Construction Equipment Market Report

Market Insights

Construction Equipment Market size was estimated to grow from USD 180.2 billion in 2022 to USD 231.53 billion by 2028 at a CAGR of over 4.26% during the forecast period.

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What is Construction Equipment? 

Heavy-duty vehicles and equipment specifically created for carrying out construction activities, most usually including earthwork operations, are known as construction equipment. Proper use of correct equipment contributes to the economy, quality, safety, speed, and timely completion of the project. Construction equipment is an integral part of any construction process.

Market Driver

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• This 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 an instance, the US government spent USD 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.

Key Players

Some of the key players in the market are-

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

Segment Analysis

By Product Trends

The market is segmented as earthmoving and road-building equipment, material handling & cranes, and concrete equipment. The earthmoving and road-building equipment segment led the market with share of more than 59% in 2021, 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 authorities’ strong emphasis on the development of a well-connected road network to support growing freight transports 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.

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By Regional Trends

In terms of regions, Asia-Pacific is accounted share of more than 39% and is expected to register a CAGR of more than 4.1% in 2021, owing to the emergence of online retail services, availability of machines on 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.

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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 Market is segmented into the following categories.

By Product Type:

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

By Region:

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

Report Features

This report provides market intelligence in the most comprehensive way & the 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. The following are the key features of the report:

• Overview, industry life cycle & supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces & SWOT analysis
• Trend, segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

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 Options

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 requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.