview 2020
European Construction Machinery Market Overview 2020
European Construction Machinery Market Size was estimated at USD 26443.91 million in 2020 and is projected to reach USD 32501.33 million by 2028, exhibiting a CAGR of 2.61% during the forecast period– Bossonresearch.com
Construction Machinery refers to heavy-duty vehicles, specially designed for executing construction tasks, most frequently ones involving earthwork operations or other large construction tasks. The most common construction machinery include excavator, loader, concrete equipment, road equipment, cranes, drilling machine and roadheaders, etc.
Sales on the European construction equipment market went down by 6.4% in 2020. This seemingly modest drop is due to the performance of high-volume light and compact equipment, whose sales were almost unaffected at -3%. In contrast, heavy construction machinery suffered a 19% fall in sales, in what emerged as a challenging year. Indeed, less expensive machines were sold at almost normal levels during the pandemic, while investment in more capital-intensive equipment suffered from the economic uncertainty. These economic figures are the result of a combination of anticipated cyclical downturn after years of growth and a slowdown in business activity due to the Covid pandemic. Unlike earlier years, earthmoving equipment, road equipment, concrete equipment, and the tower cranes business experienced similar market patterns, despite the impact of stronger sales of light equipment.
According to Bosson Research, the European Construction Machinery Market Size was estimated at USD 26443.91 million in 2020 and is projected to reach USD 32501.33 million by 2028, exhibiting a CAGR of 2.61% during the forecast period.
Figure European Construction Machinery Market Size
Source: Bossonresearch.com, 2022
European Construction Machinery Market: Competitive Landscape
Changes in regional economic performance significantly affect the overall business performance of some firms across regions. Even though European firms were the ones that paved the way for the development of construction equipment and the heavy equipment market’s emergence, European firms today do not hold the major positions in the global market. As of 2020, Caterpillar (U.S.), Komatsu (Japan), John Deere (U.S.), XCMG Group(China), Sany Group(China) were the global leaders in construction machinery manufacturing. Three out of twelve major companies in this market are based in Europe, with the largest being Volvo of Sweden. During the same period, Volvo Construction Equipment (Sweden), Liebherr (Germany), and Sandvik Mining and Rock Technology (Sweden) were the major European firms based on sales values. Although the global sales of Liebherr stagnated between the fiscal year of 2008 and 2014, the company gained momentum in 2015. Consequently, the company increased its global sales and reaching the peak figure in 2019, with over 11.7 billion euros in economic value generation.
European Construction Equipment Market Share by Manufacturers (2020)
Source: Bossonresearch.com, 2022
European Construction Equipment Revenue by Product & Manufacturers (2020)
Source: Bossonresearch.com, 2022
Key Players in the European Construction Equipment Market include:
l Liebherr (Cermany )
l Caterpillar (USA )
l Volvo Construction Equipment ( Sweden )
l JCB (UK)
l CNH Industrial ( Italy )
l Fayat Croup( France）
l Palfinger AG (Austria)
l Sandvik Mining and Rock Technology( Sweden )
l Kubota (Japan )
l Manitou ( France )
l Wacker Neuson ( Germany )
l Hiab( Finland )
l Epiroc (Sweden)
l Metso( Finland )
l Palming( Austria）
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