In terms of revenue, the Global Construction Equipment Market is expected to reach USD 228.4 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 3.90% from 2022 to 2028.
Rising focus on infrastructure and the expansion of automation in the construction and manufacturing processes drives the growth of the Construction Equipment Market.
Recently, the road construction machinery market experienced a significant increase because of the increased road development programs undertaken by the central along with state governments mainly in Asia Pacific nations.
The surge in many favorable government policies meant to support the Public-Private Partnership (PPP) model is projected to create future growth prospects for the Construction Equipment industry.
Key Highlights from Report
· Among Types, the Loader market segment is anticipated to dominate the Construction Equipment Market with the largest market share in the forecast period owing to the growth of existing and new manufacturing facilities, rising disposable income, growing demand for households, and government subsidies.
· By Applications, the Excavation and Mining market segment accounted for the maximum CAGR (Compound Annual Growth Rate) during the forecast period. This is due to the increasing mining activities worldwide. The majority of countries rely a lot on mining to extract essential minerals, raw materials, and metals.
· In terms of region, Asia Pacific is expected to be the most dominant market during the forecast period. The mounting government investments in infrastructure development, availability of machinery on a rental basis, enhancement in capital investments, and the emergence of online retail facilities are among the key factors that propel the demand for the Asia Pacific Construction Equipment Market.
The Construction Equipment Market is witnessing an ascending trend because of the rising focus on smart cities & buildings. Government authorities are establishing strategic partnerships with private firms to grow their transition toward smart cities, which will make a positive market stance—also, the wide-reaching increase in construction activity fuels the Construction Equipment industry.
The Construction Equipment Market garners extensive increases from the rise in the demand for Construction Equipment in the residential construction sector due to the low housing rates and quick urbanization in India and China. Also, favorable government initiatives like incentive packages and lower housing rates, which inclined consumers to new house purchases, are anticipated to propel the demand for Construction Equipment.
On the other hand, costly Construction Equipment maintenance, supply chain, inventory concerns, and semiconductor shortages will likely hinder market growth in the future.
Asia Pacific Construction Equipment Market is expected to witness a striking development with a considerable growth rate over the analysis period. This surge is because of the development of rail and road infrastructure, the rise in dam construction, real-estate business, and commercial & residential complexes in the APAC countries. Moreover, the region’s significant market share is held by India, China, and Japan. By 2022, India is anticipated to become the world’s third-biggest construction market.
Manufacturers are trying to reduce their reliance on diesel and gasoline in the Construction Equipment industry, as regulators in Asia set striving goals to develop carbon neutrality by 2040. Furthermore, high investments in infrastructure, for example- Reliance Digital Fibre Infrastructure Trust Investment of US$ 1 billion, have given momentum to overall PE/VC investments in India. In October 2021, Prime Minister Mr. Narendra Modi announced a master plan of Rs. 100 lakh crore for multi-modal connectivity to develop infrastructure to lower logistic expenses plus improve the economy.
The Global Construction Equipment Market is Segmented as follows:
- Solution Type
- Equipment Type
- Heavy Construction Equipment
- Compact Construction Equipment
- Other Types
- Excavation & Mining
- Lifting & Material Handling
- Earth Moving
- Other Applications
- End User
- Oil & Gas
- Construction & Infrastructure
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Construction Equipment Market is:
AB VOLVO, Caterpillar INC., CNH Industrial N.V., DEERE & COMPANY, DOOSAN INFRACORE CO. LTD., Hitachi Ltd., J C Bamford Excavators LTD., KOMATSU LTD., Liebherr-International AG, XCMG GROUP
The Global Construction Equipment Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|