PALM BEACH, Florida, April 15, 2020 /PRNewswire/ -- As per various recent report the global construction equipment market is expected to grow to USD 227.32 Billion by 2025, at a CAGR of 5.2% during the forecast period 2018-2025. Increase in government expenditure on developing infrastructure, growing demand for smart city projects which requires a large amount of construction equipment and newly formed emission regulations to initiate progress in OHV engine & exhaust technologies are driving the global construction equipment market. A report from industry insider, Fior Markets added: "Construction equipment is defined as a wide variety of heavy machines which implement specific construction functions under power. Due to modernization and technological improvements, the need for construction equipment has increased substantially for highly disciplined industries, including the military and railway operations. The construction machines may be classified according to their functions such as hoisting, excavating, hauling, grading, paving, drilling, or pile driving. Heavy construction equipment is an important component of all construction projects as they lower the cost of labor and reduce the amount of time taken to complete projects. The machines are designed in a way to increase speed, efficiency, and accuracy so as to improve operator comfort and safety. The world construction equipment market consists different industries including manufacturing, oil & gas, forestry, military and public works. For instance, Caterpillar (U.S.) launched its Cat utility vehicles - the gasoline-powered Cat CUV82 and diesel-powered CUV102D to build a UTV that delivers the combination of durability, comfort and maintenance simplicity. Active companies in the markets this week include ToughBuilt Industries, Inc. /zigman2/quotes/209624510/composite TBLT +2.23% , The Home Depot, Inc. /zigman2/quotes/208081807/composite HD +1.07% , Lowe's Companies, Inc. /zigman2/quotes/205563664/composite LOW +0.65% , Floor & Decor Holdings, Inc. /zigman2/quotes/206904436/composite FND +0.99% , Amazon.com, Inc. /zigman2/quotes/210331248/composite AMZN +2.49% .
The increased expenditure by the government on developing infrastructure is a major factor driving the market growth. However, the high cost of equipment may obstruct the growth of the market. Nevertheless, renting or leasing out construction equipment may boost the market in the forthcoming years." A recent report from ResearchReportsWorld added: "The global Construction Equipment market is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2025. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon."
ToughBuilt Industries, Inc. /zigman2/quotes/209624510/composite TBLT +2.23% /zigman2/quotes/204185882/composite TBLTW +4.04% BREAKING NEWS: TOUGHBUILT™ Q1 Amazon sales reached $1,200,000 - ToughBuilt Industries today announced that it's for the quarter ended March 31, 2020, our gross sales through our Amazon U.S. storefront were $1,200,000, which is $4,800,000 on an annualized basis. During 2019 which was launched in May 2019, our sales for Amazon were $2,500,000.
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, "We are very pleased with the successful launch we did last year through the Amazon Storefront and our results for the first quarter this year. Although the quarter was impacted by Covid-19, we maintained a consistent flow of sales from the commercial and private sectors which we believe will be balanced as we continue to utilize the marketing and far-reaching capabilities of Amazon." Other recent developments in the markets this week include:
The Home Depot, Inc. /zigman2/quotes/208081807/composite HD +1.07% the world's largest home improvement retailer, recently provided an update on several temporary changes to its business in response to COVID-19. "As our communities battle COVID-19, The Home Depot is committed to providing the essential needs required to maintain homes and businesses while doing our best to protect our valued customers and associates. This has resulted in several temporary changes to our business as we look out for your safety and the safety of our associates," said Craig Menear, chairman, CEO and president of The Home Depot. "We want to thank our associates and our customers for their patience and cooperation as we work through this challenge together."
Lowe's Companies, Inc. /zigman2/quotes/205563664/composite LOW +0.65% Lowe's Canada, one of Canada's leading home improvement retailers operating or servicing more than 475 corporate and affiliated stores under different banners, continues to respond to the rapidly evolving COVID-19 pandemic, has recently announced a philanthropic investment of $1 million to support Canadian associates and communities now and as the pandemic continues.
This philanthropic investment is in addition to other local initiatives rolled out to support our communities, including the donation of 36,000 boxes to Ontario food banks through Feed Ontario, as well as the donation of plastic rolls to healthcare workers to protect them during intubation.
"Over the past several weeks, our more than 26,000 Lowe's Canada associates have worked around the clock to ensure our retail and Pro customers have access to the essential products they need to keep their families safe, their essential businesses running, and their communities healthy. With the initiatives announced today, we want to contribute to meeting other types of essential needs within our communities," said Tony Hurst , President of Lowe's Canada .
Amazon.com, Inc. /zigman2/quotes/210331248/composite AMZN +2.49% recently announced four new renewable energy projects in Australia, Spain, Sweden, and the US that further support Amazon's commitment to reach 80% renewable energy by 2024 and 100% renewable energy by 2030 on path to net zero carbon by 2040.
Amazon is investing globally to enable new renewable energy projects as the company works towards net zero carbon by 2040. Amazon's first renewable energy project in Australia is a 60 megawatt (MW) solar project anticipated to come online in 2021 in northern New South Wales. Once complete, the project is expected to generate 142,000 megawatt hours (MWh) of clean energy annually, which is equivalent to the annual electricity of almost 23,000 average Australian households.
Floor & Decor Holdings, Inc. /zigman2/quotes/206904436/composite FND +0.99% a leading specialty retailer of hard surface flooring, recently announced an update on temporary operating changes to its business in response to COVID-19.
The majority of its stores will remain open for pickup only of online, phone or app orders from Monday – Saturday, 7am to 4pm; Sunday, 10 am to 4 pm.
The Company continues to operate its flooranddecor.com website, its ProPremier professional app and call center, which allow customers the opportunity to shop and purchase outside of the physical store environment with the convenience of same-day pickup and various delivery options. In an effort to help customers keep their projects on track, the Company will be offering free virtual design appointments starting next week. In addition, previously purchased products in storage can continue to be picked up at the store.
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