• Blog
  • Construction Equipment Market Analysis | 2023-2028

    Construction Equipment Market Analysis | 2023-2028

    Construction Equipment Market Analysis | 2023-2028
    Report code - SRCE101 Delivery - 2 Weeks
    Construction Equipment Market Size, Share, Trend, Forecast & Industry Analysis: 2023-2 See more...

    “The Construction Equipment Market was estimated at US$ 180.2 billion in 2022 and is expected to grow at a CAGR of 4.26% during 2023-2028 to reach US$ 231.53 billion by 2028.”

    Wish to get a free sample? 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 types of 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 2028

    USD 231.53 billion

    Market Size in 2022

    USD 180.2 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 drivers 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.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Product Type

    Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, and Others

    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%.”

    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 Analysis

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

    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.

    Want to know which region offers the best growth opportunities? Register Here

    Key Players

    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

    Report Features

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

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Construction Equipment Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Who are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    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 1,000 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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Option

    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).

    Market Segmentation

    • Current market segmentation of any one of the product types by application type.  

    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 requirement 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 equipments 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 is expected 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 construction equipment market.

    The Construction Equipment Market is expected to reach US$ 231.53 billion by 2028.

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

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