Construction Equipment Market Analysis | 2023-2028

“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.”

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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.

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.

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Segments Analysis

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.

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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.

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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?

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.