The global construction equipment market size reached US$ 182.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 245.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Also known as heavy equipment, construction equipment is designed for executing construction tasks. It is used for dozing, grading, hauling, compacting and leveling, placing materials, transferring heavy loads, and excavating and digging the ground. It comprises ditchers, bulldozers, pumps, graders, tractors, excavators, trenchers, cranes, derricks, loaders, and backhoes. It also includes pavers, scrapers, generators, pile drivers, concrete mixers, off-highway haulers and trucks, and compactors and rollers. At present, due to rising environmental concerns and the increasing need for promoting energy conservation, several players are focusing on improving the fuel consumption of construction equipment.
Construction Equipment Market Trends:
Significant growth in the construction of housing projects and commercial infrastructure on account of rapid urbanization and the increasing global population represents one of the key factors influencing the market growth. Moreover, rising automation in construction processes due to scarcity of skilled labor and increasing emphasis on minimizing the overall cost and time for project completion is contributing to market growth. Increasing investments for developing new and improving existing public infrastructure is also driving the market growth. However, the coronavirus disease (COVID-19) outbreak severely impacted the construction industry. This can be accredited to the imposition of lockdown restrictions in numerous countries and the increasing adoption of social distancing practices to prevent the pandemic from spreading. With the gradual removal of these restrictions, construction projects have resumed across the globe, which is anticipated to stimulate the market growth. Additionally, several manufacturers are developing eco-friendly equipment to meet stringent guidelines on noise emissions. They are also integrating telematics and safety technologies like lift assist and touchscreen infotainment systems to deliver enhanced operational capabilities, which is projected to create a favorable market outlook.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global construction equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution type, equipment type, type, application and industry.
Breakup by Solution Type:
Breakup by Equipment Type:
Heavy Construction Equipment
Compact Construction Equipment
Breakup by Type:
Breakup by Application:
Excavation and Mining
Lifting and Material Handling
Breakup by Industry:
Oil and Gas
Construction and Infrastructure
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery, Komatsu Ltd. and Liebherr-International AG.
Key Questions Answered in This Report
1. What was the size of the global construction equipment market in 2022?
2. What is the expected growth rate of the global construction equipment market during 2023-2028?
3. What are the key factors driving the global construction equipment market?
4. What has been the impact of COVID-19 on the global construction equipment market?
5. What is the breakup of the global construction equipment market based on the solution type?
6. What is the breakup of the global construction equipment market based on the equipment type?
7. What is the breakup of the global construction equipment market based on type?
8. What is the breakup of the global construction equipment market based on the application?
9. What is the breakup of the global construction equipment market based on the industry?
10. What are the key regions in the global construction equipment market?
11. Who are the key players/companies in the global construction equipment market?