Construction Equipment Market Size Was Valued at USD 205 Billion in 2021 and Will Achieve USD 302 Billion by 2030 growing at 4.6% CAGR

BERLIN, Aug. 15, 2022 (GLOBE NEWSWIRE) -- The Global Construction Equipment Market Size is valued at USD 205 Billion in 2021 and is estimated to achieve a market size of USD 302 Billion by 2030, growing at a CAGR of 4.6%.

The construction equipment market revenue is highly generated due to the rising investments in construction and infrastructure projects. Emerging nations such as China and India lead the industry segment with utmost construction equipment market shares. India is on the verge to become the third largest construction market by 2022 globally. Numerous ongoing and upcoming construction projects such as roadways, airports, dams, and commercial buildings are expected to offer significant opportunities for the construction equipment market growth in the coming years.

According to our construction equipment industry analysis, significant investments in China and India will support the market to grow rapidly. According to IBEF, India plans to invest over USD 1.4 trillion in infrastructure and construction over the next five years through its 'National Infrastructure Pipeline' initiative. Furthermore, the Chinese government recently announced 16,079 key investment projects for 2022, with a total investment of approximately USD 3.95 trillion (i.e. 25 trillion yuan). All these investments in construction activities will boost the demand for construction equipment, thereby bolstering the industry's growth.

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Report Coverage:

COVID-19 Impact on the Global Construction Equipment Market Value

The COVID-19 pandemic had a significant impact on the construction equipment industry, declining sales significantly in 2020 and 2021. Almost all ongoing and planned construction and renovation activities have been halted due to the coronavirus. As a result, the use of construction equipment was halted, and new orders from construction firms were also restricted. Furthermore, imposed lockdowns, travel restrictions, and the closure of manufacturing units all had an impact on the construction equipment industry's sales. Nevertheless, projects such as hospitals, laboratories, and other medical facilities, and shipping & logistics infrastructure are in high demand. However, many countries have gradually begun industrial and commercial construction projects, and the industry is expected to achieve pre-pandemic market growth very soon.

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Global Construction Equipment Market Dynamics

One of the trends in the construction equipment market is the adoption of technologically advanced construction equipment. The construction industry's equipment is improving. Many manufacturers are focusing on making their machines smarter by implementing proprietary technology systems that improve operational efficiency. Integration of advanced technologies such as telematics, payload weighing, and integrated grade control system will definitely help the construction equipment perform with greater efficiency and reduce the cost and time required for the completion of projects.

The introduction of electric and self-driving construction equipment is gaining traction in the industry. One of the most significant advantages of electric equipment is the significantly lower fuel cost, which is a major concern for many operators, particularly in remote areas where fuel shipping is significantly more difficult. Furthermore, the electric construction equipment industry in Europe and China is benefiting from increasingly stringent emission regulations on heavy construction machinery. Besides that, automated construction equipment assists in the quick completion of work at relatively lower costs. The increased efficiency and productivity of self-governing construction equipment are also increasing the demand for automated construction equipment. Furthermore, the increasing integration of artificial intelligence and the internet of things in these devices are expected to generate significant growth opportunities for the market in the coming years. However, the high ownership and maintenance cost of these machineries and the lack of available skilled operators are the two major constraints that are limiting the market growth.

Construction Equipment Market Segmentation

The global market is divided into four segments: product, application, end-user, and region.

The product segment is categorized into cranes, dozers, dump trucks, excavators, forklifts, loaders, and others. Among them, the loaders accounted for the majority of the share in 2021, whereas the excavators sub-segment is anticipated to witness a noteworthy growth rate from 2022 to 2030.

The application segment is split into earthmoving, excavation and mining, lifting and material handling, recycling and waste management, tunneling, and others. According to our construction equipment market forecast, the earthmoving application will generate significant revenue throughout the projected timeframe 2022 – 2030.

Based on end-user the market is divided into construction and infrastructure, manufacturing, mining, oil and gas, and others. In 2021, the construction and infrastructure sub-segment is anticipated to lead the market with magnificent shares on account of the growing investments in construction and infrastructure activities.

Construction Equipment Market Regional Outlook

The global construction equipment market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The Asia-Pacific region gathered a noteworthy market share in 2021 and is expected to do so in the coming years. The Asia-Pacific region's construction equipment market is rapidly expanding, particularly in China, India, and Japan owing to the favorable government spending on infrastructure projects. However, the North American region, on the other hand, is poised to grow at a rapid pace due to rising demand for technologically advanced construction equipment, the presence of major players, and the growing trend of electric and autonomous construction equipment.

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Construction Equipment Market Players

Some prominent construction equipment companies covered in the industry are Atlas Copco AB, AB Volvo, Caterpillar Inc., Doosan Heavy Industries & Construction Co., Ltd, CNH Industrial N.V., J C Bamford Excavators Ltd., Hitachi Construction Machinery Co., Ltd, Komatsu Ltd., John Deere, and Liebherr Group.

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