Westford,USA, June 20, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Construction Equipment Market will attain a value of USD 210.11 Billion by 2031, with a CAGR of 3.8% over the forecast period (2024-2031). These days, rental services are becoming more and more popular worldwide. According to the Construction Equipment Rental Association (CERA), during the projected period, there is expected to be a surge in demand for rental services from developing and highly populous economies like China and India. Emerging local and regional players will probably make their mark in the rental service industry and generate sizable profits from their local clientele.
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Browse in-depth TOC on the " Construction Equipment Market "
- Pages - 165
- Tables - 118
- Figures – 77
Construction Equipment Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $155.91 Billion |
| Estimated Value by 2031 | $210.11 Billion |
| Growth Rate | Poised to grow at a CAGR of 3.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Equipment Type, Propulsion Type, Engine Capacity, Power Output, Application, Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Construction equipment companies are leading the charge towards environmental sustainability |
| Key Market Opportunities | Government mandates telematics and e-call services |
| Key Market Drivers | Use of modern construction equipment will promote growth |
Efficient and Multi-Functional Machinery Allows Heavy Construction Equipment to Gain a High Market Share
The reason excavators are leading in the global construction equipment market is that they can perform various functions including excavation, demolition and material handling. The increased demand for urbanization and many infrastructure developments which require multifunctional and efficient machines has resulted in this dominance. Due to this, producers concentrate on creating sophisticated, environmentally friendly excavators to satisfy legal requirements and consumer demand for sustainability.
High Demand for Natural Resources Slated to Boost Excavation and Mining at Rapid Pace
As natural resources and infrastructure projects are in such great demand, the global market for construction equipment is led by applications related to mining and excavation. This domination is the outcome of fast industrialization and urbanisation, which create a demand for effective building and extraction methods. As a result, producers develop durable, environmentally responsible machinery to boost output and adhere to rules regarding the environment.
Increased Government Spending on Infrastructure Development Allows Asia Pacific to Hold Sway Over Global Demand
It is anticipated that Asia Pacific will dominate the industry and take the largest share. The economic expansion of the region will be supported by new online shops, rental equipment availability, increased funds infusion, and stepped-up public expenditure for building roads, bridges among others. In addition, Chinese government has embarked on investments in such sectors as social amenities i.e. railways, power supply stations etc., residential house building activities just as well as green energy hence heightened competition among manufacturers of building machines.
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Construction Equipment Market Insight
Drivers:
- Use of Modern Construction Equipment Will Promote Growth
- Increasing Investments in Construction and Infrastructure Development
- Surge in Electric and Autonomous Construction Equipment
Restraints:
- High Upfront Costs
- Stringent Emission Regulations
- Regulations and International Trade Policies
Prominent Players in Construction Equipment Market
The following are the Top Construction Equipment Companies
- Zoomlion Heavy Industry Science & Technology Co., Ltd. (China)
- Solvay (Belgium)
- Sany Group (China)
- Camden Goods Yard Mixed-Use Community (UK)
- Caterpillar (US)
- Hitachi Ltd., (Japan)
- Viadux (UK)
- Milanosesto Mixed-Use Complex (Italy)
- XCMG Group (China)
- Komatsu Ltd. (Japan)
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Key Questions Answered in Global Construction Equipment Market Report
- What is SkyQuest's estimated value for the global construction equipment market in 2031?
- Which two nations are anticipated to witness an increase in demand for services related to renting out construction equipment?
- Which major reasons, especially in the Asia Pacific region, are propelling the construction equipment market's growth?
This report provides the following insights:
- Analysis of key drivers (Construction of mega projects, commercial complexes demands heavy construction equipment, robust machines are indispensable and successful execution of mega projects), restraints (Requires substantial upfront investment, pressure to comply with stringent standards and impacting product development timelines), opportunities (Embracing autonomous operating technologies, wireless autonomous construction machinery and decreased unplanned maintenance), and challenges (charging time can be a major inconvenience and equipment battery threats are expected) influencing the growth of construction equipment market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the construction equipment market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the construction equipment market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Used Construction Equipment Market
Heavy Construction Equipment Market
Construction Equipment Rental Market
Material Handling Equipment Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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