WASHINGTON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Global Construction Equipment Market is valued at USD 179.5 Billion in 2021 and is projected to reach a value of USD 228.4 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 17.5% over the forecast period 2022-2028.
One of the most significant economic sectors is the Construction Equipment Market, and consistent growth is predicted. Despite the industry's volatility, a range of factors could have an impact on its development or demise. This study examines current trends and potential developments to provide a comprehensive overview of the industry. It also details the industry's key players and their expansion strategies.
The study provides a complete evaluation of worldwide producers and suppliers and their current state and future potential. It also includes information on demand-side variables influencing the global need for, such as rising investment demands, expanding technology, and new laws.
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Construction Equipment Market Overview
According to Vantage Market Research, key factors anticipated accelerating the Construction Equipment Market growth over the forecast period. Rapid urbanization and expanding global population are two major factors influencing market growth. These factors have led to a significant increase in housing projects and the building of commercial infrastructure. An expansion in automation in the construction sector is also being driven by a shortage of skilled laborers and a growing emphasis on lowering overall project costs and completion timeframes. Additionally, rising investments in developing brand-new public infrastructure and improving existing infrastructure are other factors driving the market growth.
We forecast that the heavy construction equipment category in Construction Equipment Market sales will account for more than 30% of total sales by 2028 due to rapid urbanization and industrialization, especially in developing countries, fostering economic expansion, employment opportunities, and national advancement. It also creates socioeconomic and environmental changes by designing structures that use less energy for a sustainable future.
During the forecast period, Asia Pacific is expected to gain market dominance and hold the largest share. The emergence of online retail stores, the availability of machinery for rent, rising government investments in infrastructure development, and increased capital investments are all expected to contribute to the region's growth.
Top Players in the Global Construction Equipment Market
- 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
Market Dynamics
Advanced Construction Equipment Adoption:
Consumers worldwide are demanding more technologically advanced, fuel-efficient equipment to enhance construction activities. Utilizing more modern equipment lowers operational and labor costs and improves tracking of work done at every stage of the process. Players are working on expanding their business domains by offering new values and ICT (Information and Communication Technology) and IoT (Internet of Things) technologies-based products, services, or solutions. Aside from meeting customer needs, they are also developing cutting-edge equipment to solve social and environmental issues. In turn, this makes these machines more appealing to end users.
A surge in Autonomous and Electric Construction Equipment:
The electrification of the Construction Equipment Market offers significant opportunities and design options. Automobiles, buses, and construction machinery are just a few market segments where electrification is becoming more prevalent. This has been made possible by the development of affordable, advanced technology and stricter emissions regulations that have changed the outlook for the construction equipment industry. The use of diesel inside city limits has been outlawed in several cities around the world, impacting how construction equipment operates.
Stringent Regulations:
At the global, regional, and municipal levels, stricter pollution regulations for heavy machinery and equipment are being implemented in China and Europe. These regulations' emission and noise pollution requirements can be easily met using electric construction equipment. This enables makers of construction products to release electrified versions of current and novel products on the market. As a result, during the projection period, this aspect offers more lucrative chances to market participants.
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Top 10 Players Generates More Than 45% of the Global Construction Equipment Market Revenue
These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include 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 and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
Top Trends in Global Construction Equipment Market
- One trend that Vantage Market Research (VMR) expects to see in the Construction Equipment Market industry is the increased adoption of autonomous construction equipment. Numerous technological developments are being made in the construction equipment sector to produce more reliable and optimal products. Automation is becoming more popular since construction equipment increases productivity with little work and fewer errors. The off-highway operating vehicle market is steadily becoming more popular using autonomous operating technology. As a result, the market for construction equipment would have a chance to expand and grow during the forecast period due to the trend toward autonomous construction equipment.
- Another trend that VMR predicts will continue in the Construction Equipment Market industry due to increased demand for rental services. It is anticipated that the new regional and local enterprises will leave their mark on the rental service sector and make sizable profits from their local clients. Large construction firms mostly concentrate on the following sectors to boost their profits: general infrastructure, utility and electrical, oil and gas, and commercial and residential buildings.
Top Report Findings
- Based on solution type, the products category held the largest revenue share in the Construction Equipment Market. This is explained by the fact that the market for construction equipment is capital-intensive and requires a substantial investment.
- Based on equipment type, the majority of the Construction Equipment Market's revenue is controlled by heavy construction equipment due to global infrastructure investment growing at an increasing rate. The demand for housing is rising due to rapid urbanization, industrialization, and population growth, and the heavy construction equipment category is becoming extremely popular.
- Based on type, the loaders dominated the Construction Equipment Market, and this trend is anticipated to continue. In order to transport loose materials like gravel, sand, or demolition debris to disposal sites, loaders are used on construction sites.
- Based on application, the excavation & mining equipment dominated the Construction Equipment Market, and this trend is anticipated to continue. The increased demand for industrial projects and the construction of mining infrastructure is to blame for this. Additionally, this market segment is gaining from rising R&D expenditures by significant vendors.
- Based on end-use, the oil & gas category dominated the Construction Equipment Market, and this trend is anticipated to continue. The demand for new pipelines, refineries, and LNG terminals is fueling the expansion of this sector.
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Loaders Category in Construction Equipment Market to Generate Over 30% Revenue
Construction Equipment Market is an expensive investment. Vantage Market Research has analyzed the market for Construction Equipment Market to understand its current state and potential future growth factors. For better understanding, based on type Construction Equipment Market is divided into: loader, cranes, forklift, excavators, dozers and other types.
During the forecast period, the market for Construction Equipment Market is anticipated to experience the highest CAGR for the loader category. This construction equipment is generally utilised for loading/unloading and bulk material movement in the construction, quarry, and crusher industries. Large-scale infrastructure projects involving roads, railroads, dams, ports, and airports frequently utilize them. Additionally, government programs for infrastructure improvements have increased the demand for loaders.
On the other hand, the crane category is anticipated to grow significantly over the forecast period. Globally significant construction projects will soon dominate the crane and construction machinery markets. Europe has several construction projects in the works. The construction projects in the area led to the highest growth rates in Germany, France, and Italy. The projects, which use numerous types of cranes and are driving the crane market, include the port extension, underwater tunnel connecting major European countries, and railroad tunnels.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Construction Equipment Market Forecast Report (2022-2028).
Global Construction Equipment Market Segmentation
By Solution Type
- Products
- Services
By Equipment Type
- Heavy Construction Equipment
- Compact Construction Equipment
By Type
- Loader
- Cranes
- Forklift
- Excavator
- Dozers
- Other Types
By Application
- Excavation & Mining
- Lifting & Material Handling
- Earth Moving
- Transportation
- Other Applications
By End User
- Oil & Gas
- Construction & Infrastructure
- Manufacturing
- Mining
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
| Report Attributes | Details |
| Market Size in 2021 | USD 179.5 Billion |
| Revenue Forecast by 2028 | USD 228.4 Billion |
| CAGR | 4.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | 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 |
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