The latest research study “Global Construction Equipment Market Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that The global construction equipment market reached a value of US$ 172.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 239.3 Billion by 2027, exhibiting a CAGR of 5.45% during 2022-2027.
Also referred to as heavy equipment, construction equipment are designed for executing building tasks. They are used for grading, hauling, compacting and leveling, dozing, placing materials, transferring heavy loads, excavating and digging the ground, etc. Construction equipment comprises bulldozers, pumps, graders, tractors, excavators, ditchers, trenchers, cranes, derricks, loaders, and backhoes. They also include scrapers, generators, pile drivers, concrete mixers, pavers, off-highway haulers and trucks, compactors, rollers, etc. Construction equipment are utilized for various activities, such as excavation, transportation, lifting and material handling, and transportation. These machines find widespread applications across several sectors, including oil and gas, building, mining, manufacturing, etc.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Construction Equipment Industry Trends:
The expanding housing projects and commercial infrastructure, on account of fast urbanization and the increasing global population, is among the primary factors driving the construction equipment market. Besides this, the rising automation in building processes, owing to the scarcity of skilled labor and growing emphasis on minimizing the overall cost and time for project completion, is further augmenting the market growth.
Moreover, the escalating demand for cranes, on account of their power and precision to lift hefty materials with exactness and superior level of safety, is also catalyzing the global market. Apart from this, the inflating number of investments for developing the latest and most innovative public architecture are acting as significant growth-inducing factors. Additionally, the launch of several policies by the government bodies to promote the usage of eco-friendly machines to minimize noise emissions is also stimulating the market growth. Furthermore, the integration of telematics and safety technologies, such as lift assist and touchscreen infotainment systems, to deliver enhanced operational capabilities is anticipated to propel the construction equipment market over the forecasted period.
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Regions Covered:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are AB Volvo (publ), Caterpillar (CAT), CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery, Komatsu Ltd. and Liebherr-International AG.
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