Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Global Construction Equipment Market by Equipment Type (Excavator, Loader, Dozer, Dump Truck, Compactor, Crane), Propulsion, Power Output, Engine Capacity, Application, Electric Construction Equipment, Battery Chemistry & Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global construction equipment market is undergoing a significant transformation, driven by extensive infrastructural investments in residential, commercial, and non-residential sectors across Asian and North American countries.
With the projected market size of USD 194.7 billion by 2030, up from USD 149.7 billion in 2023, the construction equipment market is set to grow at a CAGR of 3.8%. This growth is propelled by the continuous surge in infrastructural investments in residential, non-residential, and commercial sectors in regions like Asia and North America. The increasing adoption of electrification in construction equipment in Europe and North America is also contributing to the market's development.
Key Market Insights:
Lithium Iron Phosphate (LFP) Batteries Lead the Electric Construction Equipment:
- LFP batteries are poised to dominate the electric construction equipment segment in 2023, primarily due to strong demand in the Chinese market.
- LFP technology offers several advantages, including improved discharge and charge efficiency, longer lifespan, low maintenance, optimized safety, and lightweight characteristics.
- NMC batteries, preferred in European and North American countries, offer enhanced structural stability and lower heating rates, resulting in extended performance.
- Advancements in other technologies like Lithium Nickel Cobalt Aluminum (NCA) and solid-state are expected to revolutionize the electrification trend in the construction industry.
Earthmoving Equipment Emerges as the Fastest-Growing Segment:
- Earthmoving equipment, encompassing excavators, loaders, and motor graders, is predicted to be the largest and fastest-growing equipment category.
- Asia is expected to account for nearly 45% of this segment's share by 2030, driven by extensive developmental activities in countries such as China, India, and Japan.
- Notable infrastructure projects, such as water conservancy initiatives in China and large-scale dam construction in India, are fueling the demand for earthmoving equipment.
North America's Strong Presence in the Construction Equipment Market:
- The United States dominates the North American construction equipment market, with approximately 80% market share in 2023.
- Increased residential construction and construction spending are key drivers of the construction industry in the US.
- Compact equipment like mini excavators and skid-steer loaders has gained popularity, although a slight sales dip is expected in 2023 due to increased interest rates.
- The Canadian market is experiencing significant infrastructure investments, with a particular focus on residential and non-residential construction.
- Mexico's construction sector is also growing, supported by government investments and the recovery of construction activities.
This comprehensive report provides unmatched insight into the construction equipment market, including the growing importance of Lithium Iron Phosphate (LFP) batteries in the electric construction sector and the booming earthmoving equipment category driven by major development projects in populous countries.
In addition to data and insights, the report features extensive interviews with top-tier executives from key organizations in the construction equipment market, offering valuable knowledge to enhance business performance, create impactful go-to-market strategies, and gain a competitive edge. This report serves as a vital resource for informed decision-making and strategic planning in the global construction equipment market.
Premium Insights
- Rise in Urban Infrastructure Development Projects
- Earthmoving Equipment to Lead Market During Forecast Period
- Crawler Excavators to Surpass Other Segments During Forecast Period
- 100-200 HP Segment to Secure Leading Market Position During Forecast Period
- <5 L Segment to Hold Largest Market Share in 2023
- Selective Catalyst Reduction to be Largest Segment During Forecast Period
- CNG/LNG/RNG to be Fastest-Growing Segment During Forecast Period
- Commercial Segment to Record Highest Demand for Construction Equipment in 2023
- Electric Dump Trucks to Acquire Maximum Market Share in 2030
- Lithium Iron Phosphate to Command Larger Market Share in 2023
- Commercial Segment to Show Maximum Growth During Forecast Period
- Asia to Dominate Construction Equipment Market During Forecast Period
Market Dynamics
Drivers
- Growth in Infrastructure Development Projects
- Increasing Demand for Sustainable Construction Solutions
Restraints
- Stringent International Trade Policies and Mandates
Opportunities
- Ongoing Developments in Lithium Battery Chemistry
- Advancements in Autonomous Construction Equipment
- Rapid Digitalization of Services
Challenges
- Limited Battery Capacity in Electric Equipment
- Susceptibility to Cyber Attacks
Technology Analysis
- Autonomous Construction Equipment
- Monitoring and Diagnosis Via Connected Technologies
- Grade Control Systems
Case Study Analysis
- Predictive Maintenance
- Low-Carbon Construction Machinery
- Smart Construction Equipment
Trends and Disruptions Impacting Customers' Businesses
Competitive Portfolio
- AB Volvo
- Ammann Group
- Astec Industries, Inc.
- Bobcat Company
- Caterpillar Inc.
- CNH Industrial N.V.
- Deere & Company
- Dingsheng Tiangong Construction Machinery Co. Ltd.
- Doosan Enerbility
- Escorts Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Hyundai Construction Equipment Co. Ltd.
- J C Bamford Excavators Ltd.
- Kobelco Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Kubota Corporation
- Liebherr
- Liugong Machinery Co. Ltd.
- Manitou Group
- Sandvik AB
- SANY Group
- Shantui Construction Machinery Co. Ltd.
- Sumitomo Construction Machinery Co. Ltd.
- Terex Corporation
- The Manitowoc Company, Inc.
- Wacker Neuson SE
- Xuzhou Construction Machinery Group
- Yanmar Holdings Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Co. Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 472 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $149.7 Billion |
| Forecasted Market Value (USD) by 2030 | $194.7 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/sp8q8o
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