Pune, April 27, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Construction Equipment Market achieved a worth of USD 170.77 billion in 2022 and is projected to attain a value of USD 270.14 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% during the estimated period of 2023-2030.
Market Overview
Construction equipment refers to a wide range of tools, machines, vehicles, and equipment that are used in construction activities, such as building, excavation, demolition, and transportation. This equipment is designed to perform a variety of tasks, ranging from simple manual operations to complex automated processes. Some of the commonly used construction equipment include bulldozers, excavators, backhoes, loaders, cranes, concrete mixers, dump trucks, and compactors, among others.
Market Analysis
The global construction equipment market is expected to witness significant growth in the coming years, which is likely to drive the demand for construction equipment. The increase in construction activity is driven by several factors, such as rising population, urbanization, and infrastructure development. Additionally, supportive government initiatives, such as stimulus packages and tax incentives, are expected to boost the demand for construction equipment. The lower housing costs, coupled with favorable government policies, have encouraged people to buy new homes, which is driving the demand for construction equipment.
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Key Company Profiles Listed in this Report Are:
- Hitachi Ltd.
- AB Volvo
- Catterpillar Inc.
- CNH Industrial N.V
- Deere And Company
- Hyundai Doosan Infracore Co. Ltd
- J C Bamford Excavators. Ltd.
- Komatsu Ltd
- Liebherr-International Ag
- Xcmg Group & More
Construction Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 170.77 Billion |
| Market Size by 2030 | US$ 270.14 Billion |
| CAGR | CAGR of 5.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Construction Equipment Market: Key Segmentation | • By Solution Type (product and service) • By Equipment (heavy and compact construction equipment) • By Type (Loader, cranes, forklift, excavator, dozers, others) • By Application (excavation and mining, lifting and material handling, earth moving, transportation, others) • By Industries (Oil and Gas, Construction and infrastructure, Manufacturing, Mining, Other) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Impact of Recession on the Construction Equipment Industry
The recession has a significant impact on the construction equipment market, as it affects the overall construction industry. During an economic downturn, the construction industry experiences a decline in demand, leading to a decrease in construction activities. However, the impact of the recession on the market can be mitigated by the government's stimulus packages and infrastructure spending. Governments can invest in infrastructure development projects, such as highways, bridges, and airports, which can help boost the demand for construction equipment.
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Key Regional Developments
The construction equipment market in North America is expected to witness significant growth during the forecast period, owing to the increase in infrastructure development projects, such as highways, airports, and bridges. The growing demand for residential and commercial construction activities is also contributing to the growth of the market in North America. In Asia Pacific, the market is driven by the increasing demand for construction activities, particularly in emerging economies such as India and China. The growing population, urbanization, and rising disposable income are driving the demand for residential and commercial construction activities, which is boosting the demand for construction equipment in the region.
Key Takeaway from Construction Equipment Market Study
- The crane segment is expected to dominate the market, owing to its widespread use in the construction industry. The growing demand for high-rise buildings, bridges, and other infrastructure development projects is contributing to the growth of the crane segment.
- The oil and gas industry segment is set to be the dominant force in the market, according to recent market analyses. The industry's growing demand for heavy-duty machinery, such as drilling rigs and excavators, has spurred the development of more advanced and efficient equipment.
Recent Developments Related to Construction Equipment Market
- ACE, a leading construction equipment manufacturer, has recently launched its latest innovation in the form of an electric crane. The crane, designed and developed in India, marks a significant step towards more sustainable and eco-friendly solutions in the construction industry.
- Case, a leading construction equipment manufacturer, has recently launched five new backhoe loaders at ConExpo, the world's largest construction industry trade show. The new line of backhoe loaders is designed to meet the growing demand for versatile and efficient construction equipment.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Construction Equipment Market Segmentation, by Solution type
9. Construction Equipment Market Segmentation, by Equipment type
10. Construction Equipment Market Segmentation, by Type
11. Construction Equipment Market Segmentation, by Application
12. Construction Equipment Market Segmentation, by Industries
13 Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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