BERLIN, Aug. 15, 2022 (GLOBE NEWSWIRE) — The Global construction equipment market The size is valued at USD 205 billion in 2021 and is expected to reach a market size of USD 302 billion by 2030, growing at a CAGR of 4.6%.
Revenue from the construction equipment market is being strongly generated due to the rise in investment in construction and infrastructure projects. Emerging countries such as China and India are leading the industry segment with the largest construction equipment market shares. India is poised to become the world’s third largest construction market by 2022. Numerous ongoing and upcoming construction projects such as roads, airports, dams and commercial buildings are expected to provide significant opportunities for the growth of the construction equipment market in the coming years.
According to our analysis of the construction equipment industry, large investments in China and India will support the rapid growth of the market. According to the IBEF, India plans to invest over $1.4 trillion in infrastructure and construction over the next five years through its National Infrastructure Pipeline initiative. In addition, the Chinese government recently announced 16,079 key investment projects for 2022, with a total investment of about $3.95 trillion (25 trillion yuan). All these investments in construction activities will boost the demand for construction equipment, thereby supporting the growth of the industry.
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|Market||construction equipment market|
|Construction Equipment Market Size 2021||$205 billion|
|Construction Equipment Market Forecast 2030||$302 billion|
|construction equipment market
|4.6% from 2022 to 2030|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By equipment type, by application, by end user and by region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled key companies||CNH Industrial NV, Liebherr Group, AB Volvo, Komatsu Ltd., JC Bamford Excavators Ltd., Atlas Copco AB, Hitachi Construction Machinery Co., Ltd, Doosan Heavy Industries & Construction Co., Ltd, Caterpillar Inc. and John Deere.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Impact of COVID-19 on Global Construction Equipment Market Value
The COVID-19 pandemic has had a significant impact on the construction equipment industry, resulting in a significant decline in sales in 2020 and 2021. Almost all ongoing and planned construction and renovation activities have been halted due to the coronavirus. As a result, the use of construction equipment was halted and new orders from construction companies were also limited. Additionally, the imposed lockdowns, travel restrictions, and closure of manufacturing units have all impacted sales in the construction equipment industry. Nevertheless, projects such as hospitals, laboratories and other medical facilities, as well as shipping and logistics infrastructure are in high demand. However, many countries have gradually launched industrial and commercial construction projects, and the industry is expected to achieve pre-pandemic market growth very soon.
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Global construction equipment market dynamics
One of the trends in the construction equipment market is the adoption of technologically advanced construction equipment. Construction industry equipment is improving. Many manufacturers are focused on making their machines smarter by implementing proprietary technology systems that improve operational efficiency. The integration of advanced technologies such as telematics, payload weighing and integrated grade control system will definitely help construction equipment to operate with greater efficiency and reduce the cost and time required for construction. completion of projects.
The introduction of electric and self-contained construction equipment is gaining momentum in the industry. One of the most important advantages of electric equipment is the significantly lower fuel cost, which is a major concern for many operators, especially in remote areas where transporting fuel is much more difficult. In addition, the electrical construction equipment industry in Europe and China benefits from increasingly stringent regulations on emissions from heavy construction machinery. In addition, automated construction equipment contributes to the rapid completion of works at relatively lower costs. The increased efficiency and productivity of autonomous construction equipment is also increasing the demand for automated construction equipment. Moreover, the increasing integration of artificial intelligence and internet of things in these devices is expected to generate significant growth opportunities for the market in the coming years. However, the high cost of owning and maintaining these machines and the lack of available skilled operators are the two major constraints limiting the growth of the market.
Segmentation of the construction equipment market
The global market is divided into four segments: product, application, end user and region.
The product segment is categorized into cranes, bulldozers, dump trucks, excavators, forklifts, loaders and others. Among them, loaders accounted for the majority share in 2021, while the excavator sub-segment is expected to witness a notable growth rate from 2022 to 2030.
The application segment is divided into earthmoving, excavation and mining, lifting and handling, recycling and waste management, tunneling and others. According to our Construction Equipment Market forecast, the earthmoving application will generate significant revenue throughout the forecast period 2022 – 2030.
On the basis of end user, the market is divided into construction and infrastructure, manufacturing, mining, oil and gas, etc. In 2021, the construction and infrastructure sub-segment is expected to dominate the market with magnificent shares due to growing investments in construction and infrastructure activities.
Construction Equipment Market Regional Outlook
The global construction equipment market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. The Asia-Pacific region has gained remarkable market share in 2021 and is expected to do so in the coming years. The Asia-Pacific construction equipment market is booming, especially in China, India, and Japan owing to favorable government spending for infrastructure projects. However, the North American region, on the other hand, is poised to grow at a rapid pace owing to the increasing demand for technologically advanced construction equipment, the presence of major players and the rising trend of construction equipment. electric and autonomous construction.
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Construction equipment market players
Atlas Copco AB, AB Volvo, Caterpillar Inc., Doosan Heavy Industries & Construction Co., Ltd, CNH Industrial NV, JC Bamford Excavators Ltd., Hitachi Construction Machinery Co., Ltd, Komatsu Ltd., John Deere and the Liebherr Group.
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Mr. Richard Johnson
Acumen Research and Consulting
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