Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Construction Equipment Market by Solution Type, Equipment Type, Type, Application, End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report the construction equipment market was valued at $195.8 billion in 2021, and is estimated to reach $313.9 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Key factors driving the growth of the construction equipment market include rise in construction & infrastructure industry, growth in focus on Public-private partnerships (PPP), and growth in popularity toward robust and compact equipment.
An increase in population and urbanization has led to the expansion of the construction sector throughout the globe, which boost the construction equipment market growth.
The increase in number of construction & infrastructure development projects such as residential, commercial, industrial, and public infrastructure largely drive the market; especially, in emerging economies, such as India, China, Vietnam, Brazil, South Africa, and others.
For instance, with the new National Infrastructure Pipeline project of India, the country aims to develop social and economic infrastructure such as roads & highways, railway networks, ports, shipping, and inland waterways infrastructure. Expenditure for this is expected to be around $759.76 billion over a period of five years between 2020 and 2025. Similarly, the $1 trillion bi-partisan infrastructure law of the U.S. is expected to positively influence the market.
The construction equipment market has grown along with such growth. Moreover, the rise in population has also increased the demand for minerals and energy; thereby positively boosting the mining industry. The mining industry utilizes various heavy-duty construction equipment such as excavators, loaders, dump trucks, and others. Thus, such factors, which have resulted in increased construction activities, are fueling the demand for construction equipment.
The market also offers growth opportunities to the key players in the market. Technological developments by major players, which include Volvo CE, John Deere, Caterpillar, JCB, and others have amplified the demand for construction equipment products. John Deere deals in an embedded payload scale along with an advanced payload scale through additional limited detail functionality. This payload weighing system by John Deere measures loaded trucks, cycle times, and total bucket loads.
Moreover, construction equipment is vital for construction and mining businesses. It is needed to accomplish several functions such as material handling, excavating, earth working, and others. Thus, key players are continuously innovating their offerings. Features such as automation or self-driving in equipment have achieved traction in recent years.
For instance, in 2020, 38-tonne Sandvik launched an autonomous mining loader, known as Sandvik LH514. Such factors provide lucrative growth opportunities for the construction market growth.
Competitive analysis and profiles of the major players in the construction equipment end-user, such as AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Hyundai Doosan Infracore Co., Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) are provided in this report. There are some important players in the market such as Sany, CNH, and Terex. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the construction equipment market. For instance, in July 2022, a joint venture between Tata and Hitachi, known as Tata Hitachi launched 5-Tonne Wheel Loader ZW225 from its Kharagpur plant in India.
Key Market Insights
- By solution type, the products segment was the highest revenue contributor to the market and is estimated to reach $244,338.5 million by 2031, with a CAGR of 4.7%. However, the services segment is estimated to be the fastest-growing segment with a CAGR of 5.1% during the forecast period.
- Based on equipment type, the heavy construction equipment segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 4.7% during the forecast period.
- By type, the excavator segment dominated the global market in 2021. However, the forklifts segment is expected to be the fastest-growing segment with a CAGR of 9.4% during the forecast period.
- Based on end user, the construction and infrastructure segment was the highest revenue contributor to the market which is expected to grow with a significant CAGR during the forecast period.
- Based on region, Asia-Pacific garnered the largest revenue share in 2021, and the same is anticipated to grow at the highest CAGR of 5.6% during the forecast period
Key Market Segments
By Solution Type
- Products
- Services
By Equipment Type
- Heavy construction equipment
- Compact construction equipment
By Type
- Concrete Mixer Truck
- Others
- Wheel Bulldozer
- Front Loaders
- Dump Trucks
- Backhoe loader
- Grader
- Crawler Dozers
- Compactors
- Excavators
- Forklifts
By Application
- Excavation and Mining
- Lifting and Material handling
- Earth Moving
- Transportation
- Others
By End User
- Oil and gas
- Construction and Infrastructure
- Manufacturing
- Mining
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Hyundai Doosan Infracore Co., Ltd.
- AB Volvo
- CATERPILLAR INC.
- XCMG Group
- CNH Industrial N.V.
- Hitachi Ltd.
- J C Bamford Excavators Ltd. (JCB)
- Liebherr-International AG
- Komatsu Ltd.
- Deere & Company
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 544 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $195798.7 million |
| Forecasted Market Value (USD) by 2031 | $313868 million |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CONSTRUCTION EQUIPMENT MARKET, BY SOLUTION TYPE
CHAPTER 5: CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE
CHAPTER 6: CONSTRUCTION EQUIPMENT MARKET, BY TYPE
CHAPTER 7: CONSTRUCTION EQUIPMENT MARKET, BY APPLICATION
CHAPTER 8: CONSTRUCTION EQUIPMENT MARKET, BY END USER
CHAPTER 9: CONSTRUCTION EQUIPMENT MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/x9y7ax
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