The construction equipment market is projected to reach USD 250.4 Billion by 2026 from USD 208.3 billion in 2021, at a CAGR of 3.8% during the forecast period. The growth of this market is fuelled by increase in infrastructure investments post-COVID-19 pandemic is likely to fuel the demand for construction equipment and increasing investments in urban infrastructure are expected to drive the construction sector, and thereby is expected to boost the construction equipment market during the forecast period.
“The CNG/LNG/RNG market in construction equipment market to be the fastest-growing market”
Natural gas is more environment-friendly than diesel and gasoline. It produces 25% less sulfur, nitrogen, and carbon pollutants. Natural gas has methane as its primary component, with traces of ethane, propane, butane, and nitrogen. Natural gas engines burn cleaner than other engines and have minor differences from their diesel counterparts. Natural gas engines also produce less noise and vibrations, thereby increasing operator comfort.
Liquefied natural gas (LNG) is mostly methane that has been cooled down to convert it into liquid form. Renewable natural gas (RNG) is a natural gas produced from organic waste materials such as food waste, garden and lawn waste, and animal and plant waste. It is also produced from degraded carbon wastes such as paper, carboard, and wool. Biogas is produced from organic wastes, and it is cleaned and conditioned to remove non-methane elements. According to California Resource Board, RNG from landfill-diverted food and green waste can reduce greenhouse gas emissions by 125%, and RNG from dairy manure can result in a 400% reduction in greenhouse gas emissions on replacing traditional vehicle fuels. It produces 70% lesser greenhouse gases than diesel or gasoline, making it the most environment-friendly fuel. It is also economical compared with diesel and gasoline. Natural gas is the most promising alternative fuel for construction equipment. Construction companies that offer CNG powered construction equipment are Caterpillar and JCB.
“Asia pacific market plays very important role in construction equipment’s market growth”
Asia Pacific is expected to have the largest market share in terms of value and volume. The construction equipment market has experienced growth in terms of the number of projects such as dams, airports, and hydroelectric projects, because of which many international companies have started their manufacturing plants in this region. Some of the man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. The region is estimated to be the most populated in the world, which creates immense opportunity for the construction equipment market to grow.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: OEM - 70% and Rental companies - 30%
- By Designation: C Level Executives - 40% and Others - 60%
- By Region: North America - 15%, Europe - 20%, Middle East-15%, and Asia - 50%
The global construction equipment market is dominated by global players such as Caterpillar Inc. (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Sany Heavy Industries (China), and Zoomlion (China). These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth construction equipment market.
The market study covers the Construction equipment Market on the basis of equipment type, electric construction equipment by equipment type, equipment category, application, construction equipment rental market by application, emission regulation stage by aftertreatment device, propulsion type, power output, engine capacity, and region. It also covers the competitive landscape and company profiles of the major players in the construction equipment market ecosystem.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall construction equipment market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.