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. This growth is triggered by various factors which cover various aspects, like 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.
Compactors to contribute to the largest sales in the construction equipment market, by equipment type
Road construction majorly growing in emerging economies is driving the compactor market for the compaction applications. Asia is estimated to be the largest market for compactors due to an increase in road construction in China and India.
Electric Construction Equipment
The current battery technology is not developed enough to operate the standard and large capacity off-highway vehicles. Hence, the electrification in construction equipment is limited to mini versions of construction vehicles like mini excavators and compact/skid loaders due to the limited battery capacity. Few companies offer cable-connected off-highway vehicles, where charging limitations are reduced. Thus, construction equipment that requires more power to operate uses hybrid-electric technology.
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Asia-Pacific: Largest market for the construction equipment market
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.
Some of the major projects driving the construction equipment market of this region are the SongdoInternational Business District in South Korea and China–Pakistan Economic Corridor. These mega projects have led to an increase in investments and construction activities, thereby driving the regions construction equipment market.
Some of the major industry players from Asia are Komatsu (Japan), Hitachi Construction Machinery (Japan), and Zoomlion (China). These companies are involved in service providing as well as equipment manufacturing.
Key Market Players:
Major players profiled in the report are Caterpillar Inc. (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Sany Heavy Industries (China), and Zoomlion (China).
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