Construction Equipment Market Growth Analysis | 2023-2028

Construction Equipment Market Growth Analysis | 2023-2028

Construction Equipment Market Growth Analysis | 2023-2028
Report code - SRCE101 Delivery - 2 Weeks
Construction Equipment Market Size, Share, Trends, Dynamics, Forecast, & Growth Analys See more...

Market Insights

The construction equipment market was estimated at USD 180.2 billion in 2022 and is likely to grow at a CAGR of 4.26% during 2023-2028 to reach USD 231.53 billion in 2028.

Construction-Equipment-Market-Insights

Want to know more about the market scope? Register Here

Market Dynamics

Introduction

Construction equipment refers to a broad category of machinery and vehicles designed to perform various tasks in construction projects. These equipment are specialized tools utilized to excavate, move, and shape materials such as soil, rock, and concrete, as well as to perform tasks like lifting heavy loads, compacting surfaces, and transporting materials across construction sites.

Examples of construction equipment include excavators, bulldozers, cranes, loaders, dump trucks, and compactors. These machines play a vital role in increasing efficiency, productivity, and safety on construction sites, enabling construction companies to undertake projects of varying scales and complexities with precision and effectiveness.

Construction Equipment Market Report Overview

Market Size in 2022

USD 180.2 billion

Market Size in 2028

USD 231.53 billion

Market Growth (2023-2028)

4.26% CAGR

Base Year of Study

2022

Trend Period

2017-2021

Forecast Period

2023-2028

Market Drivers

The key factors driving the growth of the construction equipment market are:

  • The market growth is mainly attributed to the high demand for robust residential and commercial infrastructure along with growing urbanization across the world.
  • Market revenue will be positively influenced by the high concentration of regional government authorities on investment in significant public infrastructure projects which act as a major growth driver for economic development.
  • For instance, the US government spent US$ 353.0 billion for public construction in October 2021, which was 1.8 percent above the previous month’s spending.
  • Moreover, technological advancement coupled with strategic partnerships between several market players to develop new smart construction equipment solutions and services is resulting in the digital transformation of the industry, which will ultimately support the growth of the market.

Construction-Equipment-Market-Dynamics

Want to have a closer look at this report? Click Here

Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the construction equipment market (arranged alphabetically):

  • Caterpillar, Inc.
  • CNH Industrial
  • Hitachi Construction Machinery Co. Ltd.
  • John Deere
  • Kobelco Construction Machinery Ltd.
  • Komatsu Ltd.
  • Sany Group
  • Terex Corporation.
  • Volvo Construction Equipment
  • XCMG Group

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Segment Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Product Type

Earthmoving & Road Building Equipment, Material Handling & Cranes, and Concrete Equipment.

The earthmoving and road-building equipment segment dominates the market and is expected to maintain its dominance.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific is expected to dominate the market.

By Product Type

“The earthmoving and road-building equipment segment dominates the market with a share of more than 55% during the forecast period.”

The construction equipment market is segmented into earthmoving and road-building equipment, material handling & cranes, and concrete equipment. The earthmoving and road-building equipment segment led the market and is expected to maintain its dominance during the forecast period. Compaction equipment, excavators, loaders, and backhoes are the machines included in this segment.

  • The government authority’s strong emphasis on the development of a well-connected road network to support growing freight transport will propel the growth of the segment.
  • Also, the backhoe segment is expected to grow at a significant rate on account of its ability to perform versatile operations which include clamping, dozing, digging, and back dragging at construction sites.
  • Moreover, new product launches in the backhoe segment with advanced features, and technologies will drive the growth of the market.

Regional Insights

Asia-Pacific dominates the market with its accounted share of more than 35% during the forecast period.”

In terms of regions, Asia-Pacific is expected to register a CAGR of more than 4.1% in 2022, owing to the emergence of online retail services, availability of machines on a rental basis, and increasing government investments in infrastructure development in the region. 

  • Furthermore, China is likely to hold the largest share of the market on account of the large number of emerging companies in the market that are manufacturing technology-driven construction machines.
  • The government in China is investing in public infrastructure and renewable energy, along with residential projects, which is ultimately increasing the demand for construction machinery in the region.

Construction-Equipment-Market-Regional-Insights

Know the high-growth countries in this report. Register Here

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s construction equipment market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our construction equipment market report from the industry stakeholders, we have tried to further accentuate our research scope on the construction equipment market to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as in formulating the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The construction equipment market is segmented into the following categories:

By Product Type

  • Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, and Others]
  • Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, and Bulk Material Handling Equipment]
  • Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, and Batching Plants]

By Region

  • North America (Country Analysis: the USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
  • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Construction-Equipment-Market-Segmentation

Click Here, to learn the market segmentation details.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to 3 players).
  • SWOT analysis of key players (up to 3 players).

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirements related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

Construction equipment refers to a broad category of machinery and vehicles designed to perform various tasks in construction projects. These equipment’s are specialized tools utilized to excavate, move, and shape materials such as soil, rock, and concrete, as well as to perform tasks like lifting heavy loads, compacting surfaces, and transporting materials across construction sites.

The construction equipment market was estimated at USD 180.2 billion in 2022.

The construction equipment market is likely to reach USD 231.53 billion in 2028.

The construction equipment market is likely to grow at a CAGR of 4.26% during 2023-2028.

Komatsu Ltd., John Deere, Sany Group, Hitachi Construction Machinery Co. Ltd., CNH Industrial, Volvo Construction Equipment, Caterpillar, Inc., XCMG Group, Kobelco Construction Machinery Ltd., and Terex Corporation are among the key players in the market.

The earthmoving and road-building equipment segment is expected to remain dominant in the market during the forecast period.

Asia-Pacific is expected to be the leading market during the forecast period.

The market growth is mainly attributed to the high demand for robust residential and commercial infrastructure along with growing urbanization across the world.