Construction Equipment Market Report 2023: Growth in Focus on Public

Global Construction Equipment Market

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 SegmentsBy 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: INTRODUCTIONCHAPTER 2: EXECUTIVE SUMMARYCHAPTER 3: MARKET OVERVIEWCHAPTER 4: CONSTRUCTION EQUIPMENT MARKET, BY SOLUTION TYPECHAPTER 5: CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPECHAPTER 6: CONSTRUCTION EQUIPMENT MARKET, BY TYPECHAPTER 7: CONSTRUCTION EQUIPMENT MARKET, BY APPLICATIONCHAPTER 8: CONSTRUCTION EQUIPMENT MARKET, BY END USERCHAPTER 9: CONSTRUCTION EQUIPMENT MARKET, BY REGIONCHAPTER 10: COMPETITIVE LANDSCAPECHAPTER 11: COMPANY PROFILES

For more information about this report visit https://www.researchandmarkets.com/r/x9y7ax

About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

Global Construction Equipment Market