Rockville , Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global construction equipment market is set to rise at a CAGR of 4% to reach a US value of $174 Billion by 2032.
Construction equipment refers to specialized machinery used in construction tasks like digging, lifting heavy materials, and more. These machines outperform manual labor in several ways. They work faster and more accurately, ensuring projects meet exact specifications. Safety features protect operators and workers, and they can handle heavy loads that would be too difficult for humans. Different types of equipment are designed for specific tasks, making them versatile. While there's an initial cost, they prove cost-effective in the long run by completing tasks in less time. They're adaptable to various terrains and often designed for minimal environmental impact.
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The growth of the construction equipment market is primarily driven by increasing urbanization and infrastructure development, particularly in emerging economies. Rising population densities and the need for modernized infrastructure spur demand for construction machinery. Additionally, the integration of advanced technologies like telematics, automation, and IoT in construction equipment enhances productivity and safety, further propelling market expansion.
Keeping up with fast-paced technological changes, like integrating IoT, telematics, automation, and autonomous features, is tough for both construction equipment makers and users. Fluctuations in the prices of essential materials like steel and aluminum pose a challenge in the market. When these material prices go up, it raises the cost of making construction machinery.
| Report Attribute | Details |
| Value Projection (2032) | US$ 174 Billion |
| Growth Rate (2022-2032) | 4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 36 Tables |
| No. of Figures | 80 Figures |
Key Takeaways:
- Market share of APAC during 2022 was around 41%
- Due to an increase in residential construction projects, North America is expected to experience a Compound Annual Growth Rate (CAGR) of more than 3.2% throughout the forecast period.
- The earthmoving machinery segment is expected to account for 59% of total market revenue. Besides this, the material handling equipment is expected to witness a CAGR of 4% during the forecast period.
Technological advancements and automation, coupled with a surge in infrastructure development projects and a heightened focus on sustainable construction practices are 3 factors that are driving the market - Says FACTMR Expert
Key Companies Profiled in This Report
- Caterpillar
- CNH Industrial N.V
- Doosan Corporation
- Escorts Limited
- Hitachi Construction Machinery Co. Ltd.
- Hyundai Construction Equipment Co. Ltd.
- J C Bamford Excavators Ltd.
- Deere & Company
- Kobelco Construction Machinery Co. Ltd.
- Komatsu Ltd.
Market Competition
Most major market players are expected to prioritize offering cost-effective and environmentally friendly equipment as a core part of their product offerings in the future.
- In January 2021, Komatsu Ltd. and Honda Motor Co., Ltd. entered into a joint development agreement. Together, they collaborated on the electrification of Micro Excavators (PC01) and established a system for sharing batteries to supply power packs (MPP) for construction equipment and related machinery.
Winning strategies
- Big companies in the market should focus on making strong, specialized equipment for specific jobs in construction, like moving earth, handling materials, or making concrete. This way, they can serve specific parts of the construction industry really well.
- Designing compact, versatile equipment that can handle multiple tasks in tight construction spaces is a smart strategy in the equipment market. It saves space, boosts efficiency, and cuts costs since one machine can do many jobs.
- Top players in the industry should use smart technology like predictive analytics and machine learning to predict when construction equipment needs maintenance. This helps prevent unexpected breakdowns, keeps equipment running longer, and saves time and money.
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Country-wise-Analysis:
During the forecast period, how will the market in the North American area emerge?
Fact.MR projects that North America will grow at a compound annual growth rate (CAGR) of more than 3.2% throughout the projection period due to an increase in the activity of residential development. The U.S. Census Bureau reported that in January 2021, construction spending increased by 5.7%, creating a need for equipment. The growing popularity of renting earthmoving equipment, especially mini-excavators and small truck loaders, is also anticipated to drive demand for upgraded equipment from rental companies in the first few quarters of 2022.
Explore More Related Studies Published by Fact.MR Research:
Construction Equipment Attachment Market: The construction equipment attachment market size is poised to expand 1.3X in terms of value, and is foreseen to progress at a CAGR of 2.4% during the forecast period (2020 to 2030).
Construction Polymers Market: The global construction polymers market to represent a CAGR of 6.5% in terms of value from 2019-2027.
Construction Robot Market: Sales of autonomous construction equipment are predicted to rise at a CAGR of 16.6%, culminating in a market size of US$ 936 billion by the end of 2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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