New York, United States , April 27, 2023 (GLOBE NEWSWIRE) -- The Global Construction Equipment Market Size is To Grow from USD 186.56 Billion in 2022 to USD 337.06 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.09% during the projected period. The increasing utilization of construction equipment and machineries such as wheel bulldozers, front loaders, dump trucks, backhoe loaders, graders, crawler dozers, compactors, excavators, forklifts, concrete mixer trucks, and others is expected to boost the demand for construction equipment market during the forecast period
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Construction equipment is commonly referred to as heavy-duty vehicles and other machinery that are specifically designed to carry out construction tasks. Material handlers, graders, track-type excavators, skid-steers, track loaders, backhoes, hydromatic tools, pipelayers, compactors, loaders, and other tools are frequently included in this category of construction equipment. As urbanization accelerates, public and private sector investments in infrastructure development are expected to drive demand for construction equipment. Furthermore, the growing popularity of electric construction equipment is expected to open up new revenue opportunities for Original Equipment Manufacturers over the forecast period. The growing emphasis on construction projects, as well as the advancement of digitization, connectivity, and automation in construction and manufacturing applications, has had a significant impact on market growth.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Construction Equipment Market Size, Share, and COVID-19 Impact Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Others), By Product Type (Wheel Bulldozer, Front Loaders, Dump Trucks, Backhoe loader, Grader, Crawler Dozers, Compactors, Excavators, Forklifts, Concrete Mixer Truck, Others), by End User (Oil & gas, Construction & Infrastructure, Manufacturing, Mining, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The material handling equipment segment is dominating the market with the largest revenue share over the forecast period.
On the basis of equipment type, the global construction equipment market is segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Among these, the material handling equipment segment is dominating the market with the largest revenue share of 38.7% over the forecast period. It is attributed to a rise in the demand for crawler cranes used in non-residential construction, particularly in the industrial, manufacturing, and commercial construction industries. The demand for the material handling equipment segment is expected to be driven by increasing industrial construction operations and the growth of commercial initiatives during the predicted time frame.
The excavators segment dominated the market and accounted for the largest revenue share of over the forecast period.
On the basis of product type, the global construction equipment market is segmented into wheel bulldozers, front loaders, dump trucks, backhoe loaders, graders, crawler dozers, compactors, excavators, forklifts, concrete mixer trucks, and others. Among these, the excavators segment dominated the market and accounted for the largest revenue share of over the forecast period. Excavators are typically used for digging on construction sites. It is a very common piece of equipment because almost all construction sites require digging work.
The construction & infrastructure segment accounted the largest revenue share of more than 55% over the forecast period.
On the basis of end users, the global construction equipment market is segmented into oil & gas, construction & infrastructure, manufacturing, mining, and others. Among these, construction & infrastructure are dominating the market with the largest revenue share of 75% over the forecast period. This segment's growth is expected to be fueled by increased construction activity around the world.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 54.2% market share over the forecast period. Government initiatives to support construction projects in developing countries such as China, India, and Southeast Asia are primarily driving the growth of the construction equipment market. Furthermore, due to lower housing costs and growing urbanization in India and China, the demand for construction equipment in the residential development market is increasing. Europe, on the other hand, is expected to grow the fastest during the forecast period, because of rising consumer demand for new homes, higher employment rates, and additional developments.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Construction Equipment Market include Sany, Manitou BF, Zoomlion, John Deere, Komatsu, HIAB, Volvo AB, Escorts Limited, CNH Industrial N.V., Sumitomo Heavy Industries, Ltd., Terex Corporation, Kobelco Construction Machinery Co., Ltd, Liebherr-International Deutschland GmbH, Hidromek, Hyundai Heavy Industries, Ingersoll Rand, J C Bamford Excavators Ltd., New Holland, Track Marshall, Caterpillar, Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment, Xuzhou Construction Machinery Group, and among others.
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Recent Developments
On March 2023, Hiab, a Cargotec company, introduces the EFFER iQ.1400 HP, a super heavy loader crane with the advanced control system SPACEevo for increased productivity and safety. The new loader crane's size and vertical performance make it ideal for operations in urban areas. The high lifting capacity makes it suitable for a wide range of applications, but the possible 83° working angle is ideal for operations in urban areas. Because of its low weight and compact frame size, it can be installed on smaller trucks than is typical for this lifting category, lowering purchase and operating costs as well as CO2 emissions. Owners can access HiConnectTM once the crane is connected. It gives users access to real-time information about the condition of the equipment, which helps to boost productivity and operator safety.
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