Hybrid construction equipment market deals with the construction equipment that have two power sources. Research on Hybrid construction equipment started in 1997 as Komatsu took charge of developing Hybrid construction equipment. However, in 2003 Hitachi developed world’s first hybrid loader that had a series configuration. Further, the concept of parallel hybrid construction equipment was put forward by New Holland in 2006. Since then, various companies have been engaged in the hybrid construction business. The global hybrid construction equipment market is expected to foray ahead with a considerable CAGR over the forecast period of 2018-2028. Initiatives of countries towards cutting carbon footprint has urged the demand for hybrid construction equipment. Europe has been identified as one of the key regions for having substantial adoption of such equipment. Moreover, advancements in hybrid construction equipment, high demand from various countries coupled with increasing R&D spending in this technology and growing construction industry, which are some of the factors providing traction to the Hybrid construction equipment market growth.
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Key players of Hybrid construction equipment Market
Prominent players in the global hybrid construction equipment market are Hitachi Construction Machinery, Kobelco Construction Machinery Co., Ltd., John Deere, Caterpillar and others. The Hybrid construction equipment market is consolidated in nature.
The research report presents a comprehensive assessment of the Hybrid construction equipment market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Hybrid construction equipment market report provides analysis and information, according to market segments such as geographies, configuration and type.
Growing construction industry is poised to drive market growth over the forecast period
According to Institution of Civil Engineers, UK, a report “Global Construction Perspectives and Oxford Economics” suggests that the global construction market is expected to reach US$ 8 trillion by the end of 2030. Also, China, India and United States will lead the industry by accounting for about 57% of the global construction industry growth. Furthermore, continuously increasing population rates and urbanization are some of the factors that are positively supplementing the market growth till 2028. Increase in construction industry tend to widen the scope for construction equipment. Further, governments and private organizations would opt for the technology emitting fewer carbon footprint. This in turn drives the market growth over the forecast period. Paris agreement was signed on 12th December 2015 by various countries that targets at reducing the carbon footprint. Such factors positively impact the market growth till 2028.
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Hybrid construction equipment Market: Regional Outlook
The global Hybrid construction equipment market is segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA. Among the above-mentioned regions, Europe is expected to contribute majority of the market share in 2018 in terms of value owing to adoption of Hybrid construction equipment across some of the countries have established zero emission zones. South Asia and East Asia are expected to show high growth rates due to growing construction industry. In addition, initiatives towards reducing carbon emissions along with the presence of active key players in the region tend to drive the regional market. China is one of the key emerging markets for hybrid construction equipment in the region. Moreover, North America has low adoption rates of hybrid construction equipment. Also, Oceania and Latin America account for a substantial market share in terms of Hybrid construction equipment demand.
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