Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) -- In 2022, the global construction equipment market reached a value of USD 142.39 billion, and it is anticipated to experience growth, reaching USD 237.66 billion by 2030, with a projected compound annual growth rate (CAGR) of 6.6% during the forecast period. This expansion is attributed to the increasing prevalence of Public Private Partnerships (PPP), a surge in construction activities across commercial, industrial, and residential sectors, and heightened government investments in infrastructure development. Major industry players are actively engaged in financing research and development endeavors to enhance equipment capabilities, catering to various sectors such as municipal services, waste management, material handling, forestry, agriculture, and mining. These insights are drawn from the comprehensive report titled "Construction Equipment Market, 2023-2030" by Fortune Business Insights.
Browse in-depth TOC on “Construction Equipment Market”
39 - Tables
25 - Figures
120 – Pages
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Construction Equipment Market Dynamics:
Drivers:
Adoption of Advanced Equipment to Foster Market Growth
The demand for more fuel-efficient, technologically upgraded equipment for expanding construction activities drive the construction equipment market growth. Implementation of upgraded equipment reduces tracking of work done in every stage of the process, labor costs, and reduces operational costs. Prominent players are working on augmenting their business domain by providing solutions, products, and services, along with new values, which take full advantage of IoT (Internet of Things) and ICT (Information and Communication Technology).
Heavy construction equipment is the chief source of ozone emissions, resulting in the deterioration of air quality. The emissions generated from this equipment, such as Volatile Organic Compound (VOC), nitrogen oxides (NOx), and carbon monoxide (CO), adversely affect the environment, thereby causing environmental imbalance across urban and rural areas.
Opportunities:
The construction equipment industry presents a myriad of opportunities in the current market landscape. With the global construction sector experiencing steady growth, the demand for advanced and efficient machinery is on the rise. Opportunities abound for manufacturers and suppliers to innovate and develop cutting-edge equipment that not only meets but exceeds industry standards.
Restraints:
Heavy construction equipment constitutes a primary contributor to ozone emissions, leading to the degradation of air quality. The emissions produced by this machinery, including nitrogen oxides (NOx), Volatile Organic Compounds (VOC), and carbon monoxide (CO), have detrimental effects on the environment, contributing to environmental imbalances in both rural and urban areas. Additionally, mining equipment utilized at mining sites represents another notable source of substantial ozone emissions.
List of Key Players in Construction Equipment Market:
- AB Volvo (Sweden)
- Caterpillar Inc. (U.S.)
- Komatsu Ltd. (Japan)
- Doosan Infracore Co. Ltd. (South Korea)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- J.C. Bamford Excavators Ltd. (U.K.)
- Liebherr Group (Switzerland)
- CNH Industrial N.V. (U.K.)
- Hyundai Construction Equipment Co., Ltd. (South Korea)
- SANY Group (China)
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/construction-equipment-market-100521
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Regional Analysis:
Asia Pacific to Dominate the Market Owing to Numerous Developments
Asia Pacific is expected to dominate the construction equipment market share, holding the largest share during the projected period. The growth recorded in the region will likely be driven by rising government investments in infrastructure development, enhancement in capital investments, emergence of online retail facilities, and the availability of machinery on a rental basis.
Europe generated considerable revenue in 2019 and is anticipated to record growth due to surging demand for new housing units and improving employment levels. Europe is anticipated to have a significant opportunity to grow over the projected period.
Market Segmentation:
Material Handling Equipment & Cranes Segment to Show Lucrative Growth Rate due to Rising Need for Cranes
On the basis of equipment type, the market is divided into earthmoving equipment, material handling equipment & cranes, concrete equipment, road building equipment, civil engineering equipment, crushing and screening equipment, and other equipment. The material handling equipment & cranes segment is predicted to have the highest growth due to the surge in the need for cranes and other types of machinery.
Industrial Segment to Hold the Largest Share with Exponential CAGR due to Rising Industrialization
According to application, the market is segmented into industrial, residential, and commercial.
The industrial segment is estimated to depict advanced growth in the coming years due to growing industrialization and Foreign Direct Investments (FDI) for several international manufacturing plants in emerging countries.
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Competitive Landscape:
Prominent Players Are Opting for Next-Generation Products to Expand their Product Portfolio
The leading market players, such as JCB, Liebherr, Caterpillar Inc., Komatsu, and AB Volvo, dominate the market share controlling up to 40% of the market share. Moreover, Caterpillar Inc. holds the highest share in the global market owing to its large customer base and strong market presence.
KEY INDUSTRY DEVELOPMENTS:
Volvo CE and Lego Technic designers and engineers have built smart construction technology together and introduced 42081 LEGO Technic Concept Wheel Loader ZEUX.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Construction Equipment Market Key Players Market Share Insights and Analysis, 2022
- Global Construction Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Equipment Type (USD)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other Equipment (Trailers, etc.)
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Construction Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Equipment Type (USD)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other Equipment (Trailers, etc.)
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- U.S.
- By Application
- Residential
- Commercial
- Industrial
- By Application
- Canada
- By Application
- Residential
- Commercial
- Industrial
- By Application
- U.S.
- Europe Construction Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Equipment Type (USD)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other Equipment (Trailers, etc.)
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- United Kingdom
- By Application
- Residential
- Commercial
- Industrial
- By Application
- Germany
- By Application
- Residential
- Commercial
- Industrial
- By Application
- United Kingdom
TOC Continued…
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