Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global construction equipment market size was valued at USD 142.39 billion in 2022. The market is projected to grow from USD 151.60 billion in 2023 to USD 237.66 billion by 2030, exhibiting a CAGR of 6.6% during the forecast period. This information is provided by Fortune Business Insights in its report titled “Construction Equipment Market, 2023-2030.”
The global market growth is observed with the rise in Public Private Partnerships (PPP), growing commercial, industrial, and residential construction activities, and rising government investments in infrastructure development. The prominent players operating in the market are financing research & development activities for upgrading equipment to provide efficient equipment for end-users and industries, consisting of municipal equipment, waste management, material handling, forestry, agriculture, and mining.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.6% |
| 2030 Value Projection | USD 237.66 billion |
| Base Year | 2022 |
| Construction Equipment Market Share in 2022 | USD 142.39 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | By Equipment Type, By Application and By Region |
| Construction Equipment Market Growth Drivers | Emergence of Construction Equipment Rental Services to be a Major Trend |
| Increasing Construction & Infrastructure Investments Worldwide to Boost Demand for Equipment |
COVID-19 Impacts:
COVID-19 Inhibited Partial or Complete Closure of Construction Activities
The sudden outbreak of the COVID-19 pandemic hindered economic activities globally, and the severely affected sector was building & construction. The impact is majorly on Original Equipment Manufacturers (OEMs). Furthermore, prominent players decided to temporarily close their factory activities globally in the first quarter of 2020.
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Drivers and Restraints:
Adoption of Advanced Equipment to Foster Market Growth
The demand for more fuel-efficient, technologically upgraded equipment for expanding construction activities drive the construction equipment market growth. Implementation of upgraded equipment reduces tracking of work done in every stage of the process, labor costs, and reduces operational costs. Prominent players are working on augmenting their business domain by providing solutions, products, and services, along with new values, which take full advantage of IoT (Internet of Things) and ICT (Information and Communication Technology).
Heavy construction equipment is the chief source of ozone emissions, resulting in the deterioration of air quality. The emissions generated from this equipment, such as Volatile Organic Compound (VOC), nitrogen oxides (NOx), and carbon monoxide (CO), adversely affect the environment, thereby causing environmental imbalance across urban and rural areas.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Market Segmentation:
Material Handling Equipment & Cranes Segment to Show Lucrative Growth Rate due to Rising Need for Cranes
On the basis of equipment type, the market is divided into earthmoving equipment, material handling equipment & cranes, concrete equipment, road building equipment, civil engineering equipment, crushing and screening equipment, and other equipment. The material handling equipment & cranes segment is predicted to have the highest growth due to the surge in the need for cranes and other types of machinery.
Industrial Segment to Hold the Largest Share with Exponential CAGR due to Rising Industrialization
According to application, the market is segmented into industrial, residential, and commercial.
The industrial segment is estimated to depict advanced growth in the coming years due to growing industrialization and Foreign Direct Investments (FDI) for several international manufacturing plants in emerging countries.
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Regional Analysis:
Asia Pacific to Dominate the Market Owing to Numerous Developments
Asia Pacific is expected to dominate the construction equipment market share, holding the largest share during the projected period. The growth recorded in the region will likely be driven by rising government investments in infrastructure development, enhancement in capital investments, emergence of online retail facilities, and the availability of machinery on a rental basis.
Europe generated considerable revenue in 2019 and is anticipated to record growth due to surging demand for new housing units and improving employment levels. Europe is anticipated to have a significant opportunity to grow over the projected period.
Competitive Landscape:
Prominent Players Are Opting for Next-Generation Products to Expand their Product Portfolio
The leading market players, such as JCB, Liebherr, Caterpillar Inc., Komatsu, and AB Volvo, dominate the market share controlling up to 40% of the market share. Moreover, Caterpillar Inc. holds the highest share in the global market owing to its large customer base and strong market presence.
List of the Companies Operating in the Market:
- AB Volvo (Sweden)
- Caterpillar Inc. (U.S.)
- Komatsu Ltd. (Japan)
- Doosan Infracore Co. Ltd. (South Korea)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- J.C. Bamford Excavators Ltd. (U.K.)
- Liebherr Group (Switzerland)
- CNH Industrial N.V. (U.K.)
- Hyundai Construction Equipment Co., Ltd. (South Korea)
- SANY Group (China)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Construction Equipment Market Key Players Market Share Insights and Analysis, 2022
- Global Construction Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Equipment Type (USD)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other Equipment (Trailers, etc.)
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Construction Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Equipment Type (USD)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other Equipment (Trailers, etc.)
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- U.S.
- By Application
- Residential
- Commercial
- Industrial
- By Application
- Canada
- By Application
- Residential
- Commercial
- Industrial
- By Application
- U.S.
- Europe Construction Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Equipment Type (USD)
- Earthmoving Equipment
- Material Handling Equipment & Cranes
- Concrete Equipment
- Road Building Equipment
- Civil Engineering Equipment
- Crushing and Screening Equipment
- Other Equipment (Trailers, etc.)
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- United Kingdom
- By Application
- Residential
- Commercial
- Industrial
- By Application
- Germany
- By Application
- Residential
- Commercial
- Industrial
- By Application
- United Kingdom
TOC Continued…
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