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 andGermany 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.
According to a recently released TechSci Research report, “Europe Construction Vehicles Market Forecast & 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.
“Europe Construction Vehicles Market Forecast&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.