Global Construction Equipment Market to Reach US$ 250.2 Bn by 2031; The Earth Moving Equipment Type Segment Held the Largest Share in 2022

Initiatives of companies to invest in R&D of sustainable construction equipment that emits low carbon dioxide and greenhouse gases to boost market development

Wilmington, Delaware, United States, June 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.The Global Construction Equipment Market was valued at US$ 147.3 Bn in 2022 and is projected to expand at a CAGR of 6.9% from 2023 to 2031.

Increase in number of construction undertakings in the residential, commercial, and industrial sectors is fueling the construction equipment market. Furthermore, mega budgets of governments for infrastructural development are anticipated to boost the construction equipment market size in the next few years.

The advent of automated construction equipment is likely to boost market development in the near future. Vendors are rolling out schemes, such as loans and easy installments to drive sales of automated construction equipment, which, in turn, is likely to increase their market share. They are also engaged in offering sustainable solutions to strengthen their foothold in the market.

Construction equipment refers to a large spectrum of tools and machinery used in construction undertakings. It comprises heavy engineering equipment, concrete equipment, construction vehicles, material handling equipment, and road construction equipment.

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Key Findings of Study

  • Mega Budget of Governments for Infrastructure Development Driving Demand – Governments in several countries are investing heavily in infrastructural development to enable better connectivity in urban, semi-urban, and rural areas, which leads to significant economic development. This fuels the demand for construction equipment for such projects.

    Availability of technologically advanced construction equipment is likely to steer market progress in the next few years. Construction contractors are inclined toward advanced construction equipment, as it boosts productivity and reduces operating costs. Furthermore, deployment of advanced construction equipment enables timely completion of projects.

    Manufacturers of construction equipment are focused on manufacturing sustainable equipment. This entails offering products that emit low greenhouse gases for carbon footprint. According to an article published in World Economic Forum in May 2022, the construction sector is responsible for 37.0% of total CO2 emissions related to energy.

    Therefore, increase in focus on infrastructure development and availability of technologically advanced construction equipment are anticipated to fuel the construction equipment market growth in the next few years.
  • Rapid Urbanization Presents Immense Growth Opportunities - Increase in urban population is driving the demand for housing complexes and residential buildings for accommodation. According to a report of the World Bank published in 2018, around 56% of the world’s population lives in cities, and this percentage is projected to double by 2050. Consequently, this fuels the demand for construction equipment leading to market expansion in the next few years.
  • Development of Mining Sector Fuels Demand – Development of the mining sector is immensely important for economic growth of a nation. This involves utilization of heavy equipment, such as wheel loaders, hydraulic excavators, dump trucks, bulldozers, and tippers to perform various functions and ground preparation. Earth moving equipment is extensively used for mineral extraction. Hence, growth in the mining sector is serving to boost the construction equipment market value.
  • High Demand for Earth Moving Equipment – According to construction equipment market analysis, the earth moving equipment segment is anticipated to account for the leading share during the forecast period. Earth moving equipment are extensively used in various construction projects in mining and building & construction sectors. For instance, this equipment is used in several operations, including digging foundations and trenches, landscaping and grading, removal of rocks, and demolition of structures.

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Growth Drivers

  • Massive investments by governments in emerging economies for infrastructure development is fueling the construction equipment market
  • Development of the mining sector is propelling the construction equipment market

Regional Landscape

  • Asia Pacific is anticipated to hold the leading market share during the forecast period. Massive infrastructural development in developing economies is leading to rise in demand for advanced construction equipment in the region. Furthermore, rapid urbanization is resulting in surge in demand for housing units, which is boosting market statistics in Asia Pacific.
  • The construction equipment market in North America and Europe is anticipated to expand at a considerable pace in the near future. Growth of the real estate sector, which includes construction of residential and commercial buildings, is augmenting the market growth in these regions.

Competitive Analysis

The business landscape is fragmented with the presence of a large number of global and regional players. Key players in the construction equipment market include

  • Caterpillar Inc.,
  • Kubota Corp.,
  • CNH Industrial N.V.,
  • Kobe Steel Ltd.,
  • XCMG Construction Machinery Co. Ltd.,
  • AB Volvo,
  • Sandvik AB,
  • Deere & Co.,
  • Komatsu Ltd.,
  • Zoomlion Heavy Industry Co, Ltd.,
  • Sany Heavy Industry Science & Technology Co. Ltd., and Liebherr International AG.

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The construction equipment market is segmented as follows:

Global Construction Equipment Market, by Type

  • Earth Moving Equipment
  • Excavators
  • Backhoes
  • Loaders
  • Bulldozers
  • Others
  • Construction Vehicles
  • Dumpers
  • Tippers
  • Trailers
  • Others (Tankers, etc.)
  • Material Handling Equipment
  • Cranes
  • Conveyors
  • Forklifts
  • Others (Hoists, etc.)
  • Other Construction Equipment
  • Concrete Mixers
  • Road Rollers
  • Heavy-duty Pumps
  • Others (Stone Crushers, etc.)

Global Construction Equipment Market, by Net Power

  • Below 100 HP
  • 100 HP – 200 HP
  • Above 200 HP

Global Construction Equipment Market, by End-use

  • Residential
  • Commercial
  • Industrial

Global Construction Equipment Market, by Distribution Channel

  • Direct
  • Indirect

Global Construction Equipment Market, by Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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