demand for construction equipment

The report "Impact of COVID-19 on Construction Industry Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2024" The global construction market size is declined from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry is showing signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024. The construction industry is declined in 2020 due to frequent lockdowns, stringent government regulations and supply chain disruption caused by the COVID-19 pandemic.

Request a Report Sample to Gain Valuable Insights at https://www.marketsandmarkets.com/requestsampleNew.asp?id=65270035

The residential sector comprises a major share of the construction industry.

Globally, construction is more than USD 11 trillion industry, of which residential construction is the largest sector. The occurrence of COVID-19 has caused disruption in the residential construction sector. The transformation of COVID-19 from a China-centric challenge to a global pandemic has resulted in the shifting of the impact to the global construction supply chains and markets.

The construction industry, which mirrors the economy, is expected to take a huge blow from the extended lockdown clamped to check the spread of the COVID-19 pandemic. Increasing automation in public spaces and rising awareness about antibacterial construction materials is expected to boost the construction industry. However, amidst the global COVID-19 pandemic, the demand for construction equipment and materials is expected to show a sharp decline. The global construction market size is expected to decline from USD 11,217.4 billion in 2019 to USD 10,566.8 billion in 2020. However, the industry is showing signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024.

Get PDF Brochure for Research Insights at: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=65270035

Over the past years, companies have strengthened their position in the global construction industry by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, due to the lockdown announced by several countries in 2020, the demand for materials and equipment in the construction sector has declined sharply.